After 36 months of anticipation and waiting, the developers of the Filecoin project announced the approaching date of the major update, as the official date of August 21 was set for the launch of the Mainnet, which renews hope for the project and returns attention to it.

It is worth noting that the project was able to raise a huge amount of money through an initial coin offering (ICO), as the total amount was then estimated at $250 million.

This made Filecoin the sixth largest IPO ever.

The project is supported by several investment funds, including Sequoia Capital and Andreessen Horowitz.

The Filecoin project is receiving wide attention in Chinese circles:

The sudden rise in Filecoin activity on social media appears to be driven by Chinese miners and speculators.

Read:Bitcoin declared legal in a Chinese court

Although Filecoin is an American project, it finds interest from the Chinese, which is what pointed out Mr. James Wu, founder of Ethereum Classic Labs, stated:

In China, Filecoin is very exciting while DeFi is not.

The Filecoin project gives people the ability to participate.

Just as with bitcoin mining, most altcoin mining takes place in China.

8 out of the 10 largest Filecoin miners are in China.

Andy Tian, ​​co-founder of 1475, a manufacturer of Filecoin mining hardware, said:

Cryptocurrency mining has always been popular in China.

Regardless of the mining process, investors are betting heavily on cryptocurrency projects and what it has to offer in the future.

Filecoin’s current 24-hour futures trading volume is over $50 million, according to Queen Gekko.

Major trading platforms such as OKEx and Huobi have also started offering to trade Filecoin futures.

Expectations are high:

The Filecoin project system and mechanism are making many miners excited about the upcoming Filecoin update.

Unlike Proof of Work blockchains where miners are rewarded for using computers to solve algorithms, Filecoin miners are rewarded by providing and adding more storage space to the network.

Read:European Central Bank President: Bitcoin must be regulated globally

Even people who are unfamiliar with mining can easily contribute to Filecoin, which makes it accessible to many people.

Andy Tian commented on this by saying:

Although the Filecoin mining process is more technically complex, the idea of ​​mining using hard drives rather than specialized machines like ASIC Bitcoin miners may be much easier for hashing individuals.

The Filecoin project is currently in its testing phase and has a current storage capacity of more than 20 petabytes.

Starting last July 21, the Filecoin project began a two-week “test period” where miners can track the performance of the mainnet, a sign that the mainnet is at the door, according to Hopi.

# a file A new network calibration is expected to be released

On July 21 during the two-week calibration period, miners

Real-time debugging and calibration can be done

Competition environment and see how its results affect

Competition ranking. pic.twitter.com/2bPxD7y3xc

Read:Founder of the exchange platform FCoin: We are unable to pay 7,000 to 13,000 BTC to customers

– Huobi Research (@Huobi_Research) July 21, 2020

Filecoin is described as one of the most ambitious projects in the blockchain and cryptocurrency space.

Three years later, after raising $250 million, will the Filecoin project finally release its value?

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After raising more than $200 million in 2017, the FileCoin project decides to postpone the launch of its main network

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