What Is Filecash?

Filecash is the first pre-fork project of Filecoin. It is a distributed cloud storage platform that aims to use the world’s idle storage space to serve the storage market. At its core, Filecash is an incentivization layer of the IPFS protocol. The blockchain is based on both proof-of-replication and proof-of-spacetime.

History Behind Filecash and Forking Filecoin

Filecash was started by Filecoin community members who believed that Filecoin and its developer, Protocol Labs, were straying away from IPFS’s original goals. Filecash was created as a pre-fork project of Filecoin (forked before Filecoin’s mainnet launch) and aims to achieve a similar goal in a different manner. Mainly, Filecash aims to lower the barrier to participation for miners and all other participants in its ecosystem. 

FIC is the native utility token that is mainly used for:

* FIC must be deposited as collateral by Miners who are mining FIC. 
* FIC holders can lend FIC to miners who can use it to deposit collateral. 
* Users who want to store data on the Filecash network must spend FIC to use the network.

FIC Distribution

Filecash’s economic model is in the form of a “market for data” where users can sell their storage space to other users, who are looking to rent. The total supply of FIC is 2 billion and distributed as thus: Miners 55% (Linearly halved in 6 years), Layer 2 incentives 30%, Investors 10%, Foundation 2.5% (6 years of linear release), Development Team 2.5%.

Where Can I Buy FIC?

FIC is available for trading on a growing number of exchanges, with cryptocurrency and [stablecoin](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) pairs currently available.

These exchanges include BitMart, Gate.io, Lbank, and Hotbit.

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