QEBR Streamlines Holdings to Concentrate on Filecoin Development and Mining

By AIT News Desk On Jul 24, 2020

QEBR announced that it has divested its ownership in two subsidiaries in order to focus all corporate resources to the buildout of its blockchain-based Filecoin mining operations. Filecoin raised $257 Million in a 2017 Initial Coin Offering, the largest ICO in history at the time, from well-regarded investors such as Sequoia Capital, Andreesen Horowitz, Y Combinator, Naval Ravikant, and Winklevoss Capital. Filecoin expects its mainnet to launch in the second half of 2020, opening the cryptocurrency to global access.

The QEBR technology team previously announced that it has proven its system as a valid Filecoin node with CPU, GPU, bandwidth, and storage compatibility that meets all IPFS guidelines. The QEBR test system has connected with the Filecoin main blockchain and already successfully test-mined filecoin.

Jun Liang, Chief Technology Officer of QEBR, stated, “The divesture of Sheen Boom and Jihye will allow our team to focus solely on the upcoming worldwide launch of Filecoin. QEBR’s subsidiary, Shenzhen DZD Digital Technology Ltd (“DZD”), has a strong background in blockchain development, data mining, encrypted data acquisition, data processing, and researching of data technology.We strongly believe that Filecoin has the ability to be a leading blockchain-based cryptocurrency and will put all efforts into making QEBR a significant player when the Filecoin mainnet launches soon.”

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About Filecoin: The Filecoin project is a decentralized storage system based in the cloud. Its InterPlanetary File System, or IPFS, requires FIL coins as payment to miners in exchange for storage space.

Filecoin, developed by Protocol Labs, is a decentralized storage network. The network is expected to give owners of unused storage a means to monetize their storage capacity. It is also expected to bring down the costs of storing data reliably. Given the large amounts of unused storage in data centers and hard drives around the world, a natural market exists for this service.