Time is running out for Filecoin.
In the first half of 2020, the temperature of Filecoin remained high in China and continued to rise. Some time ago, the launch time of the popular Filecoin mainnet was postponed again, and the latest mainnet launch window was set from August 31st to September 21st, which once again became the focus of attention of many institutions.
What roles are the Filecoin team, miners, mining pools, exchanges, media, and entrants from all directions playing?
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Filecoin urgent
In the community, Filecoin is often described as bringing its own halo. At the beginning of its release in 2017, a large part of the sources of these traffic were well-known investment institutions.
From July to September 2017, Filecoin raised funds through ICO, including private placement and public placement. Before the public offering, $52 million has been raised in the form of private placement, and the private placement cost is about $0.75/FIL. In August of the same year, Filecoin conducted token issuance and financing on the financing platform Coinlist in accordance with the SAFT agreement, and finally raised another 205 million US dollars. The cost price of the public offering was between 1-5 US dollars, and the cost price of the last round of investment was 5 USD, the average public offering cost is around USD 3.
Private equity and public equity raised a total of 257 million U.S. dollars, creating a project financing record in the industry at that time, and Filecoin was unparalleled.
Looking back at the fundraising at that time, 2020 has become an important time node.
Coinlist is a financing platform that provides token issuance (ICO) for qualified investors and high-quality blockchain projects. It is committed to the compliance of token issuance and requires the projects issued on its platform to comply with the US securities law framework. In August 2018, participating in the early financing of Filecoin through Coinlist was completed through the SAFT agreement (Simple Agreement for Future Tokens, Simple Agreement for Future Tokens), which is an investment contract provided by cryptocurrency developers to qualified investors. These include the purchase price, vesting period and other relevant legal factors. Under this framework, SAFT contracts will be sent to investors during fundraising to guarantee that tokens will be delivered after a certain time.
SAFT is for qualified investors, and there is a delivery time, and if the delivery is not delivered, there will be a refund. A Filecoin enthusiast from the community explained this.
According to Blocklike’s information from industry veterans, during the private placement stage, the investment agreement signed between Filecoin and an international first-tier investment institution involved VAM, and among the VAM clauses involved, 2020 became Filecoin’s official cashing out of the mainnet line and project. The promised time limit for announcement and promotion.
Although it has been delayed repeatedly, Filecoin may be more anxious about the launch of the mainnet. But paradoxically, Filecoin still needs time to adjust.
During the second test of Filecoin in mid-May, bugs were quickly exposed on the testnet, followed by some feedback from the community. Within a few hours of the test, the official browser filscan.io was attacked by DDOS again. After the emergency repair and upgrade, it hanged again because of the attack.
The main network has not been launched in the past three years, which also proves to a certain extent that Filecoin is still technically difficult. In the community, some investors hold a conservative attitude towards Filecoin after carefully studying the Filecoin code and development. According to the views of such investors, in addition to the frequently mentioned BUG, code audit, and security issues, the Filecoin network itself is also unstable, and its real functions are discounted. On some technical issues, it is still at the research level of mathematical problems.
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Mixed news for the mining industry
In China, Filecoins testnet was launched in December 2019, which became the dividing line for the change of Filecoins hype logic.
Prior to this, in 2018, many stacked hard disk mining machines were marketed under the name of filecoin. This kind of marketing concept deceived some investors and had a bad impact on the reputation of IPFS. Filecoin official in the code After open source, it is still repeatedly emphasized that the code base and development network are mainly used for development and research testing, reminding miners not to invest heavily in mining hardware according to current specifications and standards, as many parameters are still variable.
Therefore, many mining machines produced in the earlier period have great uncertainty on the most basic issue of whether they can mine coins. However, since the launch of the Filecoin testnet, many domestic technical teams have been able to deconstruct and judge the Filecoin project, thus producing relatively reliable mining machines. At present, the standard for judging the performance of mining machines is the test data on the development test network.
It is worth noting that due to the clear investment logic and easy-to-understand concept of distributed storage, it is easy for both traditional investors and people in the industry to understand. In addition, Filecoin also balances the interests of all parties in the ecosystem to a certain extent. Let exchanges, media, capital, the original Bitcoin mining pool and traditional capital all pour in. In the first half of the year, Filecoin has attracted a lot of off-market funds. This made Filecoins star halo more obvious in the first half of the year when there were few hot spots in the industry.
Just as Yang Xiao, COO of Panda Mining Machine, publicly stated to the media: After the BTC halving plan landed, the entire market has no hot projects that can attract attention, so that the entire market has been in a downturn for a long time. A project with a huge market value, certain applications, and participation in the mining and currency circles must have huge star benefits. Everyone needs a savior with its own halo to appear. Except for FIL, mining machine manufacturers are crazy In addition to selling expectations, exchanges also need to use this potential to attract more traffic.”
Some people are optimistic about the technical direction, some people come here for fame, and some people choose to enter the game out of desperation.
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Investors mixed
What stage are the various institutions upstream and downstream of Filecoin at?
Where are the people selling Filecoin mining machines all over the world? When we were talking about IPFS and Fil in early 2018, where were these people? Now they are doing IPFS, and they are filling holes. Gu Qianfeng, an early participant in the IPFS field, described it this way.
In his view, those who enter the game at this point in time are filling in the pit dug by the previous people. At present, several large mining farms are deploying in Africa, because there are more porridge and less monks in Africa. According to the officially designed reward plan, there are very few in Asia, especially in China, and Chinese miners account for more than 90% of the global miners. ——Mining is not impossible to make money, but all mining mechanisms are the relationship between the numerator and the denominator. The more people participate, the larger the denominator is, the less everyone gets, especially for popular projects like Fil to say.
In addition, he also saw other risk points from the hard drives launched by Filcoin some time ago. In early May, Filecoin officially launched the Filecoin Discover project, selling 8T hard drives. The data sets contained in these hard drives include literature, artificial intelligence, meteorology and history, etc. 5 types to choose from.
Take the official sale of weather data hard drives as an example. Two days ago, Shenzhen Customs seized a large number of illegally imported hard drives containing data and arrested several people. Although it is impossible to determine whether these keyboards are related to Fils official hard drives, but, This shows that officially recognized hard drives that can be mined cannot enter mainland China. In addition, the biggest risk facing Fil is content review, which is also the official launch of hard drives with global weather data that are sold to miners around the world for mining. The reason. Because the weather data will not involve political risk, but this behavior itself is very funny. It has completely deviated from Fil’s original intention.”
But Boss Hu (referring to Juan Benet, the founder of the Filecoin project) cant help it. After all, he is in the United States, and his life is much more important than the lives of Chinese miners.
Perhaps as the blockchain industry analyst Dong Dong summed up: the first batch of profitable mining machines or computing power service providers around Filecoin are already doing cash out. For some early players, due to the huge advantage of investing in positions, Therefore, after cashing out the principal, you can continue to earn money with information/time asymmetry in the market at no cost, and the institutions and media that enter the market later have their own halo and communication effects, so they are also squeezing the B-side as much as possible. Funding, regardless of whether the Filecoin mainnet can be successfully launched in the end, as long as the story continues, the market will remain active.
