In-depth interpretation of Filecoin's weekly hotspots by Evelan

On December 24, 2020, Evelan was invited to participate in the live broadcast interview of "Shensuan Master Talk", which was exclusively supported by Milin Finance and hosted by independent investor Chen Song, and gave an in-depth interpretation of Filecoin's weekly hot spots. The following editor will share the live broadcast replay and live broadcast key points.

Q1. How will the V1.4.0 version upgrade on December 22 affect the gas fee and miners' income?

Evelan said that in fact, before the official release of Filecoin v1.4.0, the official recently launched the FIP-009 interim proposal for the high gas fee after the mainnet launch, by exempting the basic fee for successful WindowPoSt messages, and successfully implementing The gas fee consumed by the WindowPoSt step is returned to the miners, reducing the gas fee burden of miners, especially small miners.

In this regard, Evelan took the divine calculation pool as an example, saying that after the introduction of the FIP-009 provisional proposal, the daily output of miners increased by about 10% compared with before, which not only guaranteed the mining income of large miners, but also ensured the survivability of small miners .

Evelan also said that the current FIlecoin official news channel is divided into two levels: one is internal control, that is, node information control; the other is data channel, that is, when the traditional sealed data goes through the data channel, miners participate in the competition according to the principle of high price. Regardless of internal control or data channels, the official ultimate goal is to allow all nodes in the Filecoin network to survive and make the Filecoin network develop healthily. In fact, from the recent official updates of Filecoin, we can see that the officials are paying close attention to the development of the entire Filecoin network, and follow up and correct problems in real time, so that the Filecoin network is in a healthier and more stable state.

Regarding the gas fee problem, Evelan believes that in the long run, the gas fee problem of Filecoin will definitely be resolved, but simply reducing the gas fee expenditure is definitely not the best solution. The most important thing is to improve TPS, stimulate the enthusiasm of miners, play the role of gas fee incentive and adjustment, and fundamentally solve the problem of network congestion.

Q2. Will the recent drop in the price of FIL affect the enthusiasm of miners?

Evelan said that the rise and fall of the FIL currency price is a normal market phenomenon. After the mainnet of Filecoin was launched, FIL was also listed on major exchanges and began to circulate. FIL is affected by multiple factors such as currency dealers and users in the secondary market, and its price is no longer restricted by its own application. The magnitude is also expected. At present, the rise and fall of the FIL currency price is still in a normal range, and in the long run, the "normal" decline of the FIL currency price is more conducive to the development of the Filecoin ecosystem:

1. The high price of FIL will lead to high mortgage costs for miners to buy coins. When the mainnet was launched, the unit price of FIL was 200 US dollars, and new miners and new computing power were unwilling to buy pledges to enter the Filecoin ecosystem when the price was so high (Filecoin’s economic model requires pre-stakes, and miners need a large amount of FIL to provide pledges in exchange for effective computing power). The decline in the FIL currency price lowers the entry threshold for new miners and new computing power, attracting more new miners to buy and pledge their new computing power to participate.

2. On the other hand, after the FIL currency price falls, the Gas fees consumed by miners will also be reduced every day, which will help reduce mining costs for miners.

Therefore, Evelan believes that the decline in the price of FIL will not only not affect the enthusiasm of miners, but will also absorb more new computing power of new miners and promote the prosperity of the Filecoin ecosystem. But at the same time, Evelan also said that from the perspective of Filecoin's long-term development, the currency price should not be too high or too low. If it is too high, it will increase the cost of new miners' new computing power to enter the Filecoin ecosystem; if it is too low, it will affect the mining enthusiasm of miners, resulting in The entire network volume cannot increase. As time goes by in the future, the price of FIL currency will eventually move towards a reasonable range, and the demand for computing power and pledged currency will reach a balance point.

Q3. How is the number of pledged coins calculated?

Pledge is the ticket for miners to enter the Filecoin ecosystem. Whether it is mining or undertaking storage orders, FIL needs to be pledged, which is a guarantee for the reputation of miners.

Filecoin has three pledge mechanisms, namely pre-stake, post-stake and market pledge. This issue of Evelan mainly shares the pre-staking.

Pre-stake refers to the fact that miners need to pledge certain FIL tokens in the process of sealing sectors to ensure the normal sealing of data (normal growth of computing power), which includes two parts: the first part refers to the completion of data sealing (PreCommitSector message) A certain amount of FIL needs to be pledged to urge miners to complete the proof process of sealed data (sector); the second part refers to the need to pledge a certain amount of tokens when completing sector proof (ProveCommitSector message). In this process, the first part of the pledge will be released before the sector certification is completed, and the second part of the pledge needs to be released once the sector expires (the official default is 540 days).

Regarding how to calculate the pledged currency, Evelan also explained in the form of a formula:

The amount of FIL pledged in the first part is20 days*rewards per sector/day；

The amount of FIL pledged in the second part is30% of the FIL circulation in the entire network * the effective computing power of the sector, and then divided by the network baseline or the effective computing power of the entire network。

Therefore, the amount of FIL pre-staked is the sum of the two pledges. The formula is:20*rewards per sector/day+30%FIL circulation*sector effective computing power/network baseline or the maximum effective computing power of the entire network。

The current main network data shows that the daily average mining income is 0.15FIL/TiB, and the baseline is 2.5EB. Due to the small probability of the sector’s computing power dropping during the coin mining process, the single T income has changed from the initial 0.2FIL/TiB to the present The 0.15FIL/TiB shows that the consumption is low, but the circulation of the whole network is getting bigger and bigger. For this reason, miners are worried about whether the pledged coins will rise when the total computing power of the entire network increases more than the release ratio?

In this regard, Evelan made an analysis: It is estimated that the first network baseline will be reached in about 60 days, and the total circulation of the entire network will exceed 2.5EiB. Model, a single T pledge requires 13 FIL; after 365 days, the FIL required for a single T pledge will decrease, and 8-9 FIL will be required by then. It can be seen that the currency that needs to be pledged for a single T is closely related to parameters such as the total capacity of the entire network, the profit of a single T burst (the profit of a single T burst is related to the network baseline), and other parameters. According to the Filecoin economic model, when the network baseline is reached, the released FIL reaches the highest value. It can be seen that the capacity of the entire network on the day of the Filecoin network failure was only 800 TiB, so only 4-6 pledged coins per T were required on that day. It can be seen that the capacity became smaller and the pledged coins also decreased accordingly.

Q4. How did the Shensuan mining pool deal with the official bug on 12.20?

Evelan said that most blockchain projects will always experience various failures during the operation and maintenance process. This is a normal situation, and the market should not panic too much. When a failure like this occurs, Evelan recommends "response to all changes with the same", which is how the Shensuan mining pool responded to the Filecoin bug on December 20.

First is unchangedSecondly,

Secondly,follow the official. For example, after the failure of the entire Filecoin network this time, Filecoin officially launched a new version v1.4.0. At this time, miners should upgrade the new version immediately to avoid more losses.

Finally, Evelan said that as a comprehensive solution service provider focusing on Filecoin mining, Shensuan Mining Pool has strong technical strength and rich operation and maintenance experience, and has the strength and ability to protect the interests of customers from damage. In this Filecoin network failure, among the customers served by Shensuan Mining Pool, although some customers lost their computing power, under the coping strategy of "responsible to all changes with the same", the lost computing power of customers was also quickly eliminated. Get it back without causing substantial loss to the customer. This also verifies from the market level that the Shensuan mining pool has professional operation and maintenance capabilities, which is a great affirmation of the Shensuan mining pool.

After the Filecoin mainnet was launched, whether it is the drop in the price of FIL or the high gas fee, it has been attracting the interests of the majority of miners. I believe that the interpretation of this issue will make most users understand the recent official proposals of Filecoin and the pledged coins. Computing has a more in-depth understanding.