Miners on Decentralised Storage Network Compete For 4 Million Token Prize

Filecoin, a blockchain-based decentralized storage project, is officially launching its testnet- Space Race to test out the network before the mainnet launch.

As promised, Filecoin will start its testnet launching competition. It encourages global miners for the next three weeks to be competing for up to four million Filecoin in prizes to onboard as much storage space to the network as possible, says the report. The contest begins on August 24 at 10 pm UTC.

The top 100 miners globally, and the top 50 miners from each continent, will use the earned Filecoin rewards to jump-start their mainnet mining efforts based on how much storage they and the network achieve during the competition. People can also track their progress on the testnet main website. 

In addition to the onboarding storage capacity competition, the 20 largest block reward winners will split a prize of an additional 100,000 FIL proportionally based on how much block reward they win. More than 240 miners from six continents are preparing to participate in the competition in the past month, says Filecoin.

Molly Mackinlay, IPFS Project Lead, said, “Filecoin would be nothing without its robust and passionate community.” 

Filecoin's project raised $257 million during its 2017 initial coin offering and it’s been developing ever since.