Filecoin Launches Incentivized Testnet with Rewards Totalling Four Million Filecoin Tokens

San Francisco, California — 10  June  2020 — Filecoin,  the world’s largest decentralized storage network, has announced the details of its incentivized testnet, the final phase of testing before Filecoin’s mainnet launch. A global community effort to stress test the network, the incentivized testnet sees the launch of a collaborative competition that will run over 3 weeks, and encourage miners from all around the world to compete and earn rewards totaling up to 4 million Filecoin tokens (FIL).

The testnet builds on Filecoin’s successful second testing phase, which launched in May and completed feature development work on the Lotus Filecoin client, upgraded the Proof-of-Replication consensus (PoRep), and continued testing, bug fixes, and performance improvements. The top 100 miners globally, as well as the top 50 miners from each continent, will earn Filecoin rewards based on how much storage they dedicate to the network combined with how much storage the network achieves during the test period.

Ian Darrow, Head of Operations at Filecoin, said, “The testnet is designed to build, educate, and reward the early community of Filecoin miners who will help prepare the entire network for a healthy, decentralized, and widely distributed mainnet launch this summer. Whether you’re an experienced miner or just getting started, the testnet incentives competition is a great time to ramp up your participation on the Filecoin network.”

Miners have the opportunity to earn additional rewards in two ways: the total size of the reward pool increases alongside total network storage capacity and the total pool of rewards is split between eligible mining operations pro-rata, based on how much storage they add as a percentage of total network storage. The total reward pools split between the top mining operations are:

* Only unlocked if each region achieves at least 1PiB of storage

The competition will include a dashboard where miners can view global and regional reward tiers, as well as individual miner storage power, deal success rate, and sector life cycle command completion, in real-time. Miners will also be able to display their names (individual or company) alongside their miner ID on the leaderboard. Miners interested in participating in the incentivized testnet should get started with the docs for Lotus (a Filecoin node and miner) and join the Filecoin Slack.

About Filecoin

Filecoin is a decentralized network that allows users to store, request, and transfer data via a verifiable marketplace. Filecoin is completely open-source, enabling people from all over the world to participate — making it the world’s largest decentralized storage network. The Filecoin protocol runs on an advanced and novel proof system — a combination of Proof of Spacetime (PoSt) and Proof of Replication (PoRep), to provide unmatched efficiency and reliability. 

Building the world’s largest decentralized storage network, Filecoin’s advanced technology provides a robust foundation to store the world’s most valuable data sets.  An alternative to costly cloud storage, Filecoin offers reliable storage at competitive prices, minimizing financial barriers, and allowing users to take advantage of its unmatched network capabilities.