Highlights: What does the 32-page Filecoin economic report say

Since the start of the space race on August 25th, the launch of the Filecoin mainnet has entered the countdown stage. At present, all those involved in the Filecoin project are struggling to get the rewards of the space race, and at the same time longing for rich returns after the mainnet launch .

Just today, Filecoin officially released a 32-page "Filecoin Economy" report, which elaborated the principles and rules of the token economic model design.

The report clearly stated: Filecoin provides a blockchain-based market that is expected to revolutionize the global storage economy." The Filecoin market provides a new and secure way for everyone to buy and sell storage. It is hoped that through an unrestricted, decentralized and distributed storage commercialization market, storage users and providers will be directly linked to create the best global storage market, which is different from the existing large cloud storage providers. Its economic model hopes to motivate, restrain, support or punish different behaviors through a set of mechanisms or rules.

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From a macro perspective: the total amount is 2 billion FIL 

With:

5% allocated to the Filecoin Foundation

10% for financing

15% allocated to protocol labs

70% allocated to miners

But note here that there will be 15% of FIL, that is, 21.4% of miner rewards, which will be used as mining reserves to motivate retrieval miners and other types of miners in the future.

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It is reported that Cosmic Mine has completed the first round of financing, which will be used to launch Cosmic Mine and operate Cosmic Mine Rebuild. CosmicMine·Rebuild is a vertical multiplayer real-time astral strategy game, with gameplays such as cosmic starry sky, black holes, and fleets. [2022/6/6 4:06:31]

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According to the National Multistate Licensing System and Registry (NMLS) Resource Center, a money transmitter license in Puerto Rico is required to "perform a service or engage in the activity of receiving any order for payment, including, but not limited to, a bank draft, check, personal money order, or any other The method of remittance or payment, including transfer to the beneficiary by electronic transfer, wire transfer, telephone or any other medium, and which services require the remitter to be processed, transacted, or carried out to pay for the service. (the block)[2022/4/ 20 14:34:48]

The specific usage method will be jointly decided by the community through the Filecoin Improvement Proposal (FIP).

Governor of the Central Bank of Ukraine: Prohibition of issuing electronic money and recharging e-wallets: According to news on February 24, the governor of the Central Bank of Ukraine stated that the issuance of e-money and recharging e-wallets is prohibited. In addition, the hryvnia currency will be provided to the banking system without restrictions, and banks are prepared to refinance loans for up to 1 year without limiting the amount of loans. The central bank prohibits foreign currency purchase operations in the interbank market, and sales operations are not restricted. (Golden Ten) [2022/2/24 10:13:29]

Block Reward Benchmark Minting

The Filecoin network introduces the concept of block reward benchmark minting, which issues tokens by estimating network utility, changing the traditional method of minting tokens purely based on the passage of time.

Release mechanism

The reward release mechanism is: the unlock delay period is set at 20 days + the linear release period is set at 180 days after the delay period.

1, initial pledge

Filecoin miners must invest resources to participate in mining. The number of token pledges is designed to fully motivate the completion of the committed life cycle of the sector and provide sufficient protection for consensus security. The initial pledge is divided into two parts: storage pledge and consensus pledge.

Storage pledge is designed to guarantee the quality of service of the network for users and provide boot guarantee for sectors in the event of penalties. Considering both allowing miners to participate in the network, and allowing for early failures, fines, and fees, the current Filecoin stake amount "is achieved by using an initial Storage is pledged to achieve balance."

Consensus staking depends on the sector's weighted byte computing power (QAP) and network circulating supply, and when the network is at or above the baseline, the target is for approximately 30% of the network's circulating supply to be locked in initial consensus staking.

2. Block reward pledge: reduce the initial token pledge requirements by locking up block rewards.

In order to ensure the quality of stored data and reduce the initial pledge that miners need to provide, Filecoin allows unlocked block rewards to be used as pledges on the basis of both incentive and penalty mechanisms.

"The block reward unlocking scheme is a short-term delay plus a fixed-term linear release to achieve the necessary sub-linear release. The initial parameters suggest that the unlock delay period be set at 20 days, and the linear release period be set at 180 days after the delay period." Penalty The fee will be deducted from the earliest unlocked lock block reward first, and then to the miner's account balance.

3. Pledge of storage transaction providers: An incentive mechanism is established between miners and users to make miners stand out in the market.

Sector Fault Fee: Equivalent to 2.14 days of estimated block rewards.

Sector Fault Detection Fee: Equivalent to 5.00 days of estimated block rewards.

Sector Termination Fee: Estimated number of days a sector has received block rewards, up to 90 days.

Network transaction fee: Based on the dynamic fee structure of network congestion.

Finally, the official emphasis in the Filecoin economic report: Filecoin is a cooperative economy that continues to evolve over time. But these future improvement meeting proposals are in the form of detailed explanations of how these proposals benefit the long-term interests of the Filecoin economy and each participant. As the network grows, it is critical to create an economy that can operate independently and robustly without the need for extensive tools and subsidies.

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