After obtaining millions of dollars with an initial coin offering in 2017, Filecoin, a decentralized data housing network, now plans to unleash the mainnet. According to the latest announcement, Filecoin mentioned that it is entering into the Mainnet Ignition Phase and getting ready for Filecoin Mainnet Liftoff.
Rather than launching its phases all at once, Filecoin, like other popular Blockchain networks including Polkadot, NEAR, and others, is launching its Blockchain into multiple stages.
Filecoin is a decentralized, peer-to-peer storage network with built-in economic incentives to ensure secure storage of files over time. The network facilitates open markets for storing and retrieving files where anyone can participate.
Filecoin Currently Heading to Mainnet Ignition
As launching a Blockchain is a lengthy process, Filecoin is taking a phased approach to launch mainnet. With different groups and communities onboarding onto the network, the Filecoin network is currently heading into Mainnet Ignition. The report mentioned that within the Filecoin community, various groups, including miners, clients, applications, and others, will onboard onto the network in advance of Mainnet Ignition.
Filecoin report mentioned that Mainnet Ignition (pre-liftoff phase) would give network participants time to initialize, understand, set up their systems, and optimize their deployments.
The report also explained that apart from all this, still, a lot of preparation is needed to set the network up for an amazing launch. Even though the network is completely functional, along with regular software updates beyond Mainnet Liftoff, the report mentioned that “we expect the group to continue developing and expanding the Filecoin network.”
Filecoin predicted a launch date for the mainnet on October 15, 2020, mentioning technological overwatch in the following days. Between Oct 19 and 23, the project will then host many commemorative activities.
Filecoin Faced Multiple Delays in the Past
In 2017, Filecoin raised $257 million during its ICO, and at that time, Filecoin was recognized as the top five biggest ICOs. In 2019, Filecoin Testnet was expected to be launched in December and mainnet in Q1 2020, but since then, the network has suffered a number of delays in its development and progress. After facing multiple delays, in February 2020, the project released a schedule pointing toward a third-quarter mainnet launch date. It was mentioned that Filecoin is looking toward a mainnet launch in Q3 2020, which will be supported by a Gemini exchange custody solution.