Last week, ETH Global and Filecon hosted the Storage Market Summit (SMS) to discuss collaborative resources and risk management in the Filecoin ecosystem.
It mentioned Filecoin's Codefi storage, DeFi bridging, FIL exchange, and the construction of network quality indicators. While opening up Filecoin and the decentralized financial market, giving FIL holders more options, borrowing and obtaining tokens may ignite the Filecoin market.
The following are the summaries, themes and conclusions of the different conversations in this part of the day. Let's take a look at what the world's top coffees have said about Filecoin with Inverse Entropy Technology.
01From quality indicators to reputation
The following is a summary of the speech delivered by BlockScience CEO and co-founder Michael Zargham on SMS.
The Filecoin network stores a lot of data, but it also generates a lot of data. Among all the available distributed and heterogeneous data, we need to study how to use this data to build a richer and healthier ecosystem. We are solving the problem of how to obtain quality indicators and reputation in the Filecoin network.
When we use data from any network for decision-making, many processes occur. You will take raw data and raise it to a level that network participants can interpret and take action from it.
The tricky part of Filecoin is that in the traditional Web2.0 or corporate environment, there is a highly professional team to develop and maintain the data infrastructure. This is especially true when you are talking about companies that generate large amounts of data like the Filecoin network. We keep asking ourselves: How to achieve the same performance and quality of public data on the open network? We need network participants to be able to confidently interpret and take actions based on the data they obtain from the network. We already know some crucial solutions:
The lender decides the number of
FILs based on the transaction status. The underwriter decides which loans to underwrite based on the distribution of failures.
Storage customers decide which node participants to trade with based on uptime. The
node participant system increases the rate of return on investment through the growth of transaction capacity.
Insurance companies based on storage The volatility of capacity determines which node participants are insured
All these decisions should be made in a data-driven manner. No party owns the storage or interpretation level of data, so we hope to see the base of this type of analytics provider continue to grow. Let's take the reputation index as an example.
We want to make sure that reputation is not the "eye of God" like credit scores. If you don't do it well, you are doomed to fail. Reputation will push ordinary people to eventually use the network. Consumers want to use the data on the network, but do not need (or do not want) to know the low-level information on the Filecoin network. They can trust it to provide services and make decisions for them.
02Codefi storage and DeFi bridge
The following is a summary of the speeches given by Corbin Page and Mike Alonso of ConsenSys Codefi on SMS.
Codefi Network: Store
ConsenSys Codefi builds financial applications in the ConsenSys product suite. One of our product modules, Codefi Networks, is dedicated to helping decentralized networks get started within a few months after the mainnet launch. In its infancy, any new market is struggling to find the best pricing and market segmentation. In the Filecoin ecosystem, this part includes Filecoin, Filecoin Plus, reputation, node participant history, etc. We built the Filecoin Storage application to provide the ecosystem with products that can accelerate price discovery.
The reputation of the storage market consists of the following: storage size (capacity), number of failures, general pricing of storage, and the number of successful transactions. We treat credibility as development. We have seen comments from node participants and network participants, and iterated based on the needs of storage providers. It has the following functions:
Store price discovery
Store supplier’s reputation
Store provider’s transaction history
Advanced network indicators
Access to
Codefi DeFi Bridge via API
It helps to connect FIL to the DeFi ecosystem and its full capacity on the Ethereum blockchain. Recently, we launched renFIL through RenVM. The user sends FIL to the deposit address, waits for confirmation, and then receives renFIL in your wallet, and the user can also operate in the opposite direction. They can borrow renFIL in the decentralized market and convert it to FIL for use on the Filecoin network.
Our goal is to connect FIL with the spot market, lending market, derivatives market and other markets in order to provide FIL holders with more options. In particular, we hope to allow FIL to enter the decentralized lending market on Ethereum in order to provide network participants who need more funds with greater access to FIL.
The functions are as follows:
Convert Filecoin → Package Filecoin (renFIL)
Convert renFIL → Filecoin
borrows renFIL
lends renFIL
renFIL DeFi market API is
open to any DeFi users
03 Node participant asset exchange
The following is a summary of the speech by James Slazas, co-founder of DARMA Capital, on SMS.
DARMA Capital (Digital Asset Risk Management) is a commodity operator, commodity trading advisor and swap company. DARMA is registered with the CFTC and is a member of the NFA. What we (DARMA) really want to convey is: DARMA has created the Filecoin FIL asset exchange. Our goal is that node participants of all sizes can use FIL tokens and avoid some very high loan interest rates that exist in the lending market.
Asset swap is basically a derivative contract signed by two counterparties. The two parties exchange cash flows or assets, and the swap agreement is always balanced.
Today, the loan market ranges from being able to borrow FIL at an annual interest rate of 1% per day or even 100% per year. In order to help the development of the ecosystem, we have cooperated with protocol laboratories and foundations to provide this product. We basically think this is a "below market interest rate" product, just to encourage the growth and capacity of the Filecoin network.
We are establishing this relationship with node participants to better understand their business model and continue to provide services that are beneficial to them and the Filecoin network. The two goals of Filecoin asset exchange products are:
1. Reduce or eliminate the expensive borrowing problems faced by node participants when trying to obtain FIL. We hope that reducing the volatility of this cost will help them develop their business.
2. Cooperate with different groups to encourage small and large mining companies to establish a stable and sustainable business.