FileCoin fervor gathers momentum in China as its mainnet launch approaches

The main Filecoin network will likely launch this week.

Over 60% of minors reside in China

FIL was purchased en masse after the SBF mention and listing on OKEx.

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One of the hottest projects in the industry right now is Filecoin, which is gaining momentum mainly in China. Its long-awaited launch of its mainnet is just a few days away.

Filecoin presents itself as a decentralized data collection and storage network designed to “store humanity’s most important information”. The crypto project developed by Protocol Labs is finally about to launch on the mainnet three years after its $ 200 million ICO.

The network uses IPFS (InterPlanetary File System) technology which allows users to rent unused disk space for storage and offer their own to host content. Media madness has intensified as the project aims to be a decentralized alternative to Amazon Web Services, which currently holds the majority of the cloud industry’s market share.

Filecoin mania joins the mainnet

At the end of September, the Nasdaq published an article highlighting the three-year roadmap of the project and the “Space Race” test network launched. It is added that approximately 3.5 million native FIL tokens have been used to buy and sell storage on the network and will be distributed to participants.

According to network explorer Filfox , the current network storage capacity is approximately 535 PiB (pebibytes), which is the binary equivalent of a petabyte. As with Bitcoin, miners in China dominate the distribution, although Singapore is also one of the best. More than 62% of all minors participating in testnet were based in China, according to the dashboard .

According to a recent article on Twitter Filecoin, there will be a week of web3 community discussions, workshops and panels to celebrate the launch. The mainnet will officially start at epoch 148,888, which is expected to happen around October 15. Much like Polkadot, Filecoin will take a staged approach to launch its mainnet.