On September 18, the "World Mining Conference—Xiamen Station," a parallel event of the "3rd China (Xiamen) International Blockchain + Business Future Development Summit," was held today.
During his keynote speech on the theme "The Ideal of IPFS and the Reality of Filecoin," Han Weiping, Chairman of MIX Group, stated that IPFS's ideal is to build Web3.0 infrastructure where users have control over content, enjoy more permanent file storage, and stronger privacy protection. IPFS aims to reduce costs by leveraging idle storage capacity to provide public storage services. However, Filecoin currently faces seven major challenges: 1. File hash computation is unfriendly to Intel's storage instruction sets; 2. The sealing process is overly complex and consumes excessive computing resources; 3. Low TPS restricts the growth of network nodes; 4. High upfront collateral favors investors over miners; 5. Official dataset restrictions limit the usability of the storage network and result in insufficient data security; 6. Frequent major technical changes; 7. An unreasonable blockchain economic model.
Han Weiping announced that to address these issues, they will fork Filecoin and launch FileCoinCash, remaining faithful to the ideals of IPFS while adopting different solutions from Filecoin. FileCoinCash will improve Filecoin's economic model, develop and govern collaboratively with the community, promote full democracy against centralization, enhance Layer2 to increase TPS, upgrade the SHA256 algorithm to SHA512, reduce the 11-layer nested sealing computation to 5 layers, and implement dynamic upfront collateral among other comprehensive upgrades. FileCoinCash has already conducted extensive discussions with leading community participants and reached consensus. The testnet rewards will commence on September 19, 2020, inviting the entire community to jointly initiate and govern the network. (ChainNews)
