Top 20 ICOs. Intro to FileCoin
31 August brought us two new leaders!
One of them was Monetha, which reached its position among the top 10 in just 18 minutes of the ICO. The project helps to improve commercial relationships by reducing the time of transactions and charging lower fees. However, the most important aspect is to ensure the reliability of transactions: participant’s rating will automatically be formed based on the quality of transactions of each participant — both the seller and the buyer. Rating will be available to everyone on the platform.
17th place is occupied by the Everex project, which provides the opportunity to use various financial instruments through a smartphone: microloans, instant money transfers around the world, cashing in FIAT currency and settlements with companies connected to the Everex network, Ethereum wallet.
After quick ICOs it is always interesting to guess how much the project could have raised if it had not set the limits. So, on 6 August, in just 7 minutes Aventus reached the maximum threshold of $ 15 million. The project organizes a platform for issuing and selling tickets for any events.
Most recently — on 7 September — ICO of Filecoin has come to the end. The project remained on the 3rd position of our list with the sum of the collection of $ 205 885 977. Today we will provide his review.
FileCoin — 07.08.17–07.09.17
FileCoin is a new cryptocurrency supporting data storage
No upper limit for fundraiasing
1.Problem
FileCoin is a new cryptocurrency and a network for data storage based on the blockchain technology. Unlike traditional outsource companies providing data storage, FileCoin is a more reliable mechanism that doesn’t depend on one certain company.
Information sent for storing in the FileCoin network is split into smaller parts that are stored by different miners. In case a miner wants to take some information for storage, one has to give a pledge in tokens. The system is constantly checking information integrity with the Proof-of-Spacetime mechanism. If a breach is detected on the auditing stage the provider loses a part of his/her pledge. The information is withdrawn from the miner and a new order for a transaction that has to be added in the block is sent.
There is another feasible form of mining in the FileCoin network. A miner can return the information to the client upon a request and receive a reward for that.
2.Roadmap
The first version of the FileCoin protocol was published on 15 July 2014. It clarified the mechanism of storage and retrieving of the information, but couldn’t escape the use of Proof-of-Work.
During three years the team worked on the enhancement of the project and in early 2017 managed to present some results.
The first solution was a peer-to-peer file distribution system IPFS, which turned out to be a useful thing even with no relation with the final product.
However, according to FileCoin, their main achievement is development of useful storage proof-of-work mining.
They also added Proof-of-Storage and Proof-of-Spacetime protocols, enhancing the auditing system of data integrity. They also published two research about protocols used in FileCoin: Proof-of-Replication and PFT (Power Fault Tolerance). It is planned to add another research explaining the Expected Consensus protocol machanism.
The most of time up to 2018 will be used on the realization of the FileCoin protocol. During this period a set of tasks has to be completed: more detailed description and publication of the third version of FileCoin; creation of model where one client can pay for another one, receiving tokens payable to bearer; implementation of the Hierarchical Consensus protocol maintaining the work during the split of transactions; SNARK/STARK; setup of communications between contracts / protocoals of FileCoin and Etherium; creation of a blockchain archive.
Also the team still has some open questions that they want to solve to improve the infrastructure of the FileCoin network. For example, simplification of the Proof-of-Replication protocol to cancel SNARK/STARK requests,
3.Team — no information on the website
Protocol Labs company and particularly its key team worked on development of FileCoin. During the long working process they developed the IPFS technology, which test version is now used in several projects.
Juan Benet is one of the main developers and a co-founder of the project. He has also been a co-founder, CEO and an engineer at Protocol Labs and is a technical director of Loki Studios.
4.Market
The nowadays technological trends on scaling up the Internet of Things and BigData promise a rapid growth of informational data which in turn means a growing demand for storage systems.
Currently the most spread and well-known solution in this sphere is cloud infrastructures. At the same time the data storage market is crowded and new players rarely enter it. More attention is paid to existing companies in order to reduce costs and to improve efficiency.
Apart from the centralized big players there are also some decentralized data storage systems, such as MaidSafe, Sia and Storj. More complex protocols, raising motivation for data storage and allowing to track the state of data stored by a provider efficiently is a distinctive feature of FileCoin.
5.Business-model
FileCoin takes fees for transactions. Clients have an opportunity to send their information for storage or send request to retrieve it. In both cases they pay for the service as well as paying the fee to the network.
6.Audit
The auditing of the code has not been provided.
7.Prototype
No prototype has been developed by the launch of ICO. However, one of its elements — the IPFS technology — is in an operating state and being used in test mode.
8.Token distribution
200,000,000 Filecoin will be sold during the ICO, which makes up 10% of the overall token offering — 2 000 000 000 FIL. Investors will receive the tokens in their possession in 6 months at least. A longer period is possible upon the investor desire, so he/she can receive bonus tokens.
70% will be used as a reward for miners for the maintenance of the system.
15% will go to the Protocol Labs company for research, solutions, business development, marketing campaigns, etc. These tokens can be sold or used only after 6 months.
5% will be used for establishment of the FileCoin fund, which will be used for the further management of the system, support of the partners, academic rewards, community development, etc. These tokens can be used after 6 months.
9.Motivation of the team
The team is motivated for the long-term development of the project and maintenance of the high price of the tokens, since the possession rights will be available only after 6 months.
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Article was originally published on our blog https://blog.dolphin.bi/top-20-icos-intro-to-filecoin-cecd43699906