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Filecoin Launches as Litecoin Plans Privacy Option to Mark 9

Filecoin, the much talked-about decentralized storage network designed to store global information, has now entered what its team describes as “a quiet post-launch monitoring period”. The stage, according to them, is to ensure that the network is operating smoothly and to track its performance closely while preparing for the Filecoin Liftoff Week slated for between October 19 and 23.

The Week will see engagement in a worldwide, community-led series of talks and interactive workshops on Filecoin mining including hardware, live demos and others. There’ll be chats on topics like bridging Filecoin and Ethereum as well as Filecoin for DeFi.

Others are Fleek space daemon which is a wrapper around IPFS tool to start coding a decentralized desktop app as fast as possible built on top of Textile Threads, Buckets and Powergate; and Starling, the command-line interface for decentralized storage on the network.

The project, whose token debuted with about $1 bin value for a circulating supply of 14,808,913 out of a total supply of 2 billion according to Coingecko, is one of those that have been touted to do well despite having moved it launch more than once over the past year. Top Filecoin storage miners are reportedly in China accounting for over 80% of the network’s testnet storage mining power at roughly 15 petabytes (15,000 terabytes). Its success is likely to see it climb in the ranking to compete with top projects like Litecoin which has been reportedly struggling to maintain a top spot in the first ten with the emergence of new projects which are bent on sending its likes on a downward spiral.

Litecoin and its community are celebrating almost a decade of building the silver to Bitcoin’s gold. In fact, according to a current Grayscale report, the Grayscale® Litecoin Trust is one of the alternative products that has “the most notable increase in appetite” to have emerged – alongside Bitcoin Cash Trust – to have seen inflows increase by more than 1400% quarter-over-quarter. However, the Charlie Lee-project need to devise means to establish its relevance in the industry as well as close its widening gap with Bitcoin as new projects like PolkaDot help to make it wider.

Hopefully, Litecoin’s reported move to add privacy features to the nine-year-old cryptocurrency will yield the expected result of fortifying its strength as a top contender like it is for big privacy coins like zCash (ZEC), whose offering of “shielded transaction” capabilities has seen its value nearly tripled in 2020 and Monero (XMR) which uses a technique called “ring signatures” to obscure sender and receiver data, doubled. The planned adoption of key privacy-enhancing features, according to Lee, is to increase Litecoin’s attractiveness to cryptocurrency users in various markets including China as it is being tested for a 2021 upgrade to the main network.

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