In October, major events in the blockchain/cryptocurrency industry continued. Payment giant PayPal entered the cryptocurrency market, OKEx broke out the black swan incident, and the Filecoin mainnet went online.
Among these events, the most concerned and most important one is undoubtedly the Filecoin mainnet launch.
After all, Filecoin has too many labels on its head: the leader of distributed storage, the king-class project that has raised hundreds of millions of dollars, and the "king of pigeon" who has continuously bounced votes. It can be said that it bears the expectations of many miners and investors.
1. What is IPFS/Filecoin?
The IPFS project creates a Peer-to-Peer hypermedia protocol by integrating BitTorrent, DHT, Git, and SFS technologies, trying to create a faster, safer, and open next-generation Internet to achieve permanent availability and data storage in the Internet Global file storage system.
Filecoin is an incentive layer running on IPFS. It is a distributed storage network based on blockchain. It turns cloud storage into an algorithmic market, and FIL assumes the role of a transaction medium for the entire market. The Filecoin protocol has data retrieval and data storage, and both parties of the transaction submit their own needs in the market to conclude the transaction.
After 3 years of difficult development, Filecoin's mainnet was finally launched on October 15, 2020. This marks the realization of Filecoin's leap from 0 to 1 from scratch. As the saying goes: "Everything is difficult at the beginning". A good beginning is success. Half of it! Next Filecoin will enter a period of rapid development.
2. Can Filecoin mining participate? V丨hugoschan
From the perspective of the secondary market, after the independent online launch, tokens begin to circulate, and the price is affected by many factors such as market makers, quantification, and secondary market users’ buying and selling. The value of Filecoin is no longer controlled by its own application, so even in the short term The huge price volatility is also expected, because the investment in the secondary market and the investment of miners are different.
Users who buy in the secondary market expect to make quick profits in the short term, while the profit of miners is a long-term process. Therefore, price fluctuations are caused by many factors.
At this stage, cold storage is the main focus, and more applications of multi-cluster, multi-node large, medium and small file storage will be supported in the future. At present, Filecoin is just in the early stage of development, and there are not many mature and complete program applications. The more mature services are mainly cold storage. At present, there are already some product plans for hot storage and large, medium and small file storage and other new directions in the Filecoin ecosystem. It is believed that the future landing scenarios will be more comprehensive.
Retrieval is born, speed-limited and high-throughput access. Filecoin is currently similar to Ceph in that it can achieve a dedicated file system for searching massive data, but with different algorithms. The problem currently encountered is that Filecoin currently cannot meet the requirements of high data throughput, resulting in restrictions on large-scale commercial implementation.
Although Filecoin went online slowly, because of its strong momentum, its market value exceeded 50% of the total market value of the storage sector in just a few days. The main reasons are based on the following:
The financing amount of US$257 million has established a huge market value. For a company, the initial financing largely determines the valuation scale of the listing. At the same time, years of technology accumulation can help further increase the market value.
Filecoin ends with Web 3.0 and starts with landing applications. Arweave, Burst, Bluzelle and other projects, many projects are concept first, the tokens are released and circulated, the actual implementation plan of the project is relatively long, and it is difficult to implement it. From Filecoin's construction ecology, we can see that in the 1&2 phase of the space race, we have been encouraging storage scale, storage requirements and application implementation, and strive to create truly landable applications. Behind this harsh economic model, in addition to tying miners tightly together, it also ties together future applications such as Smartcity, Zangshell and Starry Sky in Yunnan.
Strict certification mechanisms require shaping the best quality storage services. The Filecoin proof mechanism is too strict, which is also a test of the miners' ability to operate and maintain. Because of this, many projects are waiting for opportunities to fork or derive another storage project with a low threshold for participation. In fact, behind all this is the protocol laboratory's high-quality storage service awareness and long-term implementation concept for the Filecoin network. Otherwise, like Sia, it will be implemented early, but the market size and demand will not be expanded for a long time. PiB's entire network computing power.
From the perspective of the current cycle, the miners of the entire network are now in an awkward period when there is no mortgage currency available. Even if there is a block reward, they are all struggling to invest in the increase of computing power.
On the whole, the return to the current cycle must have been prolonged because of the delayed release of earnings. However, based on the current economic model and the intervention of official market makers, the official still attaches great importance to the overall life of the project to avoid Filecoin in the early stage. Died young.
With the launch of the main network, optimization of the economic model, and the introduction of other lending and Defi products, this situation will be alleviated. Miners are originally a long-term profit model for mining coins. We compare and analyze from BTC and ETH miners. Miners hope to obtain a stable quantity and sell them for profit when the price is good. While speculating coins hope to buy low Sell high to get a profit from the spread.
To sum up: We believe that Filecoin mining can be done, but we must understand that it is a long-term business, a value investment behavior, and cannot be speculated.
3. Filecoin release rules
The computing power of the entire network is increasing every day, and the current computing power of the entire network is 671P, which has reached about a quarter of the baseline. At the speed of the previous competition, the daily increase in computing power can reach close to 20P per day, but during the competition, there is no need for miners to purchase pledge coins. The current daily growth is around 13 P.
The day’s computing power=671P+13P*days, after the 90th day, it should be 1841P V丨hugoschan
Profit per T per day. Income per T per day = total mining income of the entire network / computing power of the entire network. Daily mining releases profits
Filecoin's official successful 180-day release model tightly tied all miners who wanted to squeeze their wool on the ship. After a round of gaming, the official finally agreed to release 25% of the mining directly and only use 75%. Released at 180 antennas.
Therefore, the early stage of mining is very hard, because the 180-antenna release requires mortgage; all miners need to adjust their short-term rich mentality, and regard Filecoin mining as a value investment and a friend of time.
4. Filecoin joint mining bonus
We feel that the joint mining model is the most suitable way to participate in terms of the current participation threshold and cost-effectiveness.
Joint mining is that one party is responsible for funding, and the other party is responsible for providing one-stop service, responsible for the relevant procedures and details of Filecoin mining, and avoiding various pits and risks in the mining process. Including the purchase of related customized hardware and software services, the site selection and network environment deployment of the mine, the hardware configuration and software installation and upgrade of the server, the management of the server system and the troubleshooting; provide a standard computer room environment for placing the server, Including: air conditioning, lighting, uninterrupted power supply, etc., and provide reliable and stable network connection.
IPFS/Filecoin mining is a good business, and it is also a good time to enter the market. Different mining participation methods have different thresholds and costs. Mining itself has a clear business model, which is a cash flow business. It is hoped that investors can rationally view the entire mining investment process.
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