Filecoin is a decentralized blockchain based storage network that aims to remove center points of internet failures helping the web to have more resilience backup.
|Description||Filecoin is a decentralized blockchain based storage network that aims to remove center points of internet failures helping the web to have more resilience backup.|
|White Paper URL||https://filecoin.io/filecoin-jul-2014.pdf|
Investing in an ICO can be very profitable provided that you invest in a good ICO. People have made hundreds and thousands of dollars out of ICOs. What you need to do is to undergo a complete research on the ICO you plan to invest in. Try collecting as much information as you can. Visit different cryptocurrency websites, participate in public forums discussing cryptocurrencies, read whitepapers of ICOs and try searching information about ICO’s team member over the internet so you can establish an opinion on an ICO. Once you feel that an ICO is appropriate to invest in, just go ahead.
Today we have reviewed an ICO named as Filecoin. We try to remain as transparent as we can. We hope you would like the review we have done for you. Please continue reading below and share your comments in the comments section.
What Is Filecoin?
Filecoin is a decentralized blockchain based storage network that aims to remove center points of internet failures helping the web to have more resilience backup. The platform also intends to ensure the information permanence using IPFS protocols. The ICO claims itself to be a community of individuals who care for the future of internet and web and also wishes to address the potential problems such as the consolidation of layers of applications around minor data monopolies. At first, the platform targeted the web to make it decentralized then tried to improvise its foundation by introducing new protocol.
Filecoin is a decentralized storage network and a marketplace where all unused storage space can be traded helping the world to have optimum usage of resources at a reduced cost. It has its own native token “Filecoin” that users can spend to be able to hire networks for storing their data and files, while storage providers get compensated via Filecoin depending on the storage capacity they offer and how close they exist to the users. Another key factor of the Filecoin is the permission to individuals to acts a part of Filecoin network and get compensated for their contributions to the network.
How Does Filecoin Work?
The Filecoin storage network is successfully embracing high economic scalability by permitting all interested parties to be a helping hand in providing storage capability and get incentivized. The platform also intends to make storage look like a commodity isolating hard-drive space from other additional resources and services. The platform incorporates supply and demand policy to determine the price factor making miners compete on grounds such as reliability vs price.
Earn Filecoin Tokens
Like all other ICOs, investors who wished to earn Filecoin tokens needed to participate in the launch of the ICO which has already been concluded. Although we were unable to collect much information concerning the token distribution of the ICO, still we can confirm that the ICO must have followed the same procedure to offer its tokens to the public like all other ICOs do. The tokens of the ICO might have been offered to the public following two phases including pre-sale and main sale.
Buy Filecoin Tokens With E-Wallets
Since the platform is based on ERC20 tokens or in other terms ethereum tokens, therefore, people who wish to buy Filecoin token need to have an e-wallet account first. Why is it so? Because ethereum is a cryptocurrency and cryptocurrencies are stored in electronic wallets. Many companies around the world offer free e-wallets these days. Investors are advised to open e-wallets with a reputable company only to avoid any inconvenience.
The ICO Distribution
As per the available information, the ICO held its launching ceremony last year. However, we are unable to find any information regarding the launch or end date of the ICO. We also couldn’t find any information regarding the funding target of the ICO, fundraised during the token sale and the ICO’s hard or soft capping. Although we could have mentioned information collected from several other resources but we tried to remain objective and by avoiding any biased information, we used the platform’s own resources only.
Like we couldn’t find the information about the ICOs distribution, we also failed to find any information concerning bonuses as well. Although, it is very unlikely for the ICOs to have no bonus offered for its early investors, still we are unsure whether the ICO has issued any bonus tokens to its early subscribers or not.
We are really speechless after visiting the official website and reading the whitepaper of the ICO. There is no information available regarding the ICO’s team members. It was really surprising to us for being not able to find any information about team members of the Filecoin. It is very unusual for the ICO to have not presented any information about their founding members, advisors, strategic partners etc. We are really disappointed though.
Invest In Filecoin – Our Opinion
After a careful review of the ICO, we feel responsible to express our negative opinion on the ICO. We usually don’t express a negative opinion on any ICO, instead, we issue a declaimer of opinion. However, this time, the ICO has made us really disappointed since we couldn’t find any relevant information about the fundraising campaign, target funding, funding cap, initial price of the coin, team members details etc. We, therefore, suggest people not to invest in the ICO, however, this is our opinion and anybody can disagree. People are advised to complete their research on the ICO as well before arriving on a final decision.