FileCoin Whitepaper

New version of FileCoin Whitepaper released:


Yeah, I see the ico is back on for a week from now too.

I still much prefer the idea of users wanting and needing to burn filecoins to access services though. It seems pointless for average users to share space to earn a few pennies they then have to figure out how to use as ‘crypto’. I guess it is more likely to attract larger resource providers rather than the everyman approach of Maidsafe.

I will chuck a couple of bits in as a little hedge, but I don’t find the proposition nearly as interesting with a purely financial incentive for participation. The idea of needing SAFEcoin and never going near a crypto exchange with the stuff you earn because you need to use/burn it is still way more interesting to me. I don’t think most people’s spare capacity is worth enough for them to bother releasing its utility for a purely financial incentive.

Better than most of the projects ico’ing atm though for sure. There’s not many things I’d throw any money at in the middle of this crypto bubble. :wink:

1 Like

Pretty disappointing that their crowd sale is for accredited investors.

Ya, they stated in the white paper that the protocol is designed to incentivize sharing of as much capacity as much as possible, similar to Bitcoin’s design of incentivizing as much hash power as possible. Contrast with SAFE network incentivizing sharing resources in line with the network average.

Other differences from SAFE network:

  • users looking to store data make contractual agreements with specific storage providers via an on-chain market
  • contract specifies duration and redundancy of data storage
  • storage providers prove they are storing the data as contacted via zkSNARKs
  • users pay data retrievers to serve the data. This can be the data storer, but can also be someone else who is not contractually obligated to store the data. This seems to be like a caching / load balancing mechanism
  • it can run on any platform that supports the mathematical requirements, but AFAIK it is going to run on Ethereum. Maybe needs to wait for Metropolis release for zkSNARKs primitives

Meh, if it wasn’t ‘only for accredited’ I probably wouldn’t bother at all.

At least I can buy knowing price will likely jump once it is trade-able on exchanges as demand won’t have been satisfied.

There’s way too much going in to ICOs atm. Even though most 2015 crypto kids have over $1M in digital assets, very few have it in the bank or a $200k income. I certainly don’t. I’m getting my brother-in-law to buy in for him and me. It took him a week to get verified and he’s had all kinds of hassles getting his accountant to prove his income because he runs his own business.

I think that seems like one of the biggest reasons to buy in though. The more hassle and roadblocks the more people will wait for exchanges. I’m just buying in to be a bit mercenary. I’ll sell most of whatever I buy sooner rather than later :wink: I really don’t find the project that inspiring or exciting, despite the similarities with SAFE.

So actually seems they are going to roll their own blockchain. Everybody is kind of confused because the impression before was that it would be built on Ethereum.

1 Like