Winklevoss brothers support Filecoin, how long will it take us to raise $ 257 million?

On February 26, Gemini, a cryptocurrency exchange headed by the Winklevoss brothers, stated in a blog that the company is working with regulators to support Filecoin transactions.


The blog post reads:

"In addition to escrow services, we also work closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to provide Filecoin transactions to our customers. We are pleased to add this cryptocurrency to our platform and continue our mission— — Empower individuals through cryptocurrency. "

In fact, the Gemini platform has very strict listing standards. As of now, the only cryptocurrency assets listed on the Gemini platform are Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Big Zero Coin (Zcash).

It is reported that the launch time of Filecoin mainnet is currently tentatively scheduled for mid-June to mid-July.

Completed $ 257 million in financing, but the highly anticipated Filecoin mainnet has been delayed

Filecoin is a distributed network protocol developed based on the IPFS protocol. Its development team, Protocol Labs, completed $ 257 million in financing in the second half of 2017. Investment institutions include Sequoia Capital, DCG Group, Stanford University, Andreessen Horowitz, Union Square Ventures, Winklevoss capital, etc.

However, this fantastic start didn't pay off quickly. In the next few years, Filecoin's mainnet launch plan has changed repeatedly, from the original second / third quarter of 19, to Later the third / fourth quarter, and then postponed to the first quarter of 2020, and recently, the launch time of Filecoin was unexpectedly postponed to June to July this year …

Of course, the delay of the plan has a greater relationship with the difficulty of the implementation of the blockchain. This is also a problem that is currently common in some phenomenon-level public chains (such as ETH 2.0, Dfinity, etc.).

However, after a long wait, some investors who bought the so-called "Filecoin mining machine" early faced huge pressure on losses. In addition, some bad business under the guise also took the opportunity to make huge profits.

Is Filecoin worth the wait, and what problem is it trying to solve?

We know that IPFS, a new point-to-point distributed hypermedia distribution protocol, technically solves many problems of current information storage, such as security, access speed, and information blocking restrictions. Many people also tout it as the most valuable A new generation Internet protocol that may replace HTTP.

In fact, IPFS is a free-to-use protocol. But there are also problems. The lack of a powerful economic model makes it unable to provide a large-scale database as a service model.

The design of Filecoin is such an incentive layer. It introduces the concept of decentralized storage network (DSN), which is responsible for aggregating the storage provided by multiple independent storage programs and self-coordinating to provide data storage and data to clients. Retrieval, this coordination is decentralized, it does not require trusted parties. (Note: DSN can adopt different coordination strategies according to system requirements, including Byzantine agreement, gossip agreement or CRDTs)

The DSN mainly includes the implementation of three functions: put , get and manage , where Put allows the client to store data under a unique identifier, Get allows the client to use the identifier to retrieve data, and Manage measures the space available for lease, Auditing providers and fixing possible data failures to coordinate the network …

Well, there is a kind of unclear rush, in fact, Filecoin is used to pay storage, retrieval and transaction costs in the network, and it and IPFS are a complementary relationship.

Although this vision is beautiful, it is not necessarily the case. For example, there are already many products with similar concepts on the market, but their development is not satisfactory.

Whether the well-known investment institutions behind the Filecoin project can promote its development is still unknown.

What is your opinion?

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Quotes: ETH/BTC reaches 6 months low, indicating strong compensatory signal

According to analysts, after the BTC rebounded for three consecutive trading days, the cumulative short-term increase...


A set of data tells you why you shouldn't ignore BTC NFT

Regardless of whether you participate or not, you cannot ignore the fact that BTC NFT is very popular. Let's take sto...


Is Binance joining ORC-20, marking the end of BRC-20?

From a technical standpoint, Bitcoin has already turned around in the short term. When will the Meme hype market rece...


Glassnode Data Research: A Review of the "Crazy Week" of Bitcoin Scripting Outbreak

Author | Glassnode Wu said authorized reprint note: The article was published on May 15th, with some data lagging. Or...


Exploring the New Trends of the Three Pillars of DeFi: DEX, Lending, and Stablecoins

Today we will talk about the new trends in the three main components of DeFi: DEX, lending, and stablecoins.


What is your opinion on the Democratic presidential candidates accepting Bitcoin as campaign donations?

Robert Kennedy Jr., the Democratic candidate for President of the United States, has become the first presidential ca...