Filecoin enters the final phase before launching its main network
Filecoin, a decentralized data storage solution based on blockchain, recently presented its testnet, complete with a competition.
In a network testing event, Ethereum Code test network will organize a three-week worldwide mining competition, with 4 million FIL tokens of the project at stake as prize funding, according to a June 10 release provided to Cointelegraph.
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Mainnet, the final frontier
Filecoin, a product of the technology company Protocol Labs, obtained USD 257 million during its 2017 Initial Currency Offering (ICO).
Filecoin has completed other tests before the presentation of the testnet, details the statement. The project also moved to the replica testing consensus, or PoRep, and implemented a number of other developments. Testnet testing remains the last experimental stage of Filecoin before its mainnet goes live.
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Testnet competition pays many miners
Considering the amount of space allocated to the operation during the tests, the tesnet competition pays the top 100 miners in the world, according to the amount of capacity those miners lent to the network, according to the statement, adding that each continent is leading 50 miners also receive awards.
Filecoin’s head of operations, Ian Darrow, said in the statement:
Filecoin operations chief Ian Darrow said „the testnet is designed to build, educate and reward Filecoin’s initial community of miners who will help prepare the entire network for a healthy, decentralized and widely distributed mainnet launch this summer:
Darrow also pointed to the contest as a great place for miners of all types and levels of experience to participate.
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In February, Filecoin published expectations for a major network launch date expected to arrive in the third quarter of 2020.
Cointelegraph contacted Filecoin for additional details, but received no response at the time of publication. This article will be updated accordingly if a response arrives.