Filecoin will release 25% of blocks to reward miners “stuck in stakes” How difficult is it?
FIL staking is still a problem in the short term, and the establishment of an official lending platform may be the key.
On the morning of the 18th, Protocol Labs posted news on Slack that it may upgrade the FIP-0004 improvement proposal next Wednesday/Thursday.
The main content of the FIP-0004 improvement proposal is “the block reward that the miner previously mined was released for 180 days, but now 25% of the block reward will be released immediately, and the other 75% of the reward will still be released linearly for 180 days.”
Let's look at two things first:
1. In the official Filecoin China group, it can be seen that miners raised questions about economic models to the government.
2. Chu Hang's “complaint” about the official economic model in the circle of friends
In the eyes of the public, it seems that it is true that the official economic model is unfriendly to miners, but this is not entirely true. According to the author's understanding, the miner community is actually not as difficult as they described. Publicly making these remarks is just trying to put pressure on the government and seek more benefits for themselves.
The facts are discussed below:
“test coin” = “real money”
After the main network went live, the government did migrate all sectors in Space Race 1 and 2 to the main network as promised. Not only that, but the stakes and rewards received for these sectors were also moved to the main network (however, the rewards were released after 540 days). Originally, the test coin FIL on the test network would have a certain percentage of replacement relationship with the FIL on the main network. As a result, the official FIL did not branch at all. The FIL on the test network is directly the main network FIL!
The official statement is that the staking of these sectors and the block rewards received will also be transferred to the main network to reward miners who helped stress tests, improve protocols, and prepare for the main network launch throughout the space race.
According to the block explorer, there are now 19 million FIL in circulation across the network. This 19 million FIL is tradable and circulable, and the FIL pledged in the machine has already been deducted.
You need to know that all official private equity and public offerings are released linearly for 6 months, and the daily amount is less than 300,000. Why is there such a large circulation?
The reason is that the test coins during the first and second tests were actually the main network coins, which is equivalent to the miners pre-mining the main network coins for a long time before the private equity release, so most of the FIL currently in circulation in the market actually comes from the miner community.
Miners who “curse the girl” while being “really fragrant”
According to the official block explorer, the current hourly network computing power growth is 145.48T/H, which is about 3.4P per day. It is true that it is much slower than the testnet during which no staking period is required, but the computing power is still growing. The main reason is that now running computing power has become a real money pledge, so no one is fully satisfied with the performance of their machines.
However, the initial increase in computing power had a big impact on the share of miners' effective computing power, that is, FIL output, so in order to guarantee the output of their mining machines, mining machine manufacturers will still use a portion of FIL to pledge computing power, including “complaining” about the official space-time cloud in the circle of friends.
Based on the current 0.187FIL/32G fan blade pledge ratio, the network's computing power growth rate is 145.48T/H, which is about 3.4P/ day. Every day, the pledge requires 20,000 FIL.
With this change in the release rules, the pledge problem can be mitigated
This time, FIP-0004, for mining block reward staking, allows a small portion (25%) of block rewards to be immediately released to miners, while most (75%) of block rewards still need to be released linearly over 180 days.
Currently, the pledge amount for a single fan blade is 0.187FIL, a single T pledge is 5.984FIL/T, and the current single T yield is 0.255 FIL/T.
If you follow this revised economic model:
A single T produced 0.255 FIL/T and released 0.063 FIL immediately, then 180 days after that.
This approach can indeed ease the relationship between pledge and output. It will move the balance between pledge and output forward, but it is still severe.
Effects on the long-term market
In fact, there are quite a few projects to fork Filecoin this time, and there is no shortage of players with strong backgrounds, but overall, miners still chose FileCoin when choosing to “stand”. The main reason is that the government did a good job of “binding” the miners.
Whether it was the inheritance of effective computing power during the test period and the inheritance of block rewards, the miner community “couldn't stop”. In addition, the “25%” immediate release also gave miners a taste of sweetness, but apparently the release of production volume and one-time pledges still did not reach a balance, and FIL staking is still a problem in the short term.
Industry insiders pointed out that what is more critical is the establishment of an official staking platform, which can use stablecoins or BTC or ETH to stake FIL as collateral; this policy of storing valid data is encouraged accordingly to promote the connection between Filecoin and real applications in the real world.
Original title: “Are Filecoin Miners Really Difficult? Official compromise of 25% rewards and immediate release of much-needed staking platforms》
Author: Never Sleep
Source: Wu Says Blockchain Real
