Filecoin project announced the ICO mainnet at block 148,888 approximately three years after the initial coin offering in 2017. Back then, the company raised 205 million dollars, becoming the largest selling token in the era of infamous ICO offerings
Filecoin Launches Mainnet After Three Years and Several Delays
Filecoin works as a decentralized storage network that can store data files securely. The storage miners are paid in the Filecoin native token FIL for storing files, and the same token is also used to compensate the storage facilitators. It lets users trade in their unused FIL tokens.
The Filecoin has garnered a lot of attention in the crypto industry, especially in the Chinese markets. Chinese VCs like Hashkey and Fenbushi have been notable investors in the Filecoin hardware manufacturer 1475.
Much- Awaited Release
Filecoin is a highly anticipated token, and the experts feel that it can create massive records like being the fastest live blockchain to reach 1 billion in market capitalization. The crypto enthusiasts are looking forward to today’s FIL token trading. FIL tokens distributed on the mainnet launch would be subjected to a vesting schedule of 2 Billion coins. Only a few would be in circulation.
Major exchanges like Kraken and Gemini had announced the support for Filecoin trading before the mainnet launch. Huobi also promised to list FIL for trading.
Stakes are High for Filecoin
The company is trading at $74 across various exchanges, which also marks a massive $1 Billion Market capitalization on the first day of trading. Filecoin is the most searched crypto term right now as the interest rises with its much-awaited launch.
Innovation and Hard work
The Filecoin team said that the launch is an outcome of hard work and innovation for years.
The Filecoin network, as per the official blog, is now in the monitoring stage to maintain smooth network operation. The team is tracking the performance of the mainnet. The launch is indeed a celebratory moment for the company as it had been delayed several times, which even led to a lot of backlash from the major investors. Protocol Labs, the parent company of the blockchain network Filecoin, had to bear a lot of the investors’ brunt for the delay.
