Filecash and Crypto Blockchain AMA Recap

Filecash
5 min readJul 28, 2022

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INTRO QUESTIONS

Q1: Can you briefly describe what is #FileCash? We would like to know more about it and how it works.

Filecash is the first pre-fork project of Filecoin. It is an incentivization layer of the IPFS protocol, setting the goal of building the Web 3.0 basic storage engine, to make it the world’s leading distributed cloud storage platform.

The core logic behind Filecash is to reduce the threshold of ecosystem participation through a series of technical optimization schemes and economic model improvements, to make the global idle storage resources participate in Filecash consensus, to reduce computing resource consumption, and to reduce sealing and storage costs, and form a close relationship between developers, miners, and communities.

The meaning of “pre-fork”: Filecash was forking from Filecoin before Filecoin’s mainnet launched, so we call this fork a “pre-fork”. On the other hand, the fork itself is also in line with the essence of the blockchain spirit. The open-source protocol is not controlled by anyone. If there is any disagreement on the original chain, each divergence point can be used as the starting point of various forks, and each fork will be a point of divergence with new beginnings and the development of different paths. In fact, the diversified development of different technical paths, different governance institutions, and different economic models on the same track has been completed.

Q2: What are the products that the #FileCash team is focusing on developing?

Filecash is a fork of Filecoin, and the project’s whole development is focusing on improving the mechanism compared to Filecoin. If we say Filecoin is a more corporate-like operated cloud storage service, Filecash is a decentralized, algorithm managed blockchain project. Filecash doesn’t have human interfered KYC, and completely proceeds with verifications via algorithm. Filecash also doesn’t have officially defined “verified data”.

Currently, Filecash’s core changes to Filecoin technology and governance are as follows:

1. The Sha256 algorithm of the Precommit 1 part is changed to sha512. This change made both AMD chip miner machines and Intel chip miner machines can mine Filecash, while Filecoin only supports AMD chip miner machines.

2. Change the sealing layers from 11 layers to 5~8 layers. To mine Filecoin, the 11 layers sealing procedure takes a lot of miner machine’s resources and network bandwidth resources, so Filecoin’s TPS is very low and this also caused the recent super-high Gas fee crisis. Filecash reduced the sealing layers to less than 8 layers to enhance the TPS and release more resources for the storage task.

3. 32G sector is changed to 16G sector. Filecoin’s sector size is 32G, which means to seal a sector in the Filecoin project, the machine needs higher memory storage and system resources, while Filecash’s sector size is only 16G, so Filecash miners need less system resources to finish one sector’s sealing. When the client only needs to store a small size file, Filecash’s cost will be lower than Filecoin’s.

4. Filecash removed human interfered KYC and the “verified data”. Filecoin’s KYC and its “verified data” caused many arguments and disagreements in the Community, and Filecash removed both of them, to make sure that in the Filecash network, all the data paid by clients to store in the network is valid data.

Q3: What role does the $FIC token play in your ecosystem?

To initiate the Filecash mining, the miner should deposit certain amount of FIC token as collateral, during the mining period, if the miner fails to upload messages in time, or if the miner lost the customer’s data by mistake, the system will deduct the certain FIC token from the collateral FIC as punishment. When the miner does everything greatly, the miner will get FIC token as reward for the mining.

Filecash’s FIC token distribution: the total amount of FIC distribution is 2 billion: Miners mining part 55% (Linearly halved in 6 years), Layer2 incentive related part 30%, investors 10%, foundation 2.5% (6 years of linear release), development team 2.5%.

Filecash’s token is FIC, and it is listed on these exchanges already: Hotbit.io, Gate.io, MEXC and some other exchange apps. We will see FIC in more exchanges in the future. You can buy and sell FIC in those exchanges, and also keep your FIC in these exchanges’ wallets.

Q4: What is the development roadmap of the #FileCash project at present and in the future?

We already have two South Korean miners are mining Filecash, and we expect to see more Korean miners switch from Filecoin to Filecash for the mining as well.

On the other hand, we plan to list FIC tokens to more exchange’s apps, to make it easier to buy and trade FIC tokens.

As the long-term strategic direction, we also plan to expand our coverage to more countries including Singapore, Malaysia, Canada, USA. This will significantly affect Filecash’s FIC tokens near future’s price trend as well.

Q5: Can #FileCash team please update some #FileCash latest news or major events to attract more?

Recently, the 2nd Korean miner has started their test-mining of Filecash, and the cloud-mining entities that have been mining Filecash, continue to mine Filecash and support their related FIC cloud mining product, these are the great news for the project, and we are on the way to find some more exchanges to list FIC token.

TWITTER QUESTIONS

1. @Men111X: What is your top 3 things for priorities in 2022? Could you share it with us some plans for the upcoming year???

№1 is to expand the Filecash coverage to more countries to attract more crypto investors to trade FIC; №2 is to increase Filecash total network power by inviting more miners to mine Filecash; №3 is to expect to see FIC token price steadily rise again by Filecash’s coverage expansion.

2. @Alon14091: Their motto is “A decentralized storage network based on IPFS”, but is it only on IPFS that blockchain storage can be scaled up? or are there really other methods but not very efficient?

IPFS and HTTP are totally different two protocols. You can check it out from IPFS official website for more information: https://www.ipfs.io/.

3. @DelayedDual: A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So Can you give them Some reasons Why they Should buy and hold your Tokens in the long term?

Filecash experienced a severe price declining in the late 2021 due to China’s total crypto ban policy. And we are working on expanding Filecash’s coverage to more countries, for example, South Korea, Japan, Singapore. So we expect to see FIC token price’s bouncing-back in the future, which could be attractive to those long-term crypto investors.

4. @Rahad743352331: What is next “#Filecashglobal” marketing plan? For large holders what are the main benefits of your project for long term holding?

Enhancing Filecash’s marketing effort and existence in South Korea to get more Koreans to mine Filecash, to trade FIC tokens. For the long-term holding benefits, I’ve explained in the earlier question above.

5. @nama1125726: Does your project support staking program?

NOPE, Filecash is an independent public chain, and it is not a DeFi smart contract at all. Currently Filecash’s FIC token doesn’t support any DeFi smart contract as well.

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Filecash

Decentralized Storage Network based on IPFS. https://file.cash/