Filecoin, a new cryptocurrency powered storage network where users spend Filecoin to store their files encrypted on a decentralized network and miners earn Filecoin by providing open hard-drive space to the network recently completed one of the largest and quietest ICOs in history for such an amount raised.
A critical milestone in the lifetime of the project, the Filecoin ICO raised over $200 million and now has the funding necessary to grow its team, to create the network, and build all the software tools needed to operate and use the network.
The token sale completed on September 7th, 2017, at 19:00 UTC with contributions from over 2,100 people and funds raised in USD, ETH, BTC, and ZEC.
Final Figure Details
The final amount raised – with crypto assets valued at the time investments were made – is valued $205.8 million. This figure includes the $52 million from the advisor sale. Filecoin raised $135 million during the first hour of the public sale.
During the sale, due to fluctuations in ETH and BTC prices, the value of all the raised assets reached $253 million on Sep 2nd and $233 million at time of close on Sep 7th.
Hopefully, this clarifies the various numbers reported around the web, these numbers today would, of course, be lower due to the recent pullback in prices.
The Filecoin team said:
“We are glad to close this chapter with great success, and we are excited and eager to return to what we do best: Building. We have a lot to build before the Filecoin mining software is ready, and we can launch the network.”
In the coming months, Filecoin reported they will be focused on implementing the core parts of the Filecoin protocol, and some of the most important subcomponents (eg Proof-of-Replication, Proof-of-Spacetime). The team will be continuing its research work, as outlined in their research roadmap. Further, the project will also be growing the Filecoin team significantly.
The team made note of the many innovations undertaken during the ICO, stating:
“We innovated on a large number of fronts: structure, legal, payments, materials, and more. We raised a large amount of money, from over 2,100 investors in over 50 countries around the world. We pioneered the SAFT instrument, and ran a token sale that complied with various laws.”
“We built and proved the CoinList platform, which will serve others in the future. We accepted ETH, BTC, ZEC, USD (+ other fiat) simultaneously, with live updating averaged exchange rates. We incorporated security improvements, such as an IPFS-hosted HD Wallet verification tool. We handled 6,342 customer support and question emails.”
It’s worth nothing to all of those who could not contribute during the ICO period that the goal is for Filecoin to be listed on the main exchanges at the time of network launch. Plus, remember that the majority of tokens in the network will go to miners, so mining may be an even better way to get involved.
For more information see the latest Filecoin white paper and check out the video below: