Filecoin prepares for lift-off, decides to go public
A post released by the company said:
“Having passed the critical period when it needed to have the codebase private, the project is now quickly reaching a point where the implementation would benefit more from being public.”
Filecoin came to prominence last year, when it ran a successful ICO that raised $257 million. Since then it has been involved in developing the project whose market will run on a blockchain with a native cryptocurrency called Filecoin, which miners earn by providing storage to clients.
According to the project’s whitepaper, clients will spend the native tokens to store or distribute data on the platform. Just like in Bitcoin mining, this is also a competitive process, but here the mining power is proportional to active storage which directly provides the required services for clients.
Engaging general public
According to the blogpost, the main aim to make the codebase public is to engage the general public and make them participate in the project. It will also give them the opportunity to learn more about Filecoin.
Also published in the announcement are demos of the go-filecoin that reveal some of the basic blockchain operations. The demos are basic, but they show a lot of complex components working in the go-filecoin node. This serves as a window for the community to get a glimpse into the amount of work going on behind the scenes.
Meeting the expectations
Such procedures are being adopted by companies to demonstrate that they are keeping up the promises made during the ICO boom era of 2017.
The going has been a bit rough for several startups who are finding it hard to keep going and keep their initial promise as a result of the bearish market trend of 2018.
While this has led to a sense of fear and panic among the investors, it has also raised hopes for those who keep to their timelines and have effective business models in place.
Beyond token speculation and investors’ expectations, the most important factor is the innovation that is being ushered as a result of blockchain implementation.
Image via Shutterstock
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