Heads Down: Filecoin Distributes Significant Update on Progress to Date

Filecoin, one of the largest initial coin offerings ever, has distributed a significant update on platform process since raising over $200 million on CoinList last fall. Having raised such an incredible sum means Filecoin has a big war chest with which to develop their vision of decentralized storage network.

The Filecoin team said they have been “heads down” turning their project into reality since their token crowd sale. One of their biggest, immediate tasks is to build out their community of developers and users. They are currently looking to hire a very long list of developers and other operational employees.

Additionally, Filecoin said that “tens of thousands” of early storage users and miners have already signed early user and miner programs.

Filecoin said that during the past few months the IPFS Community and the IPFS Network have made great strides. IPFS or InterPlanetary File System is the protocol developed by Protocol Labs to build a distributed file system. Filecoin is the “missing incentive structure” needed to bring  the concept all together.

Management explained they have been hard at work implementing the Filecoin protocol.

“IPFS continues to grow steadily, serve larger sets of users and more kinds of applications. But there is a lot more work to do to enable people and communities worldwide to control what data is stored on their machines and on their networks. The IPFS maintainers and the broader IPFS community are tackling that work with verve. Many IPFS developers eagerly await the arrival of Filecoin, which will enable large-scale decentralized storage for IPFS applications.”

One note of caution was included in the missive. Filecoin said there have been several attempts to defraud investors by scammers claiming to be selling Filecoin SAFTs or Tokens. Apparently there have also been some dubious exchanges claiming to list Filecoins or derivatives. Of course, this is not possible because the tokens have yet to be issued.

Filecoin was the first ICO to be offered on CoinList. It provided a clear validation for the CoinList process and the demand for compliant token offerings. This is one to watch over the coming months as Filecoin strives to challenge well known platforms like AWS or DropBox.


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