Welcome to the first governance opportunity for TWT holders! Here you can vote whether you think the Filecoin blockchain should be integrated into Trust Wallet.

Proposal Summary

Filecoin is an open source decentralized storage network that launched its mainnet today, October 15 2020. This proposal aims to integrate the Filecoin Network into Trust Wallet.

1. Store their FIL in Trust Wallet
2. Send and receive FIL tokens

What is Filecoin

Filecoin is a decentralized storage network. Users pay to store their files on storage miners, and storage miners earn units of FIL for storing files. Storage miners are computers responsible for storing files and proving they have stored the files correctly over time.

Filecoin is a popular project that began with a SAFT that raised $200M in 2017. According to coinmarketcap Filecoin Futures have more than $20 million USD in trading volume in 24 hours, an amount that rivals many of the coins in the top 100.

Filecoin works with IPFS are complementary systems for storing and sharing data in the distributed web. IPFS was created by Protocol Labs, the creators of Filecoin, in 2015. Both systems are free, open-source, and share several building blocks, including data representation formats and certain network communication protocols. However, IPFS does not include a built-in mechanism to incentivize the storage of data for other people. This is the challenge Filecoin aims to solve.

Tokenomics

A maximum of 2,000,000,000 FIL will ever be created. 10% were allocated for fundraising, of which 7.5% were sold in the 2017 token sale, and the 2.5% remaining were allocated for ecosystem development, future fundraising, and/or other uses described in 2017.

15% were allocated to Protocol Labs (including 4.5% for the PL team & contributors), and 5% were allocated to the Filecoin Foundation. The other 70% of all tokens are allocated to miners, as mining rewards, “for providing data storage service, maintaining the blockchain, distributing data, running contracts, and more.”

Users pay for storage with FIL.

Motivation

We (Trust Wallet team) are always striving to add more blockchains that will be essential for developers, wallet users and TWT token holders. We choose blockchains carefully based on the impact they will have for our community.

The more popular blockchains Trust Wallet supports, the better. By integrating popular blockchains Trust Wallet can tap into powerful communities and grow its user base.

Wallet Core Contribution

Richard (https://github.com/terorie) is one of the earliest community contributors of wallet core, he did the Filecoin implementation and will get 10,000 TWT rewards for his excellent work.

Project Stats

Token Circulating Supply: TBD

Token Max Supply: 2,000,000,000 FIL

Token Value: TBD Token Purpose: Payment and rewards for decentralized storage. Consensus Mechanism: Proof of Storage, Proof of Space Exchanges: Binance, Gemini, Kraken, Huobi Trading Volume: TBD Number of Holders: TBD Number of transactions: TBD

Useful Links

Website: https://filecoin.io/
Blockchain Explorer: https://filscan.io/