In summary:
- The release of the Filecoin (FIL) Mainnet has been postponed several times.
- The new roadmap provides Q3 of 2020 as the expected delivery of the Mainnet.
- This is due to the effect of the Coronavirus on the project’s community in China.
- Gemini Exchange has pledged support for the Mainnet and Custody Solutions for Filecoin ICO investors.
It has been almost 3 years since the FileCoin (FIL) ICO concluded in September of 2017. Since then, investors and fans of the project have patiently waited for developments one of which has been the launch of the first version of its Testnet in December of last year.
Filecoin (FIL) Mainnet Launch Scheduled for Q3, 2020
However, in a February 2020 announcement on the Gemini exchange website, Filecoin will release its Mainnet in the third quarter of this year. In the project’s new roadmap, the Mainnet is scheduled for launch between 15th June and 17th July of this year.
Additional Delays Due to the Coronavirus Outbreak
In a recent blog post, the team at Filecoin explained that some of the project’s community members in China have requested a delay in launching the second version of the Testnet thus affecting the final Mainnet launch. This is due to the Coronavirus pandemic that has affected the country’s day-to-day work activities. The blog went on to state:
[I]t has come to our attention that many of our communities in China have continued to be affected by the coronavirus outbreak. Some of our Chinese community members have directly asked us to wait to launch Testnet Phase 2 for two or three weeks, until they can safely return to work. We hear you, and your safety is our priority!
We will be delaying Testnet Phase 2 by approximately 6 weeks to allow enough time for final protocol convergence and feature freeze.
Gemini Exchange to Provide Custody Solutions for Filecoin
Additionally, the New York-based Gemini exchange has announced that it will be supporting FIL as well as providing custody solutions for members who participated in the token sale. Once the Mainnet is launched, users of the exchange who had invested in the project will be able to receive the FIL coins directly in their Gemini Custody account.
More about FileCoin (FIL)
The Filecoin (FIL) ICO was concluded during the exciting 2017 season of the crypto-verse. Its ICO went on to break records for it successfully raised $257 Million over a period of a month during the crowd sale. One FIL token at the time of the sale was equivalent to $5. The token at the time of writing this is currently valued at $3.64, indicating a drop in USD value of 27.2%. The token is available for trading on Bitforex, Gate.io and TOKOK exchanges.
Filecoin is a decentralized storage network that allows miners of the FIL token to provide cloud-based storage services to clients. FIL is thus a utility token used as a medium of exchange for storage services on the network. Filecoin’s mining power is proportional to the active storage available on the network. Filecoin’s mission is to provide a cheaper decentralized model of cloud storage services. More on the network and its vision can be found on the project’s whitepaper.
(Feature image courtesy of SpaceX on Unsplash.com.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
