Filecoin $205 Million ICO Project Finally Sets Launch Date

The Filecoin $205 million ICO project has finally set a launch date after the first one was delayed because of the ongoing COVID19 pandemic. In our latest altcoin news, we can see that that now there’s a new launch date.

Filecoin will finally launch after a few years of delay and aims to become a decentralized “Dropbox” but its creator’s Protocol Labs will have to fend off the miner mutiny and have to deal with competitors on the market. The file hosting protocol Filecoin has finally set a launch date for the mainnet and it will now go live at block 148,888 which should be on October 15. The data which was announced yesterday comes after three years of Protocol Labs raising the Filecoin $205 million ICO for the project.

3…2…1… Countdown to liftoff!

Filecoin has officially started its Mainnet ignition sequence 🚀

Learn More: https://t.co/DfirItzNLK

— Filecoin (@Filecoin) September 28, 2020

Filecoin operates instead of hosting your files on a cloud, which is essentially a warehouse full of computers owned by Microsoft or Amazon or Dropbox or anyone else that has the money to create a cloud-based file hosting service so the Filecoin ICO protocol will let you host the files on other people’s computers. It is most of the time referred to as “decentralized dropbox” so users can rely on third-party file hosting services which means that the platform will monitor the content on its platform and all of the information will be encrypted, just as Dropbox works.

The launch will now finally end years of delay as in 2018 Filecoin estimated that its testnet will go live at the end of 2018 and that the mainnet will go live by 2019. Filecoin said later that the testnet will go live in spring and that the mainnet will go live by the end of 2019. It wasn’t until December 2019 that Filecoin launched the testnet so now the mainnet had to be launched in March 2020. Filecoin however says that the mainnet will go live next month.

This year, there are chances that Filecoin could meet the expectations. It launched an incentivized testnet which indicates that the network is at a late stage in the development. In China, however, miners and venture capitalists are threatening to fork Filecoin before the launch because they believe they will be underpaid once the mainnet launches. One main reason is that Protocol Labs launched a paper stating that the mainnet launch could render up to 80% of the unprofitable miners since the protocol requires more capital and opportunity costs that are available to most miners. If filecoin launches next month, it will compete with the BitTorrent File system and Storj.