ICO's have been a crazy phenomenon this year.
Hearing that several millions of dollars, or even hundreds of millions of dollars have been raised for a specific project doesn't come as a surprise anymore.
But now, there's a new ICO that might break all records and once again become the new "largest ICO of all time".
Filecoin has just started their token sale today, August 10.
In the first HOUR, they managed to raise the tremendous amount of $200 million for their project.
That's not even everything: They already hosted a successful pre-sale that resulted in over $52 million last week.
And the ICO will continue for another 27 days - so we could almost be sure that Filecoin will make ICO history.
What is Filecoin ?
Filecoin aims to be a new, efficient solution for data storage, based on the decentralized network protocol IPFS.
The whole world relies on the internet, and on capturing and sending data - but the internet itself is centralized and can be shut down.
That's why Filecoin wants to provide a new, decentralized solution and offer a safe, fast and reliable option for data storage.
The project was first created in 2014, and after already releasing the IPFS technology, the Filecoin platform by Protocol Labs will now finally go public.
Mining Filecoin
Filecoin operates on a new type of blockchain called Proof-of-Spacetime, where blocks are created by miners who are storing data.
This unique concept makes it very attractive for anyone to "rent out" their hardware space and become a filecoin miner and get rewarded with tokens.
Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The
market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn
by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute
data. As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining
power is proportional to active storage, which directly provides a useful service to clients (unlike Bitcoin
mining, whose usefulness is limited to maintaining blockchain consensus). This creates a powerful incentive for miners to amass as much storage as they can, and rent it out to clients.
Filecoin ICO / SEC compliant
The ICO started today at 1PM P.T. .
After just 30 minutes, the Filecoin team already announced that they had collected a total of $252 million in investments, including the pre-sale.
The ICO was the first token sale on the platform CoinList, which is a joint project between startup platform AngelList and Protocol Labs, the developer of Filecoin.
The date of the ICO had actually been pushed back multiple times (I had planned to write this post about filecoin 4 times already, only to check back on their website and see it postponed everytime!) but finally started today.
This ICO had very strict rules for investors, in order to be SEC compliant.
This means that they're trying to stay within legal guidelines recently proposed in the US. Basically, since ICO's have been very hyped this year, there a concerns that people are just throwing away their money when investing in a product that doesn't actually exist yet - or not even knowing what they're investing in.
CoinList has teamed up with lawyers to create a SAFT - a simple agreement for future tokens, which is essentially a contract to receive tokens in the future (since they don't exist yet).
Not everyone could participate in the ICO! You needed to either earn $200,000 a year or have a net worth of over $1 million.
This rule was proposed under the assumption that investors possessing this kind of wealth would be knowledgeable enough about the risks of the investment.
But this argumentation isn't necessarily true.
A lot of people like software engineers, developers, crypto specialists or students may have an extensive knowledge about ICO's and the crypto scene - but they may not have sufficient net worth to be accepted as an investor for the token sale.
This way, a huge section of potential investors from the cryptocurrency community was excluded from the ICO.
What do you think about the future of filecoin and about this ICO ?
© Sirwinchester
This new SEC regulation essentially turns ICO into just another VC 2.0
Which is what ICO was meant to eradicate in the first place.
All these new advances in cryptocurrency means nothing if it becomes just another new centralized money scheme for the wealthy.
Making a regulation "to protect people with low net worth because they are essentially stupid" is just an excuse to cut their access. And thank goodness I am not subject to that.
Yes! Reading this pisses me off so bad. Im glad that since I work my @$$ off and am taxed on most of my earnings Im too dumb to decide to do with my money. Might as well just give it all to the governemnt so they can decide how I live.
You can thank your government. 😝
Or there are always ways but I am not aware of the specifics.
Afterall try as they can, crypto is not meant to be regulated.
@awesomianist You pretty much said it perfectly. Hopefully, cryptos will find intelligent ways around this. Crypto is something us poor folk can invest it in and should stay that way.
Totally agree, the less government and regulatory intervention the better. Yes - some people will get caught out, some will also run scams but many will run worthwhile ICOs and services that are self regulating.
Great post, thanks for sharing! I gave you a vote. I hope you enjoy it.
I think restricting to accredited investors goes against the very ethos of digital assets.
How do you think Filecoin will fare against existing blockchain based decentralized storage solutions like Sia, Maidsafe, and Storj?
Thanks for the info! I wondered what FileCoin was all about, but hadn't got to research it yet.
Econ 101 tells me this protocol only makes economic sense for storage of illegal content.
hmmm... appreciate your insight and voice in this @dan
Excellent idea. Filecoin looks like a file storage version of P2P technology. I know most people have drive space going to waste. I know I do. I store important stuff offline on a portable drive and plan to setup a home server. However, my other machines online have a lot of unused drive space.
$200 Million in 60 Minutes, How did you do this You can also tell me
This is all very interesting!! looks like I got to start my own business like this XD
Hmmm! Sound like interesting bro! Thanks for posting!
Need to invest in this coin :) thanks for the informations
hm. Why the h do they need so much $$$.
How did I forget this one.....The IPFS technology is what Steemit uses and that's how I found out about it. Thanks for sharing though!
This looks like a very good ICO ,congratz on the Devs and the one's who invested !!!
Very informative!
A year ago i never heard of a ICO before, now they seem to appear every week with a new blockchain concept to earn coins.
Im not complaining to, but if the evolution of cryptocurrency going this fast, then i wounder how it will be within 2 years!
Anyway im very curious about this project, in a way about how many coins to earn with the amount of free space...
Thanks for sharing!
Now I need to buy 100000 Tb of hard disk and start a new stream of income ;)
Support me and enter here https://steemit.com/help/@gr3g0r/hi-i-m-from-venezuela your collaboration is important @gr3g0r Follow Me!
buena información e interesante me gusto, buen post
yo soy de colombia, puedo participar o cuales serian mis requqerimientos ?
agradezco enorme tu respuesta y que te pasees por mi blog ,
nice and useful information shared by you @sirwinchester ............... I am going to take an action and do some investment in the above new coin... I think the future of filecoin is on height....
This could become an AWS killer. Other file sharing cryptos will destroy Google and YouTube. The era of decentralized cloud services is here.👍
تم
Hadn't looked into filecoin much but interesting info as always. Will be keeping an eye on it now. Thanks for sharing @sirwinchester
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Wow 200m.. that is the biggest ICO i have heard of so far.
This coin could be really interesting.. although one problem is storage of illegal files.
No one wants to store illegal stuff on there computer.. and i can imagine the terrible stuff these darknets post around..
If there is a way to stop that, count me in ill setup lots of PCs for this one :)