The first thing to understand is Filecoin's vision
As a brand new data storage and distribution network, the mission of the Filecoin network is to create a distributed, efficient and powerful foundation for human information. The Filecoin network will achieve this mission by stimulating the continued growth and development of its economy.
The goal of economic structure design is to make participants and network target incentives compatible, and pragmatically reward effective and reliable storage with as few rules as possible.
The Filecoin protocol allows anyone who is willing to participate in the network to join and sell storage. Anyone with sufficient hardware equipment and Internet access can participate in the Filecoin network. The market forces in the Filecoin economy transmit information more efficiently than centralized storage platforms, and will have a faster speed! And there are more nodes, which means we can be faster and more effective after downloading or browsing the website.
Given that the Filecoin economic model is based on data storage, the protocol must generate its own currency. The Filecoin blockchain uses its block reward as the only token, and its role is to subsidize consensus participation on the chain and provide available storage services.
Filecoin is designed to be able to use commercial hardware equipment with low amortization cost and easy to reuse. This means that we cannot rely on hardware alone to increase the attacker's capital investment. Filecoin miners must invest resources to participate in economic development.
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Filecoin also uses the initial token pledge, which is proportional to the promised storage hardware device. This has the effect of each having their own strengths: attacking the network requires not only acquiring and operating hardware, but also acquiring a large amount of tokens.
Storage pledge guarantees the service quality of the network for users and provides start-up guarantees for sectors in the event of penalties. Storage pledges must be small enough to allow miners to join the network, and large enough to deal with early failures, fines, and fees.
That is to say, the pledge currency we need is equivalent to a certain deposit that you need to pay to open a shop on Taobao, which is used to pledge the block reward pledge. The block reward unlocking scheme is a short-term delay plus a fixed-term linear release. To achieve the necessary sub-linear release, the linear release period is set at 180 days after the delay period. Such a mechanism does not often punish miners' account balances, while reducing the requirements for pre-staking and providing a sufficiently large economic deterrent for failures.
In the long run, block rewards decay exponentially over time. The height of each block corresponds to a network-wide storage capacity standard. If the storage capacity of the entire network is not up to the standard when the block reward is generated, some block rewards will be deferred. The reward will not be released until the storage capacity of the entire network reaches the standard.
The benefit of this reward model for the Filecoin network is that the first block reward is linked to the growth of the storage market, preventing miners from exiting the network after receiving a large early reward.
The second smoothing exponential decay model avoids large-scale changes in the storage capacity of the entire network due to the halving of rewards. This pledge model ensures that the loss of customer data in the Filecoin storage market will trigger the miner penalty mechanism to ensure customer information security Secondly, when the miner promises to store it offline, it will lose or lose the remaining linearly released funds. If the miner completely stops the storage behavior, he may lose the pledged coins.