Part 1: Intro questions
1) 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.
2) What are your main features that distinguish you from other projects and what competitive advantages do you have?
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”. As long as the customers have paid money to try to save data on the Filecash network, the data is valid 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.
3) What and all partnerships or marketing initiatives are you working now to help build awareness for your platform?
To handle the marketing for Filecash, it includes two parts: unknown risk management, and the project marketing and promotion to the desired markets.
The risk management part:
On September 24th, 2021, Chinese government announced the strongest and total ban on Crypto to completely ban Chinese citizens to handle Crypto currencies. Filecash project has officially ended the marketing and promotions in China since September 24th 2021 as well. In this situation, many Chinese crypto investors are busy to sell their crypto currencies and empty their wallet on the exchange apps, so FIC price has been affected by Chinese market’s this trend and now we are seeing the price experiences turbulence.
The marketing expansion part:
There will be non-China Filecash nodes appearing more and more in the short future, so more miners from different countries will join and mine Filecash, this will also attract more countries’ crypto investors to come and buy FIC tokens. We expect to see FIC token price’s strong bounce-back when Filecash global community expands to more countries. In one word, Filecash is getting out of China-shock, and looking forward to a strong bounce-back.
Filecash’s South Korea’s mining nodes are coming in days, thanks to local mining company’s effort to mine Filecash. We expect to see Filecash’s first-ever new mining node from South Korea will appear on our worldwide node map soon. In the other hand, we are on the way to seek the opportunity to list FIC token to South Korea’s top-tier exchanges.
4) Can you share us the Tokenomics of the project?
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%.
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 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.
5) Can you mention the future plans for ‘Filecash’ and share us the future roadmap?
We’ve seen Filecash’s 1st South Korea mining node is on the way to mine Filecash. Currently the mining machine of the node is still on the way to enhance the mining machine’s performance. This Korean node is Filecash’s first node in South Korea, supported by Korean mining company — Top World (CEO Park Yong-seok).
In South Korea, there will be 5~8 more new mining nodes are expected to appear in South Korea’s major cities in the short future. We will also observe the expansion in South Korea to decide if we list FIC token to Korea’s domestic exchanges platforms.
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.
Part 2: Twitter questions
1. @norm_life: The Filecash mainnet was launched on November 18, 2020. So, did you achieve everything you planned from the day you started the project or did you have to make serious changes in your main idea at the beginning?
Our main idea is never changed since the mainnet was launched. We confronted the unexpected trouble and obstacles in the past times but we went through it and now continue to aim at our original goal to move on and on.
Once our total network power reaches the higher goal, the planned development schedule would be resumed.
2. @translator0000: How did the idea of Filecash come about? What inspired you to do this project? What innovations have you brought to the crypto industry?
As I’ve introduced in the earlier question, Filecash is a fork of Filecoin by the IPFS community members who have thought that The fork of Filecoin before Filecoin’s mainnet launching was essential and this fork — Filecash would make it better to reach IPFS protocol’s original goal. This is a total community-driven project by the senior Filecoin miners.
3. @ZBSM_2022: What is the current progress of the project? What have you achieved in the market? What is the next “#Filecashglobal” development plan and layout?
The current progress of the project is: to expand the miners pool in South Korea, to see more new mining nodes appear in South Korea, so Filecash can take the deep root in South Korea.
In the market, we did many marketing efforts including the continual AMAs with worldwide crypto communities, and we’ve got many new fans and traders of FIC token.
By the growing of total network of Filecash, the development for Layer 2 and many other features of the project would be resumed.
4. @ekinci_sualp: What will it cost us to store information with Filecash? Do you have a pricing system that changes depending on our usage amount or will it be a fixed fee?
To store information on Filecash network, you would need to pay in FIC token to make a Filecash miner start to seal your data on the network. The pricing system for the clients, would be defined by different miners’ different sealing speed, hardware conditions and the client’s data size. It shouldn’t be a fixed amount of fee.
5. @JungSooRi: What are the advantages of the Layer 2 application layer Filecash offers when compared to your competitors? What other unique features are there to create between you and your competitors, such as Filecoin?
The advantages of the Layer 2 application, is to make Filecash network more useful with the real-world usages, compared to Filecoin. By the Layer 2, DeFi, staking etc. features would be possible to happen by the Layer 2 apps, while Filecoin currently doesn’t have these plans on their table.
For the key differences between Filecash and Filecoin, please review the previous question, I’ve provided a detailed answer to it.
