Filecoin mainnet will likely launch this week, which has been gaining momentum mostly in China

By Selena On Oct 12, 2020

One of the hottest projects in the cryptocurrency sector at the moment is Filecoin, mostly in China. The long-awaited mainnet launch event is now only a few days away.

Single digit countdown starts today- 9 DAYS until Filecoin Liftoff Week! Join the web3 Community and many other web3 influencers on October 19-23 for an entire week of exclusive content to celebrate Filecoin liftoff! ? ? https://t.co/nfMa87QEzN pic.twitter.com/Qw0JiYviwv

— Filecoin (@Filecoin) October 10, 2020

Filecoin is expected to launch the mainnet soon

Filecoin is a decentralized data storage and retrieval network designed to store the most important information of humanity. The cryptocurrency project developed by Protocol Labs is finally ready to launch on mainnet three years after calling an ICO worth $ 200 million. The network uses the Interplanetary File System (IPFS) technology to rent unused hard drive space to store and deliver content for storage. A lot of the hype has risen as the project aims to be a decentralized alternative to Amazon Web Services – which currently accounts for most of the market share in the cloud industry.

At the end of September 2020, Nasdaq released a report highlighting the project’s three-year roadmap, and the testnet Space Race has been initiated. Furthermore, approximately 3.5 million FIL tokens were used to buy and sell storage on the network and distributed to the participants.

The current network storage capacity is about 535 PiB (pebibyte), equivalent to Petabyte’s binary code. As for Bitcoin, Chinese miners have dominated the distribution, though Singapore is also the leader. Accordingly, more than 62% of all miners participating in the testnet are based in China.

According to a recent post on Filecoin Twitter, there will be a week of talks, seminars, and seminars from the web3 community to commemorate the launch date. The main network will officially begin in the 148,888 eras, expected to take place around October 15th. Like Polkadot, Filecoin will take a phased approach to the mainnet launch.

According to a Twitter account called Autism Capital, when delving into some of DeFi’s transactions, there is a huge increase in Chinese OTC demand for Filecoin:

Stay away from @Filecoin. Recent sudden ***HUGE*** surge in Chinese OTC demand. Indicative of probable Ponzi games being played. Now SBF tweets. We highly recommend staying away from this. We speculate it’s not worth taking the risk. https://t.co/tpsnUb0OhG

— Autism Capital ? (@AutismCapital) October 11, 2020

At press time, FIL is trading for $ 23, down more than 20% after hitting an all-time high of $ 44 earlier.

The OKEx exchange-listed Filecoin over the weekend and analysts have begun to suspect, especially since these unnatural inflows followed soon after.

Industry analyst Mike Dudas added:

“It’s a myth that @Filecoin $ FIL now has an inflation-adjusted market cap higher than $ ETH.”

As with many heavily-advertised new tokens, there is often an initial pump, and then dumping – Polkadot (DOT) is a prime example of this.

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