Filecoin is the new word in the world of cryptocurrencies. The token has raised $250 million in private presale and public ICO without even having a viable product to demonstrate. Filecoin website crashed and coin offering was paused due to overwhelming demand. Hype surrounding the token was sustained by an orchestrated media campaign.
The principle behind Filecoin is simple: users will be awarded with tokens for renting out unused hard-drive space. Venture capitalist companies including Sequoia Capital, Andreessen Horowitz, Union Square Ventures, and Winklevoss Capital have confirmed their involvement in Filecoin-related deals. Public sale is expected to continue for another month. The amount of money, collected through the process of ICO is projected to soar, as well.
However, Filecoin network is still far from operating. Protocol Labs, the company behind the token, is promising to deliver Filecoins once the network is established. The exact date is, however, still unspecifified. The whole situation is reminiscent of Ethereum presale that took one year to deliver tangible tokens to the backers.
All sorts of ICOs have raised $1.3 billion this year. Analysts believe the final number will be even greater, estimated to reach the $1.7 billion level.
