Filecoin released a new tokenomics paper on how incentives will work on the distributed storage service that will allow miners and storage providers to earn the coin, as we are reading more in the latest altcoin news.
The project plans to beat its centralized competitors by offering cheaper and faster storage so Filecoin should go live by the end of September 2020 according to Protocol Labs. Filecoin published a paper detailing the economic model planned for the platform with its upcoming distributed storage system. The new paper describes the “market for data” in which users can sell spare disk space assuming that they have sufficient system resources and fast internet connection. In the meantime, the users can rent storage space from these providers as well.
The paper also described the system as an export economy which means the network is working together to turn the code and system resources into a system that can be delivered as a storage product for other users, similar to an “island economy producing valuable goods and services from raw materials.” Protocol labs say that stakeholder groups will trade the tokens including clients, miners, holders, and developers and there will also be three distinct markets: file retrieval, exchange token trading, and file storage.
The service will have more advantages over its centralized competitors as Filecoin will offer reliable storage by “cryptographically verifying the data is securely stored” and it will deliver files more efficiently as the market forces will make sure that the data will be stored close to the “network edge and close to the clients in a cost-effective way.” With the mainnet yet to be released, it is hard to verify these claims or to evaluate the network’s efficiency.
📢 Catch up on all the action from week one of Space Race 🚀🚀🚀Learn who topped the global 🌏 & continental 🏅 & who is rising through the ranks. We also announce the first of our Space Race community champions 🏆https://t.co/TcSb8xHmMp
— Filecoin (@Filecoin) August 29, 2020
The network has a maximum of 17 PB of storage space to offer by 500 nodes. The roadmap suggests that the project will launch its mainnet between September 14 and September 28 2020 but the dates could change as the team pushed back the launch date of the project. Previous announcements suggested that filecoin will go live by the end of August. The native token has yet to be released to the public and all exchanges that are trading IOUs and futures at the moment are not real tokens so this is unknown if it will ever change.
Despite the long development time, the team was active and Protocol labs created IPFS which is a related storage system released it to the public 2015 but the IPFS has none of the platform’s economic incentives. Other projects such as TRON and SIA, have created their own distributed token-based storage systems and with the demand for Filecoin being unclear, it is hard to say whether any of these competitors will overshadow the project.
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