$ 257 million Cryptocurrency Filecoin prepares for the upcoming launch


  Filecoin clyptocurrency hourglass

Filecoin, a decentralized storage network that turns cloud storage into an algorithmic market monetized by cryptocurrency, has announced it will become public in the coming months.

Filecoin prepares for take-off

This announcement is contained in a post on the company blog, which states that, after passing the critical period in which it was necessary to have the codebase private, the project is rapidly reaching a point where implementation would benefit most from being public. [19659005] In a successful ICO that took place between August and September 2017, Filecoin has raised $ 257 million outstanding and has since been involved in the development of the project whose market will be based on a blockchain with a native cryptocurrency ( also called "Filecoin"), which miners earn by providing storage to customers.

As contained in the project whitepaper, customers on the platform will spend token Filecoin to snatch or distribute data. In this case, the miners who dedicate themselves to active storage consequently obtain prizes. Just like in Bitcoin mining, this is also a competitive process, but in this case the power of extraction is proportional to the active storage that directly provides the services required to customers.

Codebase will be open to the public

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The intention to make the codebase public, as contained in the blog post mentioned above, is to allow members of the public to participate in the project. He noted that it will serve all those interested in joining and getting to know Filecoin, and also to open up opportunities for independent coders to help build parts of the project and also start building on it.

Also published in the announcement are go-filecoin demos that reveal some of the basic blockchain operations. This serves as a practical revelation of the amount of work that takes place in the background, as the company tries to let its community and the general public in what has been in the last two months.

Keeping the promises [19659004] These procedures as demonstrated by Filecoin fall into normal expectations from projects that have completed their ICO, especially during the ICO boom of 2017.

Although numerous reports abound in the cryptocurrency market, several startups are having difficulty meeting their initial promises following the downtrend of the 2018 market, many other projects have continued their plans

While many investors panic and others advise against their diminishing revenue, the positive ones like the models of execution of active projects increase hope for the future, especially for those who stick to their chronology. However, beyond the speculations on tokens and investor expectations, a very important factor is the innovation introduced by the blockchain implementation.

With the crucial need for a secure and efficient data storage system, blockchain provides the way to build a decentralized network where data owners can comfortably achieve their goals in an incentive ecosystem.

Images from Shutterstock

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