Wednesday, May 27, 2020, the founder of BTC.TOP, JIANG Zhuoer, shared his views about Filecoin cryptocurrency after using the blockchain platform for the services which it claims to offer.
Zhuoer, in his statement, cleared that Filecoin has failed to live up to its billing as it displays a “very poor” performance. Zhuoer said his view on the Chinese microblogging website Weibo after getting access to the blockchain project.
However, Zhuoer got an annulling response from a Filecoin representative who stated that the blockchain project is still in its testnet stage, despite that, Filecoin is not worse than YouTube.
Prominent Bitcoin Cash miner Zhuoer said the platform lacks the capability to store small size movies, stating that “the economic model is wrong.”
Zhuoer in a translated statement said his company has no plans to take part in Filecoin mining. He explained that rather than using storage to reward miners, miners participating on the blockchain network need to rely on GPU calculations to get their rewards.
He also urged interested miners to save their machine if they desire to mine rather than participate on the Filecoin network. “Filecoin mining machines are basically leek pits,” Zhuoer said as revealed in a google translated version.
Zhuoer Gets Response from Filecoin Investor
A Filecoin investor who claims to be Lucy by name on Weibo gave Zhuoer a quick rejoinder that seems to have thwarted Zhuoer negative claim about the blockchain project.
Commenting on Zhuoer’s assertion, Lucy said rather than using a CPU mining, Filecoin determines its computation power based on effective storage using the EC consensus mechanism.
She claims that Filecoin is yet to release its economic model, and the network is currently in a test stage. She explained that the testnet stage was deployed to only identify and fix bugs, thus it is yet to offer storage services completely until a mainnet is released.
The investor added that despite the state of the network’s testnet, which Zhuoer claims is very poor, Filecoin does not offer a user experience worse than that of YouTube.