we hosted an amazing AMA with FileCash on the 30th of December
And here we will put some of the best 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 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:
- 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.
- 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.
- 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.
- 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 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.
Recently, we noticed that there is some mining company that sells FIC cloud mining product in South Korea, and also introduce Filecash project to more South Koreans. 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.
Q4) 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.
Q5) Can you mention the future plans for ‘Filecash’ and share us the roadmap for the coming quarters?
Filecash’s current key goal is to expand the mining nodes to more countries, and also expand the miners’ coverage to more countries.
The more global nodes appear, and the more worldwide miners come and mine Filecash, the more total network power we can see, then the new features development would be accelerated.
So currently we focus on the mining nodes and miners’ global coverage, and the technical development will support our global marketing expansion.
And here we will put best questions from our members and FileCash fans:
Q1) Can we have a clear Roadmap for 2022, with Milestone to achieve each quarter?
As I’ve mentioned in the earlier question, our goal in 2022 will be expanding global nodes and global miners.
To describe it in quarterly way, I will say:
Q1: focus in South Korea, Singapore and Taiwan island region
Q2: focus in UK, Germany, Russia, USA
Then we will analyze our global community promotion and marketing effect, to define the project’s upcoming development direction (Layer 2, DeFi etc.) and the next steps of the global marketing.
Hopefully, when we reach Q4 of 2022, we see worldwide crypto traders are familiar with Filecash and its FIC token, and we see more global mining nodes from the world map, which would be the fundamental base of this project’s longterm existence.
Q2) Many new projects made a good impression at first but were suddenly abandoned. How will you manage the Filecashglobal and token to gain a place in the market and become a best token in the blockchain world?
Well, Filecash has been existing for more than one year. The project’s mainnet was launched on November 18th, 2020. You can check this project’s history from its very first Tweet in 2020 till these days: https://twitter.com/Filecashglobal.
About the token price: I’ve explained what’s going on currently with FIC token’s price. The price won’t be lower than the level in these days. By our growth of globalized miners and community, the token price is expected to bounce back strongly.
Q3) You emphasize the enthusiasm and importance of the miners, do you think that Filecash by implementing this facility for them, can all the miners from other projects migrate to filecash?
Filecash has some fellows or rivals’ projects, such as Filecoin and some other projects. Those projects have their strengths and weaknesses. And we are confident about how to attract global miners to come to Filecash, or switch to Filecash to start their new mining with us.
We will do our every effort to support the new coming miners from any country:
(1) provide the technical support in English, Korean, Japanese and Chinese Mandarin
(2) frequently hold the airdrop events to the miner’s homeland market, to attract more crypto traders from the miner’s country also get to know Filecash and start to trade FIC token
(3) if the miner volunteers to become Filecash Community’s volunteer to help others, Filecash project will provide the support. We have the ambassador program to courage the community members to come become our ambassadors.
We are currently eagerly seeking: German speaking, Russian speaking and Arabic speaking volunteers to become our ambassadors in Germany, Russia. If you are interested, please directly send message to our official Telegram group: t.me/filecashglobal.
Q4) So many projects just like to speak about the “long term vision and mission” but what are the short time objectives of your project? On what thing you are focusing now?
Our short-term goal is clear: develop the new mining nodes from South Korea and Singapore in the first half of 2022; and see more crypto traders from South Korea, Taiwan island and Southeast Asian countries to start trading FIC token.
Q5) FileCash is a community-driven project in which you encourages and adopt suggestions from the community,so how would you incentivise for those community members that is active and willing to spend their time with your platform?Any advantages for staying with you for a long run?
For the dedicating volunteers to our community, we will provide the regular payment in FIC tokens for the volunteer’s work, as long as the volunteers are involving with our community consistently.
For the influencers, or the partners who have the resources to boost our marketing effort, we could discuss the collaboration, and we will provide the payment for the collabo in USDT.
Q6)Which do you think is more important:
C. Token Price
If all of the above is important to you, which should come first?
Community and the Token Price are important. That’s what we are focusing in 2022.
Q7) Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
After our marketing efforts, we hope to land our efforts in the real world in the ways of: (1) start to see the Filecash mining nodes in more countries; (2) start to see more countries’ crypto traders to buy and trade Filecash and use Hotbit.io exchange app to keep their FIC token assets.
Q8) i have Super Question,
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
Filecash is a decentralized storage network project, and this project needs more people to come and join. We hope to see everyone get involved in Filecash in the ways of, miners, or traders, or community volunteers.
Q9) Is your token already listed on any exchanges to buy? when will be listings done??
TOP recommneded exhanges are: Hotbit.io exchange.
Other recommended exchanges are: Gate.io, MEXC.com
Q10) How does project increase the token’s value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term? Maybe that’s how we can help?
To expanding our community to: raise the awareness to our project, to increase the token trade volumes by global crypto traders, and attract more miners to come starting to mine Filecash.
And this was the end of our AMA with FileCash.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- https://file.cash/
Medium :- https://medium.com/filecashglobal
Twitter :- https://twitter.com/filecashglobal
Reddit :- https://www.reddit.com/r/Filecash/
Discord :- https://discord.gg/Mgb6zkHPKe
Facebook :- https://www.facebook.com/FilecashGlobal/
Github :- https://github.com/filecash