Filecoin announces Long-Awaited Mainnet Launch in October

Three years after its $200 million initial coin offering (ICO), Filecoin declares its mainnet launch on October 15.

By · Sep 30, 2020 . 5min read

Filecoin Mainnet Launch latest news
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Filecoin (FIL), an open-source blockchain-based cooperative digital storage, has announced that the launch of the project’s mainnet will take place on October 15. It says that the launch will commence a phase of monitoring and problem-solving to assure the network is nominal after the transition. Several groups within the Filecoin community will be onboarding onto the network in advance of the Mainnet launch. However, it includes miners, clients, custodians, applications, network services,

According to Filecoin, approximately 400 cryptocurrency miners from 34 countries have created a 325+ PiB of storage capacity onto the Filecoin network. Filecoin elaborated about heading into its initial stage, known as Mainnet Ignition. Moreover, it explained the planned and spaced-out processes to the project and its associated parties to line all their everything in a row before jumping onto the new network. 

Filecoin to halt over-reliance on third parties

Filecoin elaborates that the platform is a decentralized alternative to Amazon Web Services or Cloudflare, a data retrieval service. The platform conducted one of the most prosperous ICO’s in history, raising $200 million in August 2017. Filecoin attempts to terminate the over-reliance on the third-party hosting services used by companies like Microsoft or Amazon. However, this will be beneficial to users as there will be no content monitoring.

The upcoming launch will stop speculation concerning years of delay. Filecoin anticipated that its testnet launch by the end of 2018. However, the mainnet was set to go live by 2019. The team then changed its estimation, assuming the introduction of testnet will be in the spring of last year. However, estimating that the mainnet would be launched by the end of last year. Filecoin was eventually able to release its testnet in December last year.

Currently, approximately a year after the launch of the testnet, the firm has declared the mainnet launch date during the mid of next month. All signs indicate that the firm will be able to meet the expectations. On August 24, the team released an incentivized testnet. Thus, signifying that the platform is at the final stages of its design and development.

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