Recap of the Filecash AMA with Blockchain Space
On Saturday, April 24th, we had the pleasure to welcome to our Telegram chat:
Marco Pobong, The Marketing Director at Filecash.
We asked him questions about the development of Filecash.
Q~ Welcome Marco, Introduce yourself, your role in Filecash and give a brief introduction to the Filecash project?
A~ Hi, everyone, this is Marco, I’m from Filecash community and responsible to introduce Filecash project’s latest news and information to the worldwide miners and investors.
Filecash is Filecoin’s first pre-fork project. It is an IPFS community-based incentive layer. It aims to build a Web3.0 basic storage engine that everyone can participate in, and is committed to becoming the world’s leading distributed cloud storage platform.
The core logic of Filecash is to reduce the threshold of ecological participation through a series of technical optimization schemes and economic model improvements, realize the consensus of participation in global inventory and idle storage resources, reduce computing resource consumption, reduce sealing and storage costs, and form a close relationship between developers, miners, and communities A balanced system of interaction, consensus diffusion, and multi-party game benefit sharing.
The pre-fork refers to the time when Filecash forked from Filecoin is before the Filecoin mainnet launch. The mainnet of the original chain diverged before it went online.
The basic background of Filecash’s fork from Filecoin is actually the disagreement caused by inconsistent voices and interests between the protocol laboratory and the community.
Specifically, the divergence of the community voice lies in the idea that the agreement laboratory is too corporate to operate, ignoring the demands of the community, and many centralized KYC judgment rules similar to super ROOT permissions (such as: centralized authentication data set: super computing power, manual The KYC order certification miner region divides the space race revenue, and the temporary modification of the rules in the big miner test is too arbitrary), which is unlikely to occur in the previous blockchain world.
Q~ DeFi and NFT has recently become a hot topic, should we expect Filecash to participate in DeFi and NFT?
A~ The FIC token of the Filecash project will be the first token in the distributed storage track that directly supports DeFi.
This is also a huge advantage of the Filecash project compared to Filecoin. We expect that FIC tokens can participate in DeFi in June and July this year.
In Filecash’s ecology, a very important point is the checks and balances of miners, nodes, and token holders, and nodes are elected. This is completely different from Filecoin.
Regarding the qualifications/conditions required to participate in node elections, whether or not FIC tokens have been used to participate in DeFi mortgage mining plays a very important role. In other words, being able to do DeFi is not a fancy function of FIC tokens, but is deeply integrated into the entire mechanism and ecosystem of Filecash.
This mechanism will also encourage the majority of Filecash miners and FIC token holders to actively and extensively participate in DeFi.
The most typical DeFi scenario of FIC tokens should be mortgage mining. Coin holders pledge other digital currencies to mine FIC tokens. The more FICs they mine, the more advantageous they will be in the Filecash node election.
NFT has recently become a hot topic, but it is hot.
The standardization of NFT content production (anti-piracy), NFT price evaluation system (currently no authoritative and credible reference standard), NFT transaction and preservation system (occasionally) In the event of the loss of the original NFT data, it has not been sounded.
When the NFT+DeFi model matures in the future, FIC tokens can participate in such applications to implement pledge mining and other applications.
Q~ Filecash has been steadily advancing in terms of product technology. Could you share the current achievements and your future plans for Filecash in ecosystem development ?
A~ Sure. The Filecash mainnet launched on November 18th, 2020. Since the launch day, the total network power has been steadily growing, and recently surpassed 7 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 growth is continuing at the moment.
Here I’m introducing Filecash project’s 2021 yearly development plan:
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
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
Develop the original DEX
Finish the first DEX nodes voting
QUESTIONS FROM BITCOINTALK
Q~ What problems did you notice with Filecoin consensus algorithm and what changes or improvements has been made to create a more healthy relationship between ecosystem stakeholders?
A~ 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:
Difference 1. Filecash is friendly to AMD and Intel at the same time. Compared with AMD’s worldwide stock of Intel devices, Filecash has an absolute advantage. The current design of Filecoin’s main network AMD advantage in disguise makes Intel’s CPU calculation too disadvantaged, blocking the stock and mainstream server market.
Difference 2. Filecoin sealing cost is too high, the time is too long, and the storage cost is too high. Filecash will reduce the sealing cost and reduce the storage cost of the entire network. Assuming the same storage of 1GB content, the Filecash network will be cheaper and faster than the Filecoin network.
Difference 3. Governance is community-based, which relatively reduces the pressure of miners’ hardware equipment and economic model mortgage pressure. From governance to economic models and technical features, it is more friendly to the community and miners.
Difference 4. Remove the super power of the artificial KYC part in Filecoin, Filecash uses a consensus algorithm to determine the fairness of the public chain, rather than a company ruling. Program code to manage.
Difference 5. Filecash supports DeFi. Filecash will officially open Filecash’s token-FIC to directly participate in DeFi from June to July this year. At that time, it will support mainstream public chains including BSC and Heco.
Q~ Regarding the reduced penalty, you mention that excessive punishment in the test algorithm will reduce and discourage miners’ participation. How will you find the balance you want to implement between network stability and an affordable penalty for them? Will this be done soon? How long will it take you implement it?
A~ Well, first of all, let’s have a look at Filecoin’s current four types of punishment mechanisms:
- Failure to submit the time-space certificate on time:
At least in every 24 hours, the miners should check the sectors where the miners have created the promised capacity, and keep a permanent and verifiable record to prove the continued commitment of each storage miner. If it is not resolved for more than 24 hours and returns to normal, regardless of whether the miner is due to a power outage, network disconnection, or mining machine, the system will determine the fault or error, which is often referred to as “hash power loss”, the Filecoin network system’s penalty mechanism will be implemented.
2. Did not actively report errors:
When a certain sector has a fault or error, the miner did not take the initiative to report to the Filecoin network, but it was discovered by the network. If it returns to normal within 24 hours, network penalties can be avoided. If there is no recovery within 24 hours, the Filecoin network will impose a 5 times block reward penalty on the sector every day until it returns to normal.
3. Malicious bifurcation and double explosion nodes:
In response to these two serious problems, the Filecoin network will clear the full computing power of the current node and deduct all pledges, including pre and post.
4. Failure or error for 14 consecutive days:
Regardless of the reasons encountered before, as long as the sector cannot be restored to normal operation for 14 consecutive days, the Filecoin network will punish all block rewards in the sector, as well as the corresponding pre-staking, and all the rewards obtained, which is the part expected to be released later, also called post-staking.
Therefore, to those Filecoin miners, sometimes Filecoin’s punishment rules seem too strict.
Filecash has made adjustments to the Filecoin penalty mechanism mentioned above to make the penalty mechanism more humane and more reasonable:
- Given multiple Window post opportunities in the same time window, miners can submit time and space certificates multiple times until they return to normal, so as to ensure that the miners can recover their computing power in time, and the miners will not lose too much.
- No immediate penalty for verification failure: delayed release of benefits; delayed period of 3 days; window of opportunity 7 times.
Filecash’s upgrade of the penalty mechanism will greatly improve the operability of miners. Filecash’s penalty mechanism is more in line with the characteristics of human nature and is more conducive to the healthy development of the Filecash ecology.
QUESTIONS FROM TWITTER
Q~ Currently, Filecoin has a relatively high participation threshold for miners, They adjusted the requirements of mining equipment, resulting in huge losses for most of the miners, Will Filecash be able to meet the global demand for smaller scale miners, How do you intend to attract more miners to participate in the Filecash ecosystem?
A~ To mine Filecoin, it really has very high demands for the hardware and bandwidth, the miners who have shortage of money and lower spec of mining machines, cannot compete with those top-tier miners to get the FIL reward from mining.
And recently the price rising of FIL even made the situation worse: many Filecoin miners who have mining machines, cannot initiate the mining because they can’t afford to buy/borrow FIL tokens for the collateral deposit.
For those Filecoin miners, it is simple to switch to Filecash mining with their current idle mining machines:
(1) It only takes 2 hours to switch Filecoin’s mining machine to Filecash’s mining machine if we don’t change any part of the hardware.
(2) The token collateral amount of Filecash is much lower than Filecoin’s collateral amount. On the Filecash network, the collateral deposit amount is almost the same as the sector’s expected mining reward. Plus, currently Filecash’s token — FIC has a low price, so you don’t have to worry about the cost of the collateral.
(3) Filecash’s mining reward per TiB is higher than Filecoin’s mining reward per TiB.
We encourage worldwide Filecoin’s miners to switch their mining machines which are in total idle status, or in half-idle status, to Filecash mining, to immediately utilize your hardware’s value 100%, and receive a higher mining reward.
Q~ What are your plans for global adoption? How do you intend to reach out to crypto newbies to make sure they also understand FileCash platform?
A~ Our global adoption strategy is to aiming at the specific key regions as our target to acquire the miners and the crypto currencies fans (who buy/sell tokens and also do DeFi).
The targeted regions are: China, USA, Germany, UK, Japan, South Korea and Netherlands. We picked these regions because these regions are Filecoin’s key markets where people know IPFS and the related mining project well.
The approach to make our targeted audience to understand the Filecash project is mainly arranging the online English/Japanese/Korean languages AMA, and regularly upload the official Youtube videos on our Youtube channel.
The keywords to appeal our project to the new comers are: IPFS incentivization, DeFi, mining, collateral before mining & linear release of the reward.
Q~ Partnerships are very essential for growth, have you formed any partnerships since inception or do you have plans for that in the radar, also what are your marketing plans to create more awareness for Filecash in the crypto space?
A~ Filecash’s partnership is mostly related to collaboration with news media, local communities in many countries.
Well, of course, there are the partnerships related to investment, but this part is not a public information, so in the AMA, I skip this part.
The international community building is mainly carried out around Telegram, Facebook homepage, and Twitter official account. In addition, we recently conducted an AMA mainly for Europe and the United States. You can click this link to view the summary of the AMA: https://medium.com/filecashglobal/filecash-and-decentralized-club-ama-recap-5738c6c7b35d
In the future, we will continue to strengthen online and offline activities, introduce the Filecash project to digital currency fans at home and abroad, and expand Filecash’s global community.
QUESTIONS FROM TELEGRAM
Q~ Many projects have been banned in many countries due to the failure to use the correct regulations and permits. Does your team have a solution to these problems in order to Globalize smoothly?
A~ As the storage distributed network project, to be able to avoid any illegal contents to be stored on the project’s network is very important. Filecash uses the algorithm to automatically filter the inappropriate contents according to different country’s different regulations.
Q~ What are filecash top priorities in 2021? Can you share some of your plans for the coming year? Which part of the project are you focusing on most now?
A~ it is DEFI. FIC is not only being used for the collateral for mining Filecash, but also can do DeFi to get more investment reward of the digital assets.
Q~ Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
A~ Of course, especially in Japan, South Korea, China.
Q~ 1. Security
4. Token price
From the 4 aspects which one is your main priority and why?
A~ All of them are very important, but especially Point #4, if our project’s token’s price ups and downs like Bitcoin, that would ruin our project in the longterm perspective. We hope to see our token’s price grow steadily but not rapidly / dramatically.
Q~ Developing a project, of course, requires a very large amount of funds. Is your team financially able to carry out this project? and Do you have sufficient funds for its development. Can you tell us how your project is profitable? And also for us investors?
A~ Yes and Yes for the first two questions. About your 3rd question here: to mine Filecash needs smaller investment fund to initiate the mining, and get a great output from the mining as FIC token reward. Therefore many investors have invested in Filecash (including investing in the cloud mining).
Q~ How do I Mine FIC, do you have any guidelines for starters?
A~ If you wanna run a mining company (mining pool), please refer to our Github page for the technical information. If you are just interested in buy and sell FIC tokens, I recommend you to access the exchange apps to buy FIC tokens. As I mentioned earlier, in this year’s June/July, Filecash’s DeFi function will be available.
Q~ I want to invest in some tokens, will $FILECASH be of benefits, what benefits will I get for holding $FILECASH and can you tell me and other angel investors the best period we can buy $FILECASH and on which exchange ?
A~ These exchanges, such as BitMart, Gate.io, Matcha Exchange, Hashkey Hub, QB.com, LBank already have FIC token listed for trading.
Filecash’s FIC token would be listed on top-tier exchanges soon. We are currently working on it already.
It’s really nice having the Filecash project in here!!!
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