01

What is the Filecoin Network?

The Filecoin Network is an upcoming blockchain that aims to deliver on the original promise of blockchain by enabling a scalable, decentralized payments solution for the world.

02

Is there a native "Filecoin" token?

No.

03

Is there an "ICO" or "Token Offering" that I can participate in?

No.

04

What token(s) will exist on the Filecoin Network then?

Coins for payments are introduced to the network through the unique "POOF" protocol.

05

How does the "POOF" protocol work?

  1. A user sends a physical coin to the headquarters of the Filecoin Foundation
  2. The coin is filed down using a machine spefically designed to file down coins as finely as possible and produce a file-count upon completion.
  3. A video of this filing process (and the resultant file-count) is uploaded onto IPFS to enable public auditability.
  4. A unique crypto-asset is minted on the Filecoin Network, which represents the coin received. The asset is issued with a fixed supply corresponding to the number of filings the coin was filed down into. These units are also divisble by 20 decimal places.
  5. The sender of the coin is emailed a public/private key pair for the newly-minted crypto-asset.

06

Why is it called the "POOF" protocol?

"Proof of Official Filings."

07

How many filings does a typical coin file down into using your machine?

Early tests have demonstrated that our machine consistently produces the following outputs:

 

  1. 1 Euro Coin: ~1,070 filings
  2. American Quarter: ~1,330 filings
  3. British Pound: ~990 filings
  4. Donald Duck 80th Anniversary Commemorative Coin: ~2,600 filings

08

How accurate is the machine's file-count?

Our machine is 100% accurate at counting output filings due to its unique magnetic resonance technology implemented around the output tray.

09

Where can I see a picture or video of the filing machine?

We are relucant to release any details of the machine until we receive confirmation of our successful patent application.

10

What is the purpose of filing down coins to mint new crypto-assets on the network?

To enable a full range of payments (including, but not limited to, micro and streaming payments) using real-world currencies on a global, borderless network. Also to enable true price discovery of the world's currencies for the first time in history.

11

Where can I spend these filed-down coins?

Filed-down coins can be offered as payment to anyone on the Filecoin Network. It is at the payee's discretion whether or not they will accept any given coin filings as payment.

12

Doesn't filing down coins constitute illegal currency debasement?

Possibly, but we like to think that the utility of the coins will be extended by filing them down - not debased. However, we will not begin operations until we have recieved full approval from the relevant authorities. We look forward to healthy discussions with regulators about how our technology can be used to improve the global economy.

13

Where is the Filecoin Foundation located?

Presently, we are still searching for the right location to open our headquarters. However, at the time of writing, the consensus among the team is that the location will most likely be in Northern Europe; on account of the favorable climate both in terms of regulatory liberalism and conducivity to the cold storage of coins.

14

How scalable is the Filecoin Network?

Our tests indiciate that it would be reasonable to expect a throughput of 40,000 transactions per second upon launch. However, it is highly likely that this figure will increase to well over 1,000,000 transactions per second over the subsequent two years.

15

How is such scalability enabled?

Consensus on the Filecoin Network is achieved using our novel implementation of "Delegated Proof of Stake." The Filecoin Foundation will stake the entirety of the tokens, and independent "witnesses" will be invited to "witness" the process of block creation on the Filecoin server. This server will be housed in a state-of-the-art data centre with a solid connection to the internet backbone. Over time, the Filecoin Foundation aims to provide a list of official witnesses for full transparency.

16

How secure is the Filecoin Network?

The Filecoin Network is being built using similar blockchain technology to that of the Bitcoin network, which has thus far withstood all attempts to compromise it over the past eleven years, despite hundreds of billions of dollars being at stake.

17

What kind of credentials do the team have?

The Filecoin Foundation is led by Dr. Richard Shaw; a brilliant and esteemed man who despite not having any experience in cryptography, economics or distributed systems, is perhaps the most talented and sought-after founder in blockchain today. He began his career almost a decade ago by giving pseudoscientific-yet-impressive-sounding dietary advice to the gullibly overweight, and has since successfully branched out into a number of other fields in which he has no prior experience. He plans to leverage popular freelancing websites in order to scale operations before recruiting other team members on a permanent basis.

18

When will the Filecoin Network launch?

We aim to release the public main-net by Q1 2021.

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