$257 Million Crypto Currency, Filecoin is Almost Ready To Go Live
Filecoin has recently announced that it is planning to go public within a span of a few months. The decentralized storage network is aiming at transforming cloud storage into an algorithmic market-based system.
Filecoin recently announced about this new step posted in a blog . The company posted that it has overcome the critical period during which it was supposed to keep the codebase private due to certain reasons and now it is completely ready for implementing new policies while going public.
"The company conducted an ICO during the months of August and September 2017 in which it was able to raise a good amount of investment from its investors."
The company raised a spectacular amount of 257 million dollars and was thus completely ready to develop new projects which would run on blockchain with the help of its native cryptocurrency (Filecoin).
The white paper of the project contains that the clients can store and distribute information by spending Filecoin tokens. In the case of the miners who are actively involved in the storage process, they will get rewards for the same. This is also a competitive process which is quite similar to Bitcoin mining. However, in this, the power of mining is directly proportional to active storage which helps in providing services to the clients.
Reasons for Going Public
The main motive of the company to make itself public is mainly to improve the participation of the public in the project. It will allow everybody to avail the benefits of the project. It is also a great opportunity for the coders as it will help them to work and develop the project.
The announcement also revealed the project's demo of go-filecoin which reveals some basic operations of the project. This has been prepared to give its supporters an idea about the whole process and all the work that the company has been doing till date.
The company has been activities all the requisite post-ICO activities to keep its engaged, so far.
"The company is now ready to invite the general public to its new projects."
On the other hand, because of the bearish cryptocurrency market, several startup companies were not able to meet their initial promises. Because of this, many investors are losing their trust in different startups and are panicking. However, most of the companies are still trying to develop and launch their projects in order to meet the expectations of the investors.