Filecash AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Filecash.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Filecash is about, we are sure this recap is gonna help you. So without further ado,continue reading 😉
✔️Introduction with Filecash : 👉
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
First question of Introduction :
Q1. Filecash is the first pre-fork project of Filecoin, can you tell us why you decided to fork Filecoin?
Marco Pobong:
Alright. First of all, let me introduce the Filecash project to you all. 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 forked 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.
The original intention of Filecash forking from Filecoin was because of the divergence between Protocol Labs and the Community:
Filecoin was becoming more and more like a corporate product under their developer Protocol Labs, rather than a blockchain community project.
Filecoin has repeatedly ignored miners’ feedback and proposals for adjusting the consensus algorithm, resulting in a large number of miners’ equipment failure.
Before the mainnet launched, Filecoin has repeatedly made adjustments to their economic model, which have challenged the miners’ bottom line, and left them feeling left behind.
Members from the IPFS community inherited the original intention of IPFS, and aimed to rebuild a community-driven decentralized storage system, thus initiating Filecash. The goal is to create a win-win ecosystem that is miner-friendly, community-friendly, user-friendly, and investor-friendly.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Wow, Very Impressive👍👍
Next question 🙋
Q2. Can you tell us what issues is Filecash planning to solve ?
Marco Pobong:
Yup.
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.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Amazing 😎 It shows a lot of transparency
Next question 🙋
Q3. What will make clients store their data on Filecash network?
Marco Pobong:
Alright.
Filecash distributed storage network ensures the clients’ data is totally encrypted, personal, and only the client can access the data with the private key. This is the key difference from the centralized Cloud storage service.
With current centralized Cloud storage services, the engineers of the company, or anyone who can legally have access to the stored client’s data, can all access the client’s data, which may cause the data client’s concern about privacy. In the distributed network, only the one who has the private key can retrieve the data and access it.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Thats a lot of work and by your words it is clear Filecash is well on track to achieve its goals
Last question of the Introduction!
Q4. Can you tell us some advantages of Filecash over Filecoin and its other forks?
Marco Pobong:
Oh yeah. This is the highlight point of this section, because everyone here is interested in Decentralized Finance by crypto currencies.
Filecash’s FIC token can do DeFi in the future, while Filecoin’s FIL cannot do the same.
And Filecash’s distributed network has many advantages and changes compared to Filecoin’s network as I explained in other questions in this AMA.
So Filecash’s FIC has strong needs by Filecash mining (collateral), and also by the virtual currencies investors (DeFi), this is different from Filecoin (cannot do DeFi) and its other forks.
Remember the keyword: FIC can do DeFi. DONE.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Awesome with Unique 🤟
Thank you @MarcoPobong, super insightful and very easy to understand.
🌍 Community ask question by Twitter 👨💻
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 1.
From : @ryuuuubtc12
In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself?
Marco Pobong:
Alright. Answer to the Question #1:
This question is about the business model of Filecash.
To mine Filecash, there is a high expectation for the ROI, by mining the FIC tokens. First of all, let me introduce Filecash’s mining mechanism:
The miner should purchase the mining machine, with stable internet connection. To mine Filecash, means use the mine machine to seal the data to make the sealed-data stored hardware space become a valid part of Filecash storage network.
By successfully sealing data, and generating the block, the miner will get the FIC token reward, and so on. Averagely each 30 seconds generates the new block(s), those who managed to generate the blocks, will continually earn FIC tokens.
On the other hand, to initiate the mining process, the miner should deposit certain amount of FIC tokens as collateral, which means the miner should not only spend money to buy the mining machine, but also should purchase some FIC tokens (if they never had FIC token before) for the collateral.
Now we see that, the miner should get some FIC tokens for the collateral before mining, then earn the FIC tokens by their mining.
Then they can trade FIC tokens to the exchanges, such as BitMart, Gate.io, Matcha Exchange, Hashkey Hub, QB.com, LBank where FIC token has been listed for trading.
So, for the investors, they invest their money to mine Filecash to earn FIC tokens and then they can exchange FIC to USDT;
for those who are fancy to buy and sell tokens, they could expect the benefit from FIC token’s longterm price rising;
the project itself can get benefit from the miners’ mining that are busted by investors to expand its distributed storage network.
That’s all for the Question #1 from Twitter. 😊
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 2.
From : @lona321ama
How do you plan to convince operators to buy $FIC token as payment for the $FIC chain service?
Marco Pobong:
Now let me move to Question #2 from Twitter:
As I’ve explained above, to mine Filecash, the miners should get some FIC tokens first. Which means, FIC tokens are always needed while Filecash network is expanding, and this is also a strong generator to drive FIC token’s price are stabilized and steadily growing.
In the future, when Filecash’s storage network is ready for the clients’ data storage and retrieve purpose, the clients should use FIC to pay the miners (for data sealing and storing or retrieving).
So FIC tokens are widely needed in the Filecash’s whole mechanism and ecosystem.
Anyone who is interested in longterm period investment of virtual currencies, would be willing to invest in FIC tokens because of the mechanism I mentioned above. This is a token that is always needed in this Filecash network.
That’s all for the Question #2 from Twitter.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Twitter question no 3.
From : @Jupiter_ji
Can you tell us about #Filecash milestones and top priorities in 2021? What will you do to develop and engage the user community in the next stages?
Marco Pobong:
Now I’m moving to Question #3 from Twitter:
The Filecash mainnet launched on November 18th, 2020. Since the launch day, the total network power has been steadily growing, and recently surpassed 5 PiB.
Currently the total community members are 5000+, daily active users are 800+, monthly active users are 1500+, active miners are 400+. The whole network is continuously growing.
Next, I’m gonna introduce Filecash’s 2021 development plans:
Q1, 2021:
Finish 16GB sector’s development
Build the frame of nodes mechanism
Finish the basic logic of hashrate voting
Q2, 2021:
Finish the nodes mechanism and start the first round of nodes voting
Develop the high-speed chain database
Initiate the GDP accelerator
Develop ETH\DOT etc. mainstream public chain cross-chain bridge
Q3, 2021:
Finish the development of the stable coin based on hashrate
Finish the first round of stable coin distribution nodes election
Build the original DEX frame
Q4, 2021:
Develop the original DEX
Finish the first DEX nodes voting
We are also planning to strengthen our global user community.
China, South Korea, Japan, USA, UK, Germany and Netherlands are the key countries that we currently consider. The methods for this would be including online AMA like today’s this one.
That’s all for the Question #3 from Twitter.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
👍👍
Thanks for the quick and prompt answers!
🌍 Community ask question by Website 👨💻
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Website question no 1.
From : Marian (@meml97)
Could you tell us what advantages Filecash\’s Layer 2 application layer give to the platform over Filecoin? On what other aspects are you willing to surpass Filecoin and how will you do so?
Marco Pobong:
Alright. Now I’m going to answer the Question #1:
Filecash has Layer 2 deployment, and 30% of the 2 billion FIC tokens are reserved for Layer 2 incentives.
Based on the Layer 2, FIC tokens can participate in DeFi in the future, and all the public chains including Heco and BSC will be compatible.
Being able to participate in DeFi is an important advantage Filecash has over Filecoin. It is also one of the key reasons why Filecash has received more and more attention.
That’s all for the Question #1. Keyword is: FIC & DeFi.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Website question no 2.
From : @waybesuricata
Filecash now supports 16GB sectors. “What does this mean? How will users benefit from it?
Marco Pobong:
Now I’m moving to Question #2:
Before February, 2021, Filecash network’s sector size was 4GB, in early February it has changed to 16GB.
This change means: the consumption of C2 (a part of the sealing procedure) is reduced, and under the condition that the scale of the whole network’s sealing equipment remains unchanged, the sealing speed will be about three times faster, and the expected consumption will also increase about three times.
The point is that FIC demand has doubled, which is a major benefit to the secondary market, which is a great news for those who buy and sell virtual currencies.
That’s all for the Question #2.
| DK | 🌿 | Never PM/DM First 🐞 Decentralized Club:
Website question no 3.
From : @Arisabela
About your staking model you added the concept of base release amount, can you explain in simple words how does it work and what are it\’s advantages? How do you incentivize the stakeholders?
Marco Pobong:
Now I’m going to Question #3:
Based on the Layer 2, FIC tokens can participate in DeFi in the future, and all the public chains including Heco and BSC will be compatible.
By the way: Heco by Huobi, BSC by Binance. ^^
This is greatly convenient for those who are involved in DeFi: with FIC tokens, you can DeFi in your favorite chain.
The ways to incentivize the stakeholders, is to grow Filecash distributed network, utilized the apps for the Filecash network to attract more clients to store date on Filecash network, and nurture the ecosystem of Filecash. All of this again will make FIC token’s price steadily rise on and on, which will eventually benefit those stakeholders to use FIC tokens for DeFi, and many other applications.
In one word: we make FIC tokens more useful and valuable for all stakeholders.
That’s all for the Question #3.
✍️ Telegram live Questions answered by Filecash ✔
The Curious 👀:
✅ If I decide to be a Filecash miner, what are the requirements or how much capacity my computer needs to have to do it? Are special equipments necessary for it?
Marco Pobong:
ALL the mining machines that are mining Filecoin, can mine Filecash. And please make sure you have a stable and high-speed network connection.
dayana:
Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Marco Pobong:
We had the audit of the network security, which is the must-have step for applying to be listed in the MAJOR exchange apps.
Hnank Hnil:
What are the current pain points within the industry that Filecash is aiming to solve?
Marco Pobong:
At the moment, the biggest painpoint of Filecash project is: the total network power is TOO SMALL. By our effort to introduce Filecash project to the global community and investors, we wish to attract more and more WORLDWIDE miners come and start to mine Filecash, to boost Filecash total network power grows to 1 EiB as quick as possible.