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.”

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.

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QEBR detailed that its technology team has progressed well in setting up a secure Filecoin environment and proven its system as a valid 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.

Filecoin expects a global launch in the second half of 2020. Filecoin is a cryptocurrency-based decentralized platform based in the cloud for data storage. Its filing system requires FIL coins as payment to miners in exchange for storage space. The Filecoin ICO (“Initial Coin Offering”) was conducted in 2017 and raised over US$257 Million from investors such as Sequoia Capital, Andreesen Horowitz, Y Combinator, Naval Ravikant, and Winklevoss Capital.

Over the last two months, the global Filecoin testnet has processed many petabytes (PB) of storage at an impressive average increase of 50 TB per day. The expectation is that the Filecoin mainnet launch will have hundreds of PB of storage capacity due to the very high interest of FIL miners around the world.

Jun Liang, Chief Technology Officer of QEBR, stated, “We are very satisfied with the progress made by our technology team in creating a Filecoin environment that is so efficient in mining FIL. We are confident that QEBR will be able to rapidly expand to multiple data centers around the world once the Filecoin mainnet becomes active. QEBR’s first Filecoin mining installation will potentially be in Bangkok since we anticipate strong demand from Malaysia, South Korea, the Philippines, Indonesia, and Japan.”

QEBR previously announced that it is FAST/DWAC eligible as of October 14, 2019. QEBR’s CUSIP number is: 92828H109. The Company also previously announced the acquisition of Idaho Country Mining Co. LLC (“ICMC”) and Shenzhen DZD Digital Technology Ltd (“DZD”) in an exchange of shares. The acquisitions complement QEBR’s existing subsidiaries by adding ICMC’s services in data acquisition, data mining, encrypted data bookkeeping, and encrypted data acquisition; and, DZD, an engineering partner with ICMC in Shenzhen, China. DZD specializes in providing services for data processing, data mining, encrypted data bookkeeping, and researching of data technology.

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