Crypto Mining

Filecoin Launches Its Testnet – Prize Distribution Competition Begins From 24th Aug.

Blockchain-based decentralized storage project, Filecoin, has officially revealed its testnet – Space Race to check out the network before the mainnet launch.

Filecoin encourages global miners for subsequent three weeks to be competing for up to four million Filecoin in prizes to onboard the max amount of storage to the network as possible, says the report. The competition begins on 24th August at 10 pm UTC.

Top 100 miners globally, along with the top 50 miners from each continent, will use the earned Filecoin rewards to jump-start their mainnet mining efforts based on what storage they and the network achieve within the competition. People can also track their progress on the testnet main website.

Additionally to the onboarding storage capacity competition, the 20 leading block reward winners will split a prize of an additional 100,000 FIL proportionally based upon what proportion block reward they win. Over 240 miners from 6 continents are preparing to participate within the competition in the past month, says Filecoin.

IPFS Project Lead, Molly Mackinlay, added that, “Filecoin would be nothing without its robust and passionate community.”

Filecoin’s project raised $257 Mln during its 2017 ICO and it’s been developing ever since.

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