Golden Observation｜The Rhapsody of Filecoin

Yesterday, Filecoin's big miner incentive plan "Space Race" finally started.

From the frenzy spread a few months ago to today's big miners can finally confirm "really dig out FIL", the miners have been looking forward to it for a long time. The previous few repetitions killed the interest of too many ecological participants, and some progress is needed. Therefore, during this period, ecological participants should be very happy. So today let's talk about some imaginations of Filecoin, an encrypted network?

Filecoin has added an economic mechanism based on the IPFS protocol. Compared with other cryptocurrencies, Filecoin can solve more large-volume data calculation processes. It also means that the original process of not being able to upload more data to the chain due to the limited storage space of the block is solved by the mechanism and protocol of this network.

Golden Evening News | List of important news on the evening of November 23: 12:00-21:00 Keywords: Suzhou, Bank of China, Tether, OKEx, CCB

1. Suzhou will launch a digital RMB red envelope on Double Twelve;

2. BOC Global Strategic Securities Investment Fund purchased 13,000 shares of Grayscale BTC Trust in 2019;

3. Tether printed 12 new banknotes in November, totaling 2.02 billion USDT;

4. CryptoQuant CEO: 0.02 BTC has been transferred from the OKEx wallet or is undergoing a withdrawal test;

5. The Uniswap team has not obtained the right to veto the proposal;

6. UOB, the third largest bank in Southeast Asia, is recruiting for the position of cryptocurrency security administrator;

7. The Ethereum 2.0 deposit contract address has exceeded 300,000 ETH, and the current progress is 57.23%;

8. Zhou Xiaochuan: The digital currency electronic payment cooperation between China and Singapore can start from retail;

9. The Labuan branch of China Construction Bank withdrew its digital bond issuance, and the exchange has begun to return investors' funds. [2020/11/23 21:49:37]

This is what we expect, but how to achieve this goal? Still through the decentralized way, the problem will follow.

Jinse Finance Market Report｜BTC fluctuated within a narrow range, and local market was weak: According to Huobi market, BTC fluctuated slightly and fell today, with the lowest reaching 9092USDT, and local market was weak. The price on the daily chart returned to the 9130USDT range platform, and the MA30 third line pointed downward. In 4 hours, it is in a state of falling wedge-shaped gaining momentum, but its historical market is easy to break through upwards. The 1-hour chart has repeatedly dipped and rebounded, and the bulls may counterattack. As of 10:00, the specific performance of the mainstream coins on the Huobi platform is as follows. [2020/7/1]

Let me first say that a background understanding is that "today's cryptocurrencies are all experiments."

Realizing a Filecoin network is difficult. It’s not like being an enterprise. You may accumulate users for free first, and then find ways to make users pay or receive advertising fees to make money. The initial cost has its source, and there are also requirements for investment redemption in the later stage.

Golden Evening News | List of important news on the evening of March 16: 12:00-21:00 Keywords: Central Bank, US SEC, IMF, Bitcoin

1. Mu Changchun: The Digital Currency Research Institute is taking the lead in orderly promoting the preparation of blockchain standards for the financial industry.

2. The new US SEC proposal may allow private companies to raise funds through STO.

3. IMF: Ready to mobilize US$1 trillion in lending capacity to fight the epidemic.

4. The Block Research Director: The high correlation between Bitcoin and US stock index futures leads to a pessimistic outlook for the encryption market.

5. Opinion: Bitcoin is not the only asset that has plummeted recently, and Asian markets will recover soon.

6. Tonghua County Court adopted blockchain smart contract technology to implement "one-click case filing".

7. A New York State woman was sentenced to 13 years in prison for using cryptocurrency to fund terrorist organizations.

8. Governor of the Reserve Bank of India: The Reserve Bank of India will conduct a long-term refinancing operation of 1 trillion Indian rupees.

9. The Central Bank of Vietnam announced that it will cut the refinancing rate by 100 basis points to 5%.

10. The decline in European stock markets continued to expand. The German DAX index fell by nearly 10%. [2020/3/16]

But if everything is an experiment, the most worrying thing is whether a network can be built in the end, or whether a network can be built for people to use.

Jinse Finance live report Dr. Dao Dinh Kha, director of the Ministry of Information and Communications of Vietnam: The future development of Vietnam needs blockchain and is willing to accept new technologies: Jinse Finance live report, at the Blockchain Festival thousand people conference held by Huobi Pro, Vietnam Information Communication Department Director Dr. Dao Dinh Kha gave an opening speech. He pointed out: blockchain technology is becoming more and more popular now, the future development of Vietnam needs blockchain, we are willing to accept new technologies, this is the fourth industrial revolution, we are willing to listen to the opinions of all parties, welcome the blockchain industry All parties come to invest in Vietnam. [2018/5/24]

When we talk about an ordinary cryptocurrency network, a network is built with computing equipment. The project team develops a client for developers to maintain, and then provides interfaces and development tools for DApp developers.

In terms of responsibility, after completing these tasks, the official project team can be responsible for the normal operation of the network, because it has already done what can be done, but in terms of obligations, the development team still has to work hard to expand the popularity of the network and expand the scope of use of the network .

But what can be done on duty is not easy. Because operating the network is a process that is subject to change at any time, and it is still an uncontrollable thing. This matter can be exemplified by the fact that Ethereum needs to hold the Ethereum Developers Conference every year. The Ethereum ecosystem has so many ecological attempts. However, due to various applications, Ethereum also has various problems.

The same is true for the Filecoin network. At present, due to several delays in the development progress of Filecoin within 3 years, the Chinese community has complained a lot, and the response from foreign communities has been mediocre. And when the network went live, the project team's goals were achieved. Will the rest be handed over to the builders in the ecology?

The performance and service stability of the network are entrusted to the miners, and the maintenance of the token economy is entrusted to institutional investors. Hand over business applications to developers. But will these go well?

The "front loop" that does it all, the momentum is focused on the token value.

The price of the previous fundraising and the transaction price of the exchange are the driving force for investors.

The token price after the network goes online is the driving force for miners and mining machine manufacturers.

The storage payment model of the network is the driving force for application developers.

Low storage cost is the motivation for users to use the network.

All of the above are motivations for institutional investors to invest.

This huge network tending towards the application ecology is attributed to a macro supply and demand model of the secondary market. From this point of view, the core of all cryptocurrencies is also the same, affecting the overall situation.

However, we understand from the characteristics of the project that Filecoin still needs to be expected in terms of application. Filecoin mining is only for network stability and stable service capabilities. The FIL in the mining model still requires network users to pay for FIL. This is the source of motivation for the flow of FIL in the network in addition to mining incentives. If there is only FIL mining incentives, when the price affects the miner ecology of FIL, the network will naturally have ups and downs.

Here we need to look at the needs of enterprises and natural users.

For enterprises, if the Filecoin network is used. A large amount of data migration is required, and it is also faced with changing network status. Therefore, for large enterprises, data migration is difficult to work. It is mainly suggested that some new enterprises and small products (with small storage requirements and interaction requirements) should be tried.

For the needs of natural users, developers are required to develop practical products that allow users to easily access and use them. Today, when Internet services are more convenient, it is still necessary to compete with Internet products. That is to face the pressure of market demand and promotion.

However, the product is only aimed at users in the cryptocurrency field and users who hold FIL, which is also a stable market that is different from Internet users. User perception, habits, and Internet users are more favorable for such applications.

Finally, I would like to say but, but at present, we still don’t want to apply it for the time being, and only hope that mining can proceed as usual after the mainnet goes online smoothly. Because nearly tens of billions of funds have been invested in this ecology, what is urgently needed is a payment channel.

Tags：

Huobi Exchange