Hotbit AMA:🎉 Filecash AMA in English Telegram

Daisy Lee: Hello, everyone. Let’s welcome Marco @MarcoPobong, Filecash Community Coordinator to introduce “Filecash, being loyal to the ideal of IPFS” to us in AMA. Could you introduce yourself to our community firstly?

Marco: Hi, everyone. My name is Marco, I’m one of the volunteers from Filecash Community, to introduce this amazing new project to the world.

Daisy Lee: Thank you for being with us today. Before we start, could you give a brief introduction about Filecash to us?

Marco: Sure. Filecash is the first pre-fork project of Filecoin and it’s a decentralized storage network based on IPFS. Filecash is committed to constructing a storage infrastructure for Web3.0 based on IPFS. We hope to free up unused storage space to build an algorithmic cloud storage market for everyone.

Daisy Lee: Thanks for the introduction, Marco. Let’s start my questions. According to the official introduction, filecash is committed to constructing a storage infrastructure for Web3.0 based on IPFS, so what do you think the Web3.0 network needs to have to form a relatively large network effect?

Marco: I think we can talk about it at several aspects.

(1)Stored Contents reviewing and filtering. To form a large network effect, first of all, we must make sure that it is accepted by the whole world. Filecash courage the miners to store the data on the decentralized storage network. The customers could try to save any kind of data to the network, then there come the data contents filtering issue. The customer’s data to store on the Filecash network, when the data is totally private and won’t share to the undefined public audience, no need to review and filter its contents, however, when the data is unveiled to the undefined public audience, Filecash would need to review and filter the data contents, in case the data contents offends many countries’ different political, moral, and religious standards to cause any kind of problem. For example, the data related to teach people to create a hand-made bomb, should be filtered out, in case this data could be shared to the public and cause any potential terrorist attack risks.

(2)TPS issue. Blockchain world’s TPS is not as fast as centralized internet world’s TPS. Because to synchronize the block’s data through out entire blockchain network, there should be some delays happen because of physical distance and software framework and algorithm. Maybe we can solve this problem by some simple setting at the software side, but it could cause the risk that the blockchain network would eventually be controlled by specific group of people, including hackers. Filecash will simplify Filecoin’s data sealing algorithm to reduce the encryption layers from Filecoin’s 11 layers to Filecash’s 8 layers, to boost TPS.

(3)Hot Data. IPFS itself supports Hot Data, however, the mechanism of Filecoin’s data sealing algorithm make the whole procedure takes hours to finish, so it is not as fast and instant as we expected. Filecash will develop the Layer 2 to solve this problem: Layer 2 can not only boost TPS, but also enable many applications on the blockchain to effectively support the needs of Hot Data.

Daisy Lee: Quite detailed explanation. Next question: Why did you choose to pre-fork Filecoin and what’s the background of this pre-fork?

Marco: The reason to pre-fork Filecoin is actually the disagreement caused by the inconsistent voice and interests of the protocol laboratory, and the community. In the other hand, the forked chain is the common phenomena in blockchain world, for example: BTC and BCH, ETH and ETC.

The key point of the disagreement is: the current Filecoin business model overprotects the investors’ benefits, while it doesn’t do the same for the miners. The Protocol Labs runs Filecoin in the way of corporation operation, while they ignore the community’s voices: there are many centralized KYC judgment rules similar to the super ROOT authority (for example: centralized authentication data set to generate super computing power, manual KYC order authentication for the miner’s area division and space competition income definition, etc.) In the other public chain, it is impossible to happen.

However, from Protocol Lab’s standpoint, the Filecoin network is very much complicated, and many parties’ different benefits and desires are mixed in there, and it is almost impossible to take care of every party’s desire and benefit to make everybody happy. So, Protocol Labs can only pick one business model with one type of governance rules and one direction of the technology path to run Filecoin.

Because of the reasons above, even before Filecoin mainnet launches, the community’s voice to fork Filecoin have become louder on and on. Filecash has its own thought about the business model, technology development path and the governance rules.

Daisy Lee: So according to my understanding, could I say that Filecash appears in response to the voice and support of community and miners?

Marco: Yes, exactly.

Daisy Lee: As we have mentioned that Filecash is the first pre-fork project of Filecoin, I guess many users and investor are curious about a question. Compared with Filecoin, what are the characteristics and advantages of Filecash?

Marco: The characteristics of Filecash and Filecoin are totally different. If we say Filecoin is more like corporate-like operated cloud storage service, Filecash is decentralized, algorithm managing blockchain project. Filecash doesn’t have human interfered KYC, and completely proceed the verifications by the algorithm. Filecash also doesn’t have officially defined “valid data” guidelines. As long as the customers paid the money to try to save the data on Filecash network, the data is the valid data.

Currently, Filecash’s core changes to Filecoin technology and governance are as follows:

1. The Sha256 algorithm of the Precommit 1 part is changed to sha512.

Logic Modification: Modified from a completely AMD-biased algorithm to a neutral preference, so that Intel and AMD have the same efficiency in mining. Indirectly obtained the support of the stock server market which accounts for 95% of the global servers, and the early miners who invested in Intel equipment.

2. Change the sealing layers from 11 layers to 5~8 layers.

Logic Modification: The purpose of sealing is to make a consensus proof for Filecoin network, but the current network design is too redundant, which indirectly increases the storage cost and storage delay time. The number of Precommit 1 calculation layers can be reduced to a reasonable range to reduce the consensus algorithm maintenance costs, storage costs and delays, which is conducive to consensus diffusion.

3. 32G sector is changed to 16G sector.

Logic Modification: Filecoin’s penalty for the block failure is too strict. The 32G sealed package is actually just a proof of space, and its relationship with storage is not absolute. Therefore, it is more reasonable to reduce the cost of proof, and increase the storage penalty.

4. Remove the over-centralized super power over consensus computing power like the Protocol Labs. At present, there is an officially certified valid data set in Filecoin, which is similar to the BTC agreement. Satoshi Nakamoto can decide who is the super computing power of the ten times income outside the mathematical rules.

Daisy Lee: Sounds really impressive what you have done. Let’s move to next question. As an incentive layer of IPFS, what do you think Filecash needs to do in the future to truly realize the ideal ecology of IPFS?

Marco: Filecash gives the miners a great and important reason to do mining of Filecash — mine and earn FIC token. To truly courage the interested miners to come and join the mining, and also continually stay in the mining task, I think Filecash should cautiously handle the points coming up below:

(1)Keep the effective communication with the Community. If there are any official rules, policies or technical changes happen, should notify the miners and the Community as early as possible before the new things take effect. This is very important to everyone involved in this mining.

(2)Filecash should handle the punishment carefully. The punishment to miners is essential to keep the whole decentralized storage network keeps running safely, however, the punishment could also discourage the loyal miners if it goes t0o far and unfairly. To make the punishment fairer, Filecash’s valid storage checking frequency is now once per 48 hours while Filecoin is once per 24 hours, which seems much fair and reasonable to the miners.

Daisy Lee: We all know that miners are profit-seeking. Compared with Filecoin, how does Filecash, as a fork project, attract miners to join the Filecash ecosystem?

Marco: As I mentioned in the previous question, Filecash supports AMD and Intel. Which means, those miners who have idle Intel machines, now can directly joining Filecash mining, without any extra cost to buy new machines, and those who have idle AMD machines can also joining Filecash mining without any deposit in this special period. You know, many Filecoin miners, they have AMD mining machines, but if they failed to get enough FIL to deposit for the mining, they can’t even start the mining while they’ve spent a lot of money to purchase AMD mining machines already. Filecash is the fresh opportunity to all these miners.

Currently, Filecash is at its early stage, so the total power is very low at the moment. Those who join Filecash’s mining, they will have the great chance to accumulate the mining power to take the advantages, the ROI is very high. So, we hope the miners won’t miss this Firsst-Mine-Benefit.

Daisy Lee: I saw that Filecash’s mainnet was launched on October 14. What is the current network status? Could you share more with us?

Marco: Sure. Since we launched the mainet, everything goes smoothly now, and we see more and more miners are joining the Filecash mining. I should highlight the important point that, 4he 4-weeks zero-deposit period’s mining powers will be succeeded, and it is the great chance to take advantage to accumulate the mining power. Currently the development team continues to develop the project according to the development plan.

Daisy Lee: Nice to hear that. We will stay tuned with Filecash progress!

Marco: Thank you.

Daisy Lee: What is Filecash’s plan for the next two years?

Marco: Here comes the brief information about the future development plan of Filecash:

Q4, 2020:

lImprove the algorithm

lReduce redundant packaging

lRemove area restrictions

lReduce punishment mechanism

lRemove the official data set

Q1-Q2, 2021

lOptimize data distribution logic

lOptimize smart contract support

Q3-Q4, 2021

lOptimize node mechanism

lIncrease POS flexibility

lIncrease oracle support

Q1-Q2, 2022

lOptimize virtual machine performance

lIncrease cross-chain support

lEnhancing blockchain interoperability

Daisy Lee: Thank you very much for the detailed explanation and it’s been a great opportunity for us all to learn more about Filecash. Now, let’s proceed to the next session public Q&A. Marco please pick about ten questions to answer.

@JessiSam: Filecash being a pre-forked of filecoin, how is the governance of the platform, and what are the plans put in place to see that the voice of the community is heard and valued?

Marco: Hi, Jess. Thank you for your question. Filecash will seriously listen to the community’s voice, and push forward the project’s development with the Community. To make this happen effectively, as I mentioned above in the earlier answer, Filecash will remove and cancel the officially authorized data set, and also remove the human-interfered KYC.

@piklu30: I have tried to find information about #FILECASH team everywhere but couldn’t. Maybe I didn’t search properly? Please share with me information about #FILECASH team. It is important to gain the trust.

Marco: Hello, Robin Hood, thank you for the question. Filecash is a project that is initiated by the volunteers from the Community. The volunteers including me and other development staffs are from many countries and places. This is a global project.

@Misaamor: Where is the “ Filecash “ name coming from and what is the logo representing?

Marco: Hi, Sois, thank you for the question. Filecash’s name is from Filecoin, because Filecash is the first forked project of Filecoin.

@Champion1215: A good project always has competition and duplication of ideas. What does Filecash Global think about this issue? What is the long-term vision of Filecash Global in the blockchain market to keep up with the trends with technology, community and related issues?

Marco: Hi, Champion, thank you for the great question. As I mentioned above, Filecash is initiated by the volunteers from the community, which means this is a global project. The development staffs of this project, they deeply understand the global trend of the distributed storage market, and the technology’s future development path. The duplication in the blockchain world exists, and I think each project (even the duplicated project) should insist its own ways to continue its own technology path and maintain its own community.

@Sujon121: Can you share with us the short term goals and long term goals of FILECASH What is the future direction of this projects?

Marco: Hi, MD Sujon, thank you for the question. Filecash’s short term goal is: succeed Filecoin’s current users, community and its market awareness, and attract more new miners and investors by the new technology highlights (mentioned above).

@cuongzui：What does this program promise for the ecosystem to make DeFi more common? What are the benefits of holding and staking Filecash tokens? And What plans do you have to help drive demand and scarcity for Filecash tokens?

Marco: Hi, Funny, thank you for the question. As a part of future development plan, Filecash will adopt the related code directly from Ethereum to utilize the Layer 2, which can greatly activate many applications and the new business models based on it, such as DeFi. We are working on it now.

@thinzzy: Do you have a plan to attract non-crypto investors to Filecash and how? What actions to raise awareness about Filecash in the non-crypto space especially for new users?

Marco: Hi, Thizze, thank you for the question. We do have plans to attract non-crypto investors. Many investors they’ve already got Intel/AMD storage machines in their hands, just find a new, beneficial way to utilize their these hardware. Filecash could be one of the great plans for them to seriously consider.

@Hannah438: Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?

Marco: We do have plans for this goal. One of the plans is, we already have our telegram group, to share the latest development news of Filecash to community, and dynamically interact with the community members. Our telegram group link is: https://t.me/FilecashGlobal

@Saaho77: What is the Marketing Strategy for #FILECASH? How quickly you will develop our community?

Marco: I’ve volunteered for this marketing purpose for the Filecash project. We will reach out global users to expand our community, including interacting with South Korea and Japan’s cryptocurrency fans.

@Maina_jall: I am an investor. I do not want to risk my money. Please give me some reasons to trust Filecash Global and $Filecash.

Marco: Hi, Maina Jall, thank you for the question. I should say every project has its risks. But each project’s risk’s levels are absolutely different. Filecash requires much less deposit of token compared to Filecoin. As we all know, Filecoin requires a huge amount of FIL deposit to start the FIL mining, which is a huge burden and risk for the investors.

@benbenq: What type of Industry & user base is the $Filecash project mainly focused on? Are you planning to establish partnerships with local cryptocurrency developers in each country to use $Filecash more bang in the near future?

Marco: Hi, Huu Zuu, I would like to say everyone from every industry and field, as long as they have passion and interest in cryptocurrency, and mining project, they are all our target to introduce Filecash project to them and get them join our community. For the partnership with local developers, as far as I know, maybe it is not correct, Japan, South Korea, China, Germany and the USA are the key blockchain markets, so in the future, we might consider this kind of partnership with local staffs.

Marco: If you are interested in Filecash and wanna get updated about this great project, come and join our Telegram group: https://t.me/FilecashGlobal.