08-10 07:44 - 'Who is forking Filecoin?' (self.Bitcoin) by /u/paulcheung1990 removed from /r/Bitcoin within 6-16min
''' Forking Filecoin is a $500 million to $1 billion business? On July 17, cryptocurrency analyst Bitfool mentioned via Weibo: “Recently, people who forked Filecoin in the market have been undercurrents; as far as I know, there are 4-5 teams. From a strategic point of view, the project Teams, investors, and miners get two of the three to successfully fork; one of the three can steal 5-10% of the market value. Therefore, Filecoin's fork is a $500 million to $1 billion Business." "It's even more awesome, full of courage, and ready to build a team to fork Fliecoin. Well done, famous in the world, poor done, and scorned by thousands of people." Sun Ming, a partner of Fenbushi Capital, mentioned in an interview: "Miners who have invested a lot of hardware resources are promoting the fork of Filecoin. Hu Feng, operating partner of the FILPool mining pool, said: "Currently, big miners have ideas, but it will only be possible after the mainnet is online. Filecoin economic model is not friendly to miners At the beginning of the establishment of the Filecoin economic model, a pledge and reward and punishment mechanism was proposed, which has undergone many adjustments. The last three adjustments have made the mechanism increasingly stringent. In April of this year, the Filecoin project team introduced their thinking on the economic model and refined the reward and punishment mechanism. Miners who complete file storage can get corresponding block rewards, and fail to store files within the promised period will be punished. This fine is imposed on the Filecoin collateral pool (locked funds) provided by each storage miner. Locked funds include a small amount of early FIL tokens and token rewards obtained from miners. Miners need to mortgage a certain amount of tokens in the early stage. If the amount of mortgage is too large, it will cause a shortage of FIL tokens in the early stage. The improvement made by the economic model is to transfer some of the early-stage costs to future block rewards. The severe punishment mechanism made some miners dissatisfied, and some miners commented that the mechanism was too "crude". In May, Filecoin made major adjustments to its economic model. This adjustment raises the threshold for miners to leave. Filecoin continues to strengthen the miner's mortgage mechanism, and part of the rewards mined by the miners will be locked. The penalty mechanism has also been changed accordingly. Only when the task of file hosting is completed can the mining reward be unlocked. If miners want to profit, they need to have strong computing power and be able to provide stable storage services for a long time. If this is acceptable to miners, the recent "pre-mortgage" mechanism has left miners at a loss. "Pre-mortgage" is proposed in the latest Calibration version of Filecoin, which means that every sector encapsulated requires a certain amount of FIL to be pledged in advance, and the pledged token needs to be locked for 180 days and then released in 180 days. The consequence of "pre-mortgage" is that FIL token has worse liquidity in the early stage. A large number of FIL mortgages are required in the early stage, which will force miners to find the official to buy coins, and the long lock-up period causes most miners to choose to sell coins instead of encapsulation. "The miners have put their money in the hardware, where can they go out and buy coins?" Since there is not enough funds to buy coins as collateral, it loses the qualification for mining. Even if the mortgage funds are saved, it is almost impossible to pay back with the small amount of currency in the early period. Sun Ming said: "The mining output is too small, making it difficult for early miners to maintain operations." The adjustment of the economic model continues to compress the income of early miners, and the voice of miners proposing to fork Filecoin is also getting louder. Sun Ming believes: "On the one hand, it is the protest of the miners against ProtocolLabs (requesting it to modify the economic model), and on the other hand, it is also the desperate fight of the miners forced to do nothing." Li Bai posted a circle of friends to express his attitude. As shown below: [link]1 Another very important point is that, according to the current reward mechanism, Filecoin competition in China is tantamount to "college entrance examination". Take the Filecoin big miner test competition as an example, miners can only be rewarded if they are ranked in the top 50 in their area or in the top 100 among all miners. Looking at the situation of Chinese miners, 9 of the top 10 nodes in the world are from China. According to people familiar with the matter, about 80% of Filecoin miners are concentrated in China. The fierce competition can be imagined. Wang Qingshui expressed his concern: more than 90% of miners may not make money. Many miners saw that they couldn't make money, and they had the idea of opening up Filecoin "other tracks". Therefore, the call for a Filecoin fork is the strongest in China. Unaffordable mining costs and thresholds In addition to Filecoin's economic model, another point that miners complain about is Filecoin's threshold and cost. The cost of Filecoin mining input and the technical threshold of operation are beyond the reach of many miners and mines. Filecoin has a severe punishment mechanism, which can ensure the safety of the data party, but at the same time it will bring a high threshold for mining professionalism and operation and maintenance stability. In order to ensure uninterrupted power and no disconnection, it must be hosted in a high-level IDC computer room. In order to ensure mining efficiency, the network, computing power, and storage hardware must not be poor. Therefore, miners need to use a large sum of money to purchase high-end hardware equipment. Instant window-POST verification and submission requires high algorithms and error repair capabilities, and requires professional algorithms and operation and maintenance teams. In addition, the threshold for Filecoin mining may be above 10TB or even higher. Entry mining has a threshold for storage and technical maintenance, and a lot of money is needed to purchase hardware equipment. Earlier, a blogger did a cost calculation. With 30 mining machines as a cluster calculation, the expenditure for purchasing mining machines alone was as high as 6 million. Coupled with the cost of computer room construction, operation and maintenance, Filecoin mining costs may be more than 10 million yuan. Wang Qingshui also mentioned the flaws: “Many ordinary miners and even servers cannot participate, which is contrary to the original intention of the project.” Some people in the community expressed their concerns: "I have invested so much. What if something goes wrong after Filecoin goes online? Wouldn't it be a loss?" So some miners are thinking, can they lower the threshold of mining while ensuring safety? Some miners pointed out that not all mining machines need to be hosted in the IDC computer room, which is costly and prone to waste of resources. If it can be hosted in different computer rooms according to the performance of each type of mining machine, it can not only ensure safety, but also reduce costs. Judging from the interview, many industry insiders are on the sidelines of the Filecoin fork. Li Bai said: "There are many people who have ideas, but few people can put them into action." Wang Qingshui believes that any popular big project will be forked. Are BTC and ETH forked less? But how many forks can surpass the original version? Some miners think that the fork is just talking: "Someone will follow the official game.", "Who wrote the code for you after the fork? Do you dare to use the code you wrote?" The Filecoin fork is "undercurrent". As the Filecoin mainnet approaches, miners' actions will become more frequent, and we will continue to report. What do you think of the Filecoin fork? Please let us know in the comments section. ''' Who is forking Filecoin? Go1dfish undelete link unreddit undelete link Author: paulcheung1990 1: ****ie*.redd***/4l6*p**nn4g51.jpg*width=676&*forma**pjpg&am**auto=*e*p&***c*16a*61e2*0d1a*4*3f9f*9c8*fdfcebfdb*d3 Unknown links are censored to prevent spreading illicit content.
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