Filecoin, a project from the 2017 ICO boom is gearing up to launch its mainnet next month according to a recent statement from the organization. Like many other crypto projects that were launched in 2017, Filecoin also based itself on the Ethereum smart contracts option with a plan to migrate to its blockchain network in the near future. However, the roadmap just like many other coins was delayed as funding dried up and these altcoins hit record low in the 2018-20 cycle.
The 2017-18 Altcoin/ICO Boom
The 2017-2018 altcoin boom resulted in the creation of more than 1000 new cryptocurrencies. A record $8 billion was invested in these up-and-coming projects and they quickly mushroomed around the success of Bitcoin, Ethereum and other cryptocurrencies. However, the speculative nature of these projects and no actual products or use cases resulted in a rapid meltdown of the coin price indices and many of them went into obscurity in the coming years. But, a few projects carried on and are looking to deliver their promises.
Filecoin Looking to have Another Go
Filecoin aims to re-ignite interest around its project through this move. The project raised millions of dollars through its 2017 ICO and promised to revolutionize the Data Housing sector, however, it has since struggled to justify this heavy investment and the coin value has taken a deep nosedive. Almost $257 million was pledged to the development of the network but the results were far from ideal and the network’s progress stalled. However, the renewed push to generate interest could be bearing fruits but at the same time, the project is not undergoing a complete migration to its mainnet, yet.
According to a September 27 blog post:
Launching a blockchain is an involved and lengthy process….., like many other networks (including Polkadot, NEAR, and others), Filecoin is taking a phased approach to launching mainnet, with different groups and communities onboarding onto the network over a period of time, leading up to Mainnet Liftoff”
The process to start the mainnet itself is called Mainnet Ignition and it will see an initial mainnet deployment on October 15 followed by commemorative events on October 19 and 23. If all goes well enough, the next phase of the mainnet launch will take place in the near future.
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