Filecoin, a decentralized storage network that alters cloud storage into an algorithmic market monetised via cryptocurrency, has declared in its recent blog post that it will go live in the coming months.
According to the blog post, the company further stated that having overcome the critical period when it needed to have the codebase private; the project is swiftly reaching to a point where the execution will benefit more from being public.
Filecoin raised about 257 million dollars in a successful ICO that ran in the mid of August and September last year. From then it has been involved in enhancing the project whose market would run on a blockchain with a local cryptocurrency also named as “Filecoin”. Its miners gain by offering storage to customers. As mentioned in the projects whitepaper, customers on the platform will use Filecoin tokens to distribute or store data. The miners who are involved in active storage, as a result, earn rewards.
As previously mentioned in the blog post, the purpose of making the codebase public is to allow people participate in the project. The company further stated that it would allow people who are interested in joining up and learning about Filecoin. It also mentioned the demos of go-filecoin that make public some of the essential blockchain operations. This reveals the amount of practical work going up in the background, as the company wants to let the public into what it has been in the past few months.
Such transparency demonstrated by the Filecoin falls into general expectations from the projects that have accomplished their ICO’s, particularly during the ICO boom era last year. Although several startups have failed to meet up with their initial promises as a result of the bearish market trend of this year, many other projects, on the other hand, continued with their plans.
Beyond the token speculation and investor’s expectations, the key factor is the innovation being accompanied in by blockchain implementation. With the essential need for an efficient and secure data storage system, blockchain offers the avenue to form a decentralised network platform where data holders can easily accomplish their goals in an incentivised ecosystem.