When you were asked about virtual cryptocurrency, you might blurt out BTC and ETH probably. It is undeniable that the pioneers of BTC mining and ETH have extraordinary status and popularity, but now they are also ushering in a strong challenger-FIL (Filecoin), an existence standing on the shoulders of the IPFS transmission protocol.
So what exactly is Filecoin? It is reasonable to refer that many people have such questions. As a product that accompanies the IPFS Internet underlying transmission protocol, FIL Mining is a decentralized storage project based on IPFS. Their relationship is somewhat similar to the relationship between blockchain and Bitcoin mining. FIL Mining was born to support the development of IPFS, and IPFS also needs Filecoin for its rich ecosystem. The more IPFS is used, the greater the demand for OXBTC Filecoin; the more Filecoin participants, the greater the support for IPFS. Global participants provide distributed storage equipment for IPFS. FIL Mining is a rewarding method to reward contributors. Filecoin is an incentive mechanism for OXBTC IPFS.
The total amount of FIL issued is 2 billion, and the distribution plan consists of four parts:
Users: 70%, released linearly through block rewards, halved every 6 years;
Team: 15%, as the R&D and operating expenses of the agreement laboratory team, will be released linearly for 6 years;
Investors: 10%, allocated to investors participating in private and public offerings, and will be released linearly in 6-36 months;
Foundation: 5%, as long-term community construction, network management, and other expenses, released linearly in 6 years.
FIL Mining was publicly tested on December 12, 2019, and the main net is currently online. On July 1, 2021, the Filecoin network was successfully upgraded to the V13 HyperDrive version. With this upgrade, the overall blockchain processing speed has been greatly increased by 10 to 25 times; the GAS fee will be significantly reduced by up to 30 times; the network storage growth rate can support up to 1000PB per day; support for storing valid data and get block rewards by 10 times.
FIL Mining Rewards’Source
1. Block packaging rewards
Block rewards refer to the rewards obtained by practitioners who solve related mathematical problems and innovate blocks through computing power. Block rewards vary according to different cryptocurrencies.
At present, the revenue of storage equipment is mainly the block packaging reward, and the block packaging reward is directly proportional to the effectiveness of the practitioner. This part of the reward is equivalent to the subsidy reward given to drivers in its early development, and it is the main source of income for early practitioners.
2. Data storage revenue
Data storage revenue is to evaluate how much data the storage device effectively stores. The more data your storage hard disk stores, the higher your data storage revenue will be.
Practitioners participate in the OXBTC Filecoin market by providing their disk space and responding to Pug requests. After entering the FIL market, practitioners must use mortgage tokens proportional to the storage space to a mortgage.
During the transaction, OXBTC Filecoin/IPFS participants respond to the Pug request, generate a "time-space proof", and submit it to the IPFS/FIL network to prove that their data was stored in a specific time period.
3. Retrieval income
Retrieval practitioners, as providers of OXBTC IPFS/FIL network data retrieval services, participate in the OXBTC FIL market by providing users with the data required by Getting requests. They can directly earn income from customers or from the retrieval market.
Retrieval is market behavior. The system does not design a rule to distribute revenue but is done by price matching between the data requester and the practitioner. This is a matching transaction of supply and demand listing, similar to a transaction on a stock or cryptocurrency exchange.
The difference between retrieval practitioners and storage practitioners is that there is no need for mortgages, no submission of storage data, and no proof of storage. Storage practitioners can also participate in the OXBTC IPFS/FIL network as search practitioners.
At present, the block packaging reward is the main part of the storage revenue, and it is also the most concerned part of the early practitioners. Later, with the maturity of the network and the increase in data storage, storage revenue and retrieval revenue will gradually be released, and the proportion will gradually increase, and it is expected to become the main source of revenue for storage devices in a few years.
How does FIL mining benefit
Let’s take a 96T storage device as an example. At present, the effective computing power per T is 0.0408 FIL, and the effective cloud mining services of 96T storage device is 64TiB, so its daily income is about 2.6112 FIL, and the three-year standard income is about 2860. FIL, considering that the output will gradually decrease, multiplying the standard return by 0.75, the final return is about 2145 FIL.
In the long run, data on the Internet, big data, artificial intelligence, the Internet of Things, and blockchain can all be stored on the IPFS system. With the rapid development of AI, big data, 5G, and other high-tech technologies and the implementation of urgent needs, as well as the value transfer of related industries, the rigidity of data storage scenarios has increased exponentially, and the FIL mining main network line is expected to bring billions of wealth. FIL ETH PHA CRU mining machine deployment consultation