Filecoin first day sale update, token sale reopening today

Filecoin, a project on decentralized storage network by Protocol Labs, has been in news for its token sale recently. After a couple of postponements, Filecoin started its token sale on CoinList on August 10, 2017 at 12:00 PDT but had to temporarily pause the sale at 13:10 PDT.

According to the update provided by Protocol Labs, as soon as the sale begun, immediately, CoinList experienced massive load, in terms of pageviews, users watching live, and transaction volume. The sale was overwhelmed with thousands of investments. The world took notice, and thousands of people in community took part in this event.

Filecoin raised $187,555,399 ($190 million approx) and the sale is temporarily paused. It is announced that token sale will resume today, Aug 12, at 11am PDT (18:00 UTC). If there are any future outages, team will give a 2+ hour notice before resuming, sent via Twitter (@MineFilecoin), the Protocol Labs blog, and email to users registered on CoinList.

Team claims to figure out how long the initial interruptions lasted on the technical side, and they scaled up their infrastructure to meet any future demand, they further improved caching and scalability of the real-time feeds, and ran all checks and verifications. Filecoin hopes to meet great standards for token sales, and set new ones.

FileCoin - a native blockchain

Original plan of Filecoin, was to create all of Filecoin as a virtual blockchain on top of Ethereum’s blockchain (eg. a layer 2 blockchain) as presented in DEVCON 2. But,
last March, the Filecoin team solved a fundamental problem in producing a useful Proof-of-Work consensus for Filecoin, using Proofs-of-Replication and Proofs-of-Spacetime and team felt it necessary to create their own blockchain and came up with new white paper. They plan to make Filecoin compatible with Ethereum, using a bridge of some sort.

In terms of development, Filecoin is a protocol with multiple subcomponents and will leverage other technologies, such as IPFS, libp2p, and Ethereum. IPFS, libp2p, and Ethereum are ready and used in production. The Filecoin network is not implemented yet. They will be developing the software implementation over the next months as updated.

Filecoin - mining

Filecoin is a network that prioritizes miners. 70% of all the FIL tokens will be distributed to miners, who will be doing useful work for the network. Filecoin miners are key to the Filecoin Network, and contribute a significant fraction of the whole value created by the network. They store and retrieve data, establish consensus, process transactions, and increase the security of the network. 8,500+ miners have indicated interest in Filecoin Early Mining Program so far. 60 different countries are represented from Argentina to Zimbabwe. Of course, apart from mining, after the network launches, FIL tokens may be available in crypto asset exchanges.

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