Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month
Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to earn Filecoin by testing the scalability and robustness of the network.
The project is also expected to go live next month, Colin Evran, Filecoin’s ecosystem lead told Bloomberg.
Lately, it has been gaining a lot of interest from Chinese speculators, with the majority of its miners on the testnet also being Chinese miners.
The idea here is to build a decentralized version of the internet where no single authority, like the tech giants, Google and Amazon, have full control.
Created by Protocol Labs and raising $200 million in 2017, Filecoin is aiming to solve this issue through its distributed storage system, making it impervious to attacks on the internet. The added advantage of a P2P storage system is the lack of a central point of failure.
“It’s one of the missing pieces of the Web 3 ecosystem,” said Evran. “Anyone can become a data-storage provider, not just the big companies that do that now.”
The company has partnered with ConsenSys Labs to encourage the development of Filecoin and its Interplanetary File System, or IPFS, protocol. With this partnership, the firm will be distributing $1.6 million in grants to developer teams.
Just last week, ConsenSys introduced the Filecoin launchpad accelerator, which is powered by Tachyon. This cohort will focus on “startups building more open, interoperable, and programmable tools, infrastructure, and applications for the distributed web through IPFS and Filecoin.”
Once the project is released publicly in September, users who want to store their data on the decentralized system will have to buy that capacity using its cryptocurrency. The users who will provide the data storage will earn the cryptocurrency for their contribution as well.