The Filecoin project at a standstill due to Coronavirus
The Filecoin project at a standstill due to Coronavirus
Blockchain

The Filecoin project at a standstill due to Coronavirus

By Amelia Tomasicchio - 25 Feb 2020

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Filecoin, the ICO that had raised over 200 million dollars in 2017, had to postpone the launch of the mainnet because of the Coronavirus that is affecting mostly China.

The project, which is now more than 2 years old, received investments even from Winklevoss Capital, the company of the American twins who created the Gemini exchange.

In December, Filecoin launched phase 1 of its testnet, explaining that by January 2020 it would have finished phase 2 and by March 2020 it would have launched its mainnet. 

However, in a recent article published on its blog, the Filecoin team explained the failure to adhere to the published roadmap and that the end of the development will be postponed so as to complete Phase 2 of the testnet by April and the mainnet by June or July. In short, a delay of about 4 months.

“Some of our Chinese community members have directly asked us to wait to launch Testnet Phase 2 for two or three weeks, until they can safely return to work. We hope that this 6-week launch delay will afford enough time for the situation to improve in China, and for all of our global communities to participate in the network without compromising their safety”.

This is explained in the post published on February 19th, 2020.

What is the Filecoin project?

Filecoin is a peer to peer data storage project based on a system called InterPlanetary File System (IPFS) that gives users the ability to sell and buy storage space.

The token on which the platform is based is called Filecoin (FIL) and is currently ranked 2031 on CoinMarketCap with a value of just over $5. It is listed on Gate.io, Bitforex and other exchanges paired with ETH, BTC, USDT, etc…

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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