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Today, we are happy to announce that the latest imToken update supports Filecoin and FIL as the 11th chain on imToken.

You can get the latest imToken (version 2.7.0) on token.im or your favorite app store like Apple App Store and Google Play.

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Filecoin on imToken

Since the launch of the new imToken app, we added a couple of outstanding, selected public chain projects. Today, we add Filecoin as the eleventh officially supported public chain, after ETH, BTC, ATOM, EOS, TRX, CKB, BCH, LTC, KSM, DOT.

Although Filecoin's mainnet has been delayed repeatedly, it is still a star project that has attracted much attention in the market. As a decentralized storage network. Filecoin has a built-in economic incentive mechanism to ensure reliable storage of files over time. The storage proof consensus protocol used by Filecoin can not only ensure the security of the storage network, it can also be used for FIL token transfers, and it also supports virtual machines for running encrypted contracts and market mechanisms.

Like other blockchains, Filecoin also has a native currency called Filecoin (FIL for short). Miners can obtain FIL by providing data storage and retrieval. 

The Filecoin mainnet officially launched on October 15, 2020. At that time, FIL will enable the transfer function, and imToken will start supporting Filecoin.

Filecoin - The incentive layer for IPFS

Filecoin really started with IPFS. IPFS is a peer-to-peer distributed file system designed to replace HTTP and change the way users obtain information.

We usually use the HTTP transfer protocol to access data stored in a centralized network, as it is very easy to distribute and manage. However, there are many weaknesses in security, privacy and efficiency, especially in the transmission of large amounts of data. In the current era of big data, a new way to solve these shortcomings is needed.

At the core, IPFS wants to change the way people access information. While with HTTP, people find content and get services through domain names, IPFS helps people to access data directly.

After several years of development, the IPFS protocol has also been recognized by the community. The global IPFS nodes have exceeded 100k, and network requests exceed 13million a day while the data already counts more than 5TB. The following projects are all using IPFS: 

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However, IPFS also has some problems. IPFS nodes have little incentive to maintain long-term backups of data on the network, and files will be lost, mainly because of the lack of economic incentives to encourage ecological participants. As the incentive layer of IPFS, Filecoin is a decentralized storage market. Whether from the perspective of realizing the IPFS vision or from the perspective of Web3.0, decentralized storage is very important.

Enter Filecoin.

Filecoin is a decentralized storage market. Storage users pay miners to get services, and miners help users store files and get paid. Filecoin's native token FIL is used as a payment tool.

 

We build imToken as a decentralized wallet that manages assets on multiple chains. To bring decentralized storage to the masses, we will support Filecoin and the Filecoin ecosystem.

Users can trade FIL in the imToken wallet after the Filecoin mainnet is online. With subsequent iterations of Filecoin, imToken wallet will continue to improve various related functions.

You may also be interested in these updates

  • Understand Tokenlon trading fees and participate in the LON trade-mining
  • Upgraded security protection
    • When your imToken is in the background, the interface will be automatically blurred to protect your privacy
    • When you transfer money for the first time, a risk alert will appear
  • More optimizations and fixes
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