Counting from today, there is only less than a week left before the end of the space race. The space race has always been one of the focuses of everyone’s attention on Filecoin. Issues related to the distribution of interests among various players in the ecosystem are actually the formulation of game rules.
In the early hours of September 8th, the Filecoin official account announced an update of the coefficients of the Filecoin economic model, saying it was an "update", but in fact it was more like an official Filecoin adjustment direction for the parameters of the future economic model, releasing many important news and signals.
The content is very short, but it has aroused many discussions in the industry. The original text is as follows:
1. Increase the initial value of the baseline and decrease the growth rate to stimulate economic development more permanently.
2. The 20-day delay in unlocking block rewards will be removed, and the unlocking will begin immediately after mining.
3. The sector fault detection fee and sector termination fee are lowered to reduce the risk of miners’ operation and maintenance.
4. The minimum storage order pledge is lowered, and paid orders are more attractive.
5. The sector failure fee is actually low, but due to consideration of the early stage of the network, it will not be raised temporarily.
Filecoin released the most stringent mining model, 80% of the mining machine manufacturers may eliminate the purchase of cloud computing power, what should I do? (POC Series 5)Filecoin released the most stringent mining model, 80% of the mining machine manufacturers may eliminate the purchase of cloud computing power, what should I do? (POC Series 5)"It was discussed in the current Filecoin economic model that it is extremely unfriendly to small miners, and may even dissuade a large number of small miners, because the return cycle of FIL pledged in the early stage is too long, and the existence of error penalties also makes the process uncertain. factors are further amplified.
The 5 points of this adjustment (we will interpret them one by one later), it can be seen that it is a kind of concession and compromise from the government to the FIL miners. The five points are all good for the miners, especially the long-tailed mining machine manufacturers with more than half of the mining machine equivalent. , without drastically increasing the initial liquidity of FIL, it will stimulate more small miners to participate in mining, which will instead stimulate the demand for FIL in the initial stage of the market.
This wave of operations has not only benefited miners, but also attracted more long-tail small mining factories to participate. We all know that the more players in the industry, the more funds will be attracted to settle in, and this also guarantees the initial value of FIL (pledge demand & price). I have to say that this wave of adjustments is a win-win situation, allowing the Filecoin ecosystem run more prosperously.
This update did not determine the specific parameters, but gave an adjustment direction of the main network economic model. The specific economic model parameters must wait until the end of the space race to determine, because the specific parameters of the economic model are based on the market. For example, the official needs to estimate in advance how many mining machines and how much funds will participate in this market, and what is the strength of everyone’s computing power growth in the market. After the space race, according to the market’s Only the specific situation can determine the final main network parameters.
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1. Increase the initial value of the baseline and decrease the growth rate to stimulate economic development more permanently
Since FIL mining allocates the incremental FIL in the network according to the proportion of effective computing power, this model itself will drop very sharply with the increase of the effective computing power of the network. If in this case Then use the exponential decay mode like BTC and ETH to reward miners, so that the early miners' income will be very explosive, and the later miners will not have enough motivation to enter the market again.
In order to prevent miners from short-term arbitrage and leave the market by stacking machines to dig "top mines", and to ensure that more new miners will enter the market later, Filecoin introduced the concept of network benchmarks to delay the release of block rewards. The basic idea is to increase the block reward size as the total storage computing power on the network increases.
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2. The 20-day delay in unlocking block rewards will be removed, and the unlocking will start immediately after mining
Previously, the official set a 20-day "lock-up period" for the FIL mined by miners, and after 20 days, it needs to be released in 180 days, which fully punishes and restricts miners who want to make short-term profits and flee the market.
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3. The sector fault detection fee and sector termination fee are lowered to reduce the risk of miners’ operation and maintenance
In the previous economic model, the Filecoin network required storage miners to proactively detect, report, and repair sector faults. If a fan blade fault was detected, they would have to pay a fine of the fan blade’s 5-day income, which is the fault detection fee. In addition, if a sector is in the fault state for too long (14 days), it may also receive a sector termination fee penalty (90-day block reward).
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4. The minimum storage order pledge is lowered, and paid orders are more attractive
Filecoin mining is full of regulations and shackles, which is very complicated and even a bit clumsy.
In addition to pre-staking and post-staking, Filecoin miners also have an order pledge. If you accept someone else’s storage order but fail to complete the order, your order pledge will be confiscated. This order pledge has a minimum requirement. Filecoin officially lowered the order pledge. It must have seen a large number of miners who failed orders in the space race. If the order pledge punishment continues, a large number of miners will be discouraged.
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5. The sector failure fee is actually low, but due to consideration of the early stage of the network, it will not be raised temporarily
When a sector is in a faulty state, the Filecoin network requires miners to pay a fault fee per sector every day. The initial value of the sector fault fee is 2.14 days of fan rewards. If it is found that the punishment needs to pay 5 days of fan rewards.
The voiceover of the official sentence is, "Fan blade failure is very harmful to distributed storage. If a fan blade is damaged in distributed storage, the entire file may become invalid. As the designer of IPFS, in the Filecoin incentive model The penalty for fan blade failure should have been increased, so that you miners can pay attention to the seriousness of this problem. However, the network is still in its early stages, and everyone has no idea what level or limit the fan blade failure rate can maintain. It’s easy to judge, so I won’t raise it for the time being, but it will definitely be raised significantly later, miners and friends should pay attention to this issue.”
Finally, to sum up, the signal released by the official adjustment this time is obvious - "lower the mining threshold and attract more miners to participate". How to determine the specific parameters of the final economic model will have to wait until the end of the space race. The official decision will be based on the actual data in the space race. We will analyze them one by one at that time. (Contributing author: Don't Sleep Editor: Wu Shuo Blockchain)
