files.fm provides fast cloud storage and file sharing solutions for users to store, share, publish or sell files!
In this digital age, people have an astonishing amount of files on their computers, a large portion of which could be useful to others. However, currently, there is no unified platform where people could upload these files for others to find and use. They could be uploaded to personal websites or cloud storage, but most people will never find them. On the other hand, existing digital libraries only accept vetted content that fits their quality standards. Files.fm is creating the Files.fm Library (FFL) in order to allow anyone to upload useful files for everyone to find and access, while the users will be rewarded with FFM tokens for their beneficial actions.
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FFL will be free to use hybrid-decentralized data library, built and maintained through the collective efforts of the community. FFL aims to provide space for anyone to upload their files for future preservation, and by adding correct metatags any file in the database can be easily found and accessed. It will store both copyright-free files available for everyone and copyrighted files that users will be able to buy. All IP content will be logged on blockchain and users will decide about file or tag quality by reaching consensus on the blockchain.
Files.fm has a distinct advantage for creating a project of such a massive scale – they have operated in the cloud file storage field for more than ten years. The current Files.fm platform has already attracted more than 750,000 registered users and almost 2 million unique monthly visitors. The company has developed the sharing platform, back-up solution, file module transfer for printing companies, ability for users to sell files via their platform and is currently testing large-scale P2P hybrid-decentralized content streaming.
Currently, there are several existing public digital file storages, but they are strictly divided into copyright-free and copyrighted. FFL aims to bridge this gap by creating a single unified platform that will ensure correct copyrights and give the profits directly to the copyright holders. This service hopes to create a more accessible future, where people won’t have to switch between numerous separate websites or apps to find and access the files they need. Instead, all of them will be available in this one unified platform.
FFL will be hybrid-decentralized, which means it will use combined centralized servers and decentralized P2P web user network for file storage and traffic. This is done to solve the biggest individual problems these two networks have: for centralized servers, slower download speed and potential crashes or downtime due to large traffic; for P2P networks, lack of seeders for specific files. FFL uses hybrid-decentralized technology to ensure fast download and upload speeds and the file remaining accessible even if the server goes down or there are no peers. In addition, the use of P2P networks reduces the costs of servers, therefore making the service free for everyone. To make file accessibility more convenient, FFL users will be able to watch videos straight from the website using hybrid-decentralized streaming technology.
However, a single service can only do so much. If FFL moderators were the only ones responsible for uploading and tagging the files, it would take countless man-hours and the process would be long and exhausting. This is why FFL will rely on community submissions and edits. It will reward the editors with tokens that can later be exchanged for copyrighted materials, such as movies, TV shows, books, music. This is done to create a thriving ecosystem where users will upload, tag and seed files in exchange for the opportunity to later watch movies or read books for free.
In a way, files.fm is attempting to solve the free-rider problem that is so prevalent in P2P networks – that users download what they need and close the service without seeding the file for others. It aims to incentivize people to commit their resources by rewarding them with free products in a legal way and more conveniently that most other existing alternatives.
Files.fm service users will use FFL’s native cryptocurrency - FFL Tokens-for value exchange in the FFL system. FFL will also use Tokens for initial crowdsale and fund raising – ICO campaign, to support the Library, platform and community development.
“Why do we need tokens” or targets that we want to achieve with tokens and blockchain:
1. To enable and implement community reward system
2. To enable small micro payments in the system (under 1$)
3. To reduce payment’s settlement commission fee (versus creditcard 3% + 0.30)
4. To enable free trade of the tokens on the crypto exchange without Files.fm in a middle
5. To be transparent about token transactions, model and payments to authors
FFL Token implementation and crowdsale funding (ICO) Files.fm has issuedits own Files.fm token with a ticker FFL, for the purpose of crowdsale and integration in the Files.fm platform. The token is based on ERC20 Ethereum technology, an open source, blockchain - based distributed computing platform with smart contracts. These cryptographically secure smart contracts are stateful applications stored in the Ethereum blockchain, fully capable of enforcing planned transactions. The FFL token It will be used as a native currency by the FFL users to pay for the FFL’s special services and will be received for useful work(mined) in the FFLsystem. The FFL Token is a utility token, issued in a fixed supply with an annual inflation – based on useful work done by the community (aka “mining”).
To collect resources for the FFL system’s development, FFL is planning to launch a token crowdsale in Q4 2018. The token sale will use an Ethereum (ERC777/ERC20) token and it will be converted 1:1 to the native FFL Token after the FFL private blockchain’s development. Token’s public sale smart contract will be close to utility token functionality, so it can be used straight away in the product, if needed.
Product token is planned to be implemented via Files.fm private Ethereum blockchain leveraging Plasma technology, smart contracts and Raiden Payment channels. The private blockchain’s main purpose is to have a fast and costless payments/transactions within the Files.fm ecosysem (to overcome the bottleneck of the ETH). The connection to Ethereum mainnet will be paid by Files.fm
For the users, who don’t have ETH wallets, we will provide option to generate one via web. We plan to support existing hardware wallets like Trezor/Ledger as well. The total supply of native FFL Tokens will equal 10 billion. That is equal to 100PB of storage in 5 years + value of useful work, content and platform. During the initial stage of the FFL system’s development, 64% of the entire token supply will be locked for the future purposes divided in several parts - open reserve; critical reserve. This is for the future community and eco system support, next investment rounds, lack of tokens and to maintain flexibility at the early stages of the evolution of the system. But to give the sense of the projected overall roadmap for 5 years. First, unlocked 20% of tokens will be sold in a private and a public sale during the ICO campaign, while the rest 16% will be reserved for the development team, advisors and bounty for a 5 -year period
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