What is Filecash (FIC) | What is Filecash token | What is FIC token

What is Filecash (FIC) | What is Filecash token | What is FIC token

Filecash is the first pre-fork project of Filecoin. It is a distributed cloud storage platform that aims to use the world’s idle storage space to serve the storage market. At its core, Filecash is an incentivization layer of the IPFS protocol. The blockchain is based on both proof-of-replication and proof-of-spacetime. What is Filecash (FIC) | What is Filecash token | What is FIC token

Filecash is the first pre-fork project of Filecoin. Based on IPFS, it aims to build an effortless Web 3.0 storage engine for everyone.

Filecoin, created by Protocol Labs, is one of the most established and influential projects built on top of the IPFS protocol. Filecoin is a decentralized storage network where users can pay to have their files stored and those that help lend out their storage space get rewarded with tokens.

The intention of Filecoin was noble, however, it is becoming more and more like a corporate product under the development of Protocol Labs. It has become more centralized and is straying away from blockchain’s core ideals.

Members from the IPFS community inherited the original intention of IPFS, and aim 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.

Filecoin’s original vision was to use the idle hard drive space from individuals’ computers globally to serve the storage ecosystem. However, they have deviated from this vision as ordinary hard drives cannot meet their mainnet requirements for storage. As a result, miners and participants are forced to use more expensive and commercial-grade hardware to compete, resulting in an overly centralized network with high barriers to entry.

Filecash is committed to restoring Filecoin’s original vision. Using the world’s idle hard drive space to serve the storage market, Filecash will construct a storage infrastructure for Web 3.0 that is community-driven and autonomous.

Filecash is Filecoin’s first pre-fork project. It is committed to restoring Filecoin’s original vision, using the world’s idle computing power to serve the storage ecosystem, and creating Web 3.0 basic storage facilities with a more ecosystem and values.

Why did Filecash pre-fork Filecoin?

The basic background behind the fork was the disagreement caused by the inconsistent voices and interests of Protocol Labs (Filecoin’s developer) and Filecoin community. Forking itself is a very basic inevitable phenomenon in the blockchain industry, as seen with BTC, BCH and BSV, the leaders of the blockchain ecosystem. The existence of forks can also make the blockchain network more iterative and innovative, so the existence of forks greatly promotes the improvement and development of the blockchain. Of course, Filecash itself, as a fork, is also an improvement to some of Filecoin’s shortcomings, and at the same time, it is committed to restoring Filecoin’s original vision.

Currently, the development of Filecoin faces seven major problems:

  • File hash value calculation is not friendly to Intel storage instruction set;
  • The complex sealing process consumes too many computing resources;
  • Low TPS limits the development of the number of network nodes;
  • The miner collateral is too high and not good for miners;
  • The official data set restricts the use of the storage network, and the data security is not high;
  • Frequent major technical changes;
  • The blockchain economic model is unreasonable.

The biggest problem with Filecoin is that storage availability is not high. The time consumed for data storage and reading is restricted by network bandwidth and device performance, and a lot of calculations are required during the upload and download process, ranging from 3 hours to dozens of hours. With the fast pace of the Internet today, this speed can only meet a very small number of application scenarios and cannot carry commercial scenarios. Even applications with a very small amount of data such as Blockchain DAPPs are difficult to carry. This restricts the development of Filecoin.

In order to solve the problems of Filecoin and inherit the ideals of IPFS, Filecash was born. Filecash will improve the Filecoin economic model, and develop and govern the project together with the community.

  • It is equally friendly to AMD and Intel;
  • Increase Layer2 to improve TPS;
  • Upgrade the SHA256 algorithm to SHA512;
  • Modify the sector size to 16G to reduce memory usage;
  • Reduce the calculation of the 11-layer transit seal to 5 layers;
  • Realize all-round upgrades such as dynamic miner collateral.

Filecash solves the problems of low availability and maintenance of underlying packaged data by structuring the L2 cache layer. The core logic of Filecash’s technology development is to lower the barriers to participation, which is one voices of the broad community.

Although it is difficult to challenge the original chain with forks, it can be concluded from the analysis of past cases that the shorter the time to build consensus, the easier it is to be challenged, and the larger the problem, the easier it is to be replaced. Although latecomers are all secondary developments based on the accumulated technology of the original chain, there are many difficulties and challenges, but in recent years, forks have become more and more accepted.

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The future of distributed storage will eventually be decentralized. With the development and advancement of data storage methods and 5G technology, the market will become very large. IPFS is a decentralized distributed file version system that integrates multiple technical advantages. Perhaps in the near future, IPFS will replace HTTP and open a new era of distributed storage. Filecash inherits the ideals of IPFS, and hopes to act as an industry pioneer on the road of distributed storage.

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