Filecoin, A $257 Million blockchain To Go Public

Filecoin, a $257 Million worth blockchain, has announced that it would be going public within coming months. It’s a decentralized storage network that would make cloud storage into algorithmic market which would be further monetized through cryptocurrency.

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Filecoin’s Protocol Overview

The announcement was made via a blog post from the firm, which stated, that it’s now past the critical period required to have the codebase private, the project is matured enough to be launched to public.

Filecoin’s ICO was held successfully in August and September 2017, in which they raised a staggering $257 Million and since been involved solely into development of the project whose market would be established by their native cryptocurrency i.e. Filecoin, which miners could earn by providing their storage space.

As the whitepaper states, Filecoin tokens would the currency for clients to store or distribute data. Miners would be earning token based on their provided storage spaces. Similar to Bitcoin mining, this process would also be competitive for miners but here the mining power would be directly dependant upon the active storage which would be providing services to the clients.

Filecoin’s intention to make their codebase public is primarily to enable public participation in it’s development. As per the firm, it would enable anybody who wants to learn about the filecoin and also provide opportunity to independent coders for developing the parts of project.

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