The testnet of Filecoin has been announced. Filecoin is a project that focuses on distributed data storage and is a direct competitor of the renowned IPFS protocol.
TODAY, we’re launching the Filecoin testnet! Read more: https://t.co/bt592XRvd2
— Filecoin (@MineFilecoin) December 11, 2019
The testnet will allow experimenting with the new functions that will be introduced in the official mainnet, with the following novelties:
- Prospective storage miners can experience more realistic sealing performance and hardware requirements due to the use of near-final proofs constructions and parameters;
- Prospective storage clients can store and retrieve real data on the testnet. Clients can participate in deal-making workflows and storage + retrieval functionality;
- Developers can begin building applications on top of testnet-compatible implementation APIs.
As the team pointed out, the protocol is not complete nor stable, so errors and problems will occur, which will be found and solved thanks to the testing phase.
The project is already over 2 years old. The ICO raised $257 million thanks to the token sale, and part of the investment was made by Winklevoss Capital.
Moreover, even if the project is at the 2028th position on CoinMarketCap, its value is very high, just under $5, and with a peak of $30, despite not being listed on any exchange yet. The circulating supply derives in part from the mining that is already possible.
Filecoin is one of the projects that emerged as a result of the ICO (Initial Coin Offering) rally that peaked in December 2017. Compared to many that turned out to be scams, Filecoin has continued its path.
It’s clear that in the decentralised storage scenario there’s a great turmoil, as shown by what the NEO blockchain or the similar project integrated into BitTorrent are doing, rewarding those who provide storage space and keep the network active.