Important parameters

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Important parameters

1. Basic situation of Filecoin

The much-anticipated Filecoin project was officially launched on the mainnet at block height 148888 on October 16, 2020.

Filecoin is a decentralized cloud storage marketplace. Centralized cloud storage is popular because of its high efficiency, but there are still problems such as high cost, low security, and privacy leakage. The Filecoin project provides encrypted information storage because of its decentralized cloud storage, which has the advantages of low cost, high security, and full use of idle resources.

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2. Filecoin Token Economy

2. The function of storing files

In order to achieve and optimize the above three functions, the official has designed a series of reward, punishment, mortgage, and lock-up mechanisms.

On top of these three basic functions, in order to stabilize the long-term value of tokens, the official Filecoin team has made corresponding optimization adjustments.

3. The function of retrieving filesIn order to achieve and optimize the above three functions, the official has designed a series of reward, punishment, mortgage, and lock-up mechanisms.

On top of these three basic functions, in order to stabilize the long-term value of tokens, the official Filecoin team has made corresponding optimization adjustments.Pre-stake:

To start the operation of the mining machine, FIL tokens need to be pledged in advance. For every increase of 32G computing power, 1 FIL needs to be pledged, which means that tokens in the entire network are in short supply at the beginning. At present, the computing power of the entire ecology is 594PiB. If the entire network is normally packaged, about 100 million tokens need to be pledged, and the current pledge amount is only 12.41 million FIL, resulting in a large number of mining machines in the entire network not running. This move is like the sword of Damocles. On the one hand, it makes the miners miserable, and on the other hand, it establishes a certain support for the long-term development of the project.In order to allow miners to store stably for a long time, filecoin not only designed a strict windowPoSt, but also made miners pay a huge price when interrupting sector storage services.

Consensus mechanism:Block reward lockup:

Different from the POW mechanism of Bitcoin, the consensus mechanism adopted by Filecoin is the space-time proof in the proof of storage. Under this mechanism, the effective storage space of the miners is the source of competitiveness, which can effectively avoid the energy waste like the POW network.

The main income of miners in the initial stage of Filecoin network operation comes from block rewards and storage rewards. With the gradual improvement of ecological construction, the corresponding proportion of retrieval rewards in the later period will gradually increase, surpassing block rewards and storage rewards.

Token Economic Model

The main income of miners in the initial stage of Filecoin network operation comes from block rewards and storage rewards. With the gradual improvement of ecological construction, the corresponding proportion of retrieval rewards in the later period will gradually increase, surpassing block rewards and storage rewards.

Token Economic Model

3. Competitive product analysis

4. Financing

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4. Financing

The financing of Filecoin is divided into two rounds of private placement and public placement, with a total financing amount of more than 257 million US dollars. The same process as the IPO is adopted to ensure the legitimacy of the financing process. Institutional investors include Stanford University, Sequoia Capital, DCG Group, Y Combinator, A16Z, Union Square Ventures and other top investment teams.

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5. Technical Highlights

The technical highlights of Filecoin mainly lie in the unique consensus mechanism of the project. Proof of space-time (Post for short) and proof of replication (Porep for short) are adopted respectively.

6. Ecological application

7. Team background

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core team

JuanBenet：7. Team background

Marvin Ammori：Filecoin is headquartered in San Francisco, USA. The founder, Juan Benet, graduated from Stanford University. He participated in the famous YCombinator program in 2015 and successfully founded the Protocol Lab.

Colin Evran：core team

Jesseclay burgy：Founder and CEO of Protocol Labs, Master of Computer Science, Stanford University