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Filecash: A community-driven decentralized storage system

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Decentralization is taking over all the sectors alike. The IPFS (InterPlanetary File System) is a peer-to-peer file system that offers an alternative to the HTTP protocol with a built-in permanence.

Filecash is a pre-fork project of Filecoin and an IPFS community-based incentive layer that aims to build a Web 3.0 basic storage engine that lets everyone participate in its mission to become the world’s leading distributed cloud storage platform.

What is Filecash?

Filecash is committed to use the world’s idle computing power in order to achieve its mission of creating a basic storage facility system for Web 3.0. Drawing from Filecoin’s economic model and making improvements to it, Filecash’s goal is to develop and further govern the project along with the community.

Through a series of technical optimization schemes and improvements, Filecash seeks to reduce the threshold of ecosystem participation. It also aims to reduce computing resource consumption and realize the consensus of participation in global inventory and idle resources to form and foster a close relationship between miners, developers, and communities.

The IPFS storage framework, PoS node mechanism, Oracle, Cross-chain middleware, and Layer2 are 5 components of the Filecash blockchain.

Key features of Filecash

Since its launch in November 2020, the total network’s power has grown to 9 PiB, while their community has grown to 50000+ users.

Some of the core changes to the Filecash network:

  • Changing the sealing layer to 5-8 layers instead of 11 has been done to enhance the TPS and release more resources for storage tasks.
  • The SHA256 algorithm has been upgraded to the SHA512 algorithm. This has made it friendly to both Intel and AMD miner machines.
  • Removing “verified data” and KYC from the platform to make sure that all data that is paid by clients is valid.
  • The 32G sector has been changed to 16G, so the miners need fewer resources from the system to finish their sector’s sealing.
  • Reducing the sealing cost and storage cost of the whole network.

Filecash solves low availability and maintenance of underlying packaged data by structuring the L2 cache layer. Its core logic is to reduce the barriers to participation in the community.

Filecash’s technical roadmap

Filecash has a detailed roadmap in order to achieve its goal of providing a decentralized storage network based on IPFS:

  • Bettering Smart Contract support- In order to make migration to the Filecash ecosystem easier for the developers, Filecash would inherit the smart contract code of Ethereum. This is going to help in transplanting and developing the existing blockchain ecosystem.
  • Optimizing and balancing performance- To increase usability and economic performance, Filecash is optimizing the peer-to-peer data distribution logic. By enhancing the underlying storage structure, P2P network data distribution logic, and dividing the storage nodes into 3 levels, a balanced performance can be achieved.
  • Increasing PoS flexibility- Filecash has designed an operating mechanism for PoS (Proof-of-Stake) nodes that is more flexible and brings the user a better experience than PoW (Proof-of-Work).
  • Enhancing interoperability- Filecash is unifying API and building a middleware system with developers from their ecosystem to achieve efficiency and concise interoperable functions.
  • Cross-chain compatibility- Filecash’s highly compatible cross-chain middleware based on its Tokenomics enables it to interact with external systems through a cross-chain bridge.
  • A dual-layer network- Building a blockchain structure in the IPFS ecosystem with a dual-layer network where the bottom layer would be responsible for building the basic economic model and maintaining its security, while the second layer builds the application system. This would provide users with a fast and smooth experience and help attract non-blockchain users too.

Economic model

The baseline parameters that prevent rapid centralization of the network in its early stages and avoids the appearance of whales in mid and later stages raised by Filecoin have been further modified.

Filecash solves the problem of shrinking the network with their BFT+ PoS node which introduces two participants (currency holders and nodes) into the equilibrium mix and forms at least a 3-party equilibrium game thus decentralizing the power given to miners.

The FIC token

Source: Filecash Whitepaper

The Filecash token FIC has a total supply of 2 billion, it is further divided into 5 parts-

  • 55% for Mining and ecosystem incentive. The main body of Filecash is formed by miners and its ecosystem and this major portion of tokens would be released to the platform in a decentralized manner through mining and economic incentives.
  • 2.5% of the tokens are reserved for the Filecash foundation.
  • 10% of the tokens are reserved for investors.
  • 30% of the tokens are reserved for Layer 2, genesis miners, and multi-signature verification account.
  • 2.5% of the tokens are reserved for the development team which would be released linearly in three years.

Conclusion

Filecash aims to become one of the most prominent IPFS based mining blockchain projects and its elaborate technical roadmap and community-driven approach helps in its cause. It has plans to expand its community globally and its Global Ambassador program and volunteers plan is promising as well as rewarding. The penalty mechanism in place is more conducive to the Filecash ecosystem and is in line with the characteristics of human nature.

Filecash is hitting its milestones while also gathering community support, this could help them achieve their goal of becoming a major IPFS based blockchain soon.

For more information check out their website and Social Media links below: 

Github: https://github.com/filecash

Twitter: https://twitter.com/filecashglobal

Facebook: https://facebook.com/filecashglobal 

Telegram:t.me/FilecashGlobal 

Reddit: https://www.reddit.com/r/Filecash/

Medium: https://medium.com/filecashglobal 

YouTube: https://www.youtube.com/channel/UC5_Tsmp5kFXNQleoiYblv_A

Blockchain Browser: https://fic.tokenview.com/

Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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