Will the PoC hard drive mining bonus explode soon? | Online Classroom - Lieyun Finance

The 68th Lieyun Finance Online Classroom invited Kent, the head of Xiaomai Mining Pool Operations

On April 2, the 68th Lieyun Finance Online Classroom invited Kent, the head of operations of Xiaomai Mining Pool, who brought everyone a wonderful and informative online sharing.

The following is the sharing record (edited):

Host: Good afternoon, everyone! I am Yu Meng from Lieyun Financial Media and the host of the online classroom.

Lieyun Finance is a vertical blockchain media under Lieyun Group. It has many popular brand columns, such as "Online Classroom", "Hi, Boss!", "Friends in the Mining Circle", etc. Its in-depth interview articles are also highly recognized by the industry. On April 16, 2021, the "Breaking the Circle and Growing" BEYOND Conference hosted by Lieyun Finance will be held in Chengdu. Everyone is welcome to attend!

Today, our "Online Classroom" specially invited Kent, the head of Xiaomai Mining Pool operations. The theme of this issue is: Will the PoC hard disk mining dividend explode soon?

First, please let Kent introduce himself.

Kent: Hello everyone, I am Kent, the head of operations at Wheat Mining Pool. Wheat Mining Pool is a professional mining pool focusing on storage mining. Thank you for your attention.

01

The improvement of PoC consensus mechanism is more thorough

Host: When talking about hard drive mining, many people will think of Filecoin. What do you think is the reason for the recent hot market of FIL?

Kent: The price of FIL has risen rapidly recently, with an increase of more than 600% in the past thirty days, which has indeed brought a lot of funds and attention to the entire storage sector.

There are many reasons behind this, including its production cut on April 15 (output decreased by 43.2%) and the approval of the FIP-14 proposal (sectors will be renewed free of charge for 540 days), which will bring "deflation" expectations to the market.

At the same time, many institutions have entered the Filecoin ecosystem, such as Grayscale launching a FIL trust, some institutions want to use IPFS to store their photos, and many companies are making plans for distributed storage. This has created a relatively continuous market expectation of supply exceeding demand, and this expectation will continue for a long time in the future.

Host: The hot Filecoin market has also ignited the hard disk mining market. Can you tell us about the mining principles of Filecoin?

Kent: Filecoin income includes three parts: block rewards, storage mining, and retrieval mining. In essence, there are two categories. One is to obtain fees by providing storage/retrieval services, and the other is to obtain block production rights and mining rewards through proof of replication (PoReP) and proof of space-time work (POST).

If we simply discuss the consensus mechanism, POST can actually be regarded as an improved version of POS. It uses storage power instead of coin age, which to a certain extent lowers the threshold for ordinary people to participate in mining. However, its mining process requires high-performance AMD CPUs, high memory, etc., which will still exclude a considerable number of miners. On the other hand, it will also use the mortgage mining model, retaining the characteristic of Staking to reduce liquidity.

We say that in fact, whether it is POS or POST, the progress in consensus compared to PoW is still limited. Relatively speaking, the improvement of PoC consensus mechanism in this regard is more thorough, as both use hard disk devices for mining.

02

PoC is a better consensus solution

Host: In the field of hard disk mining, what are the characteristics and advantages of the PoC project?

Kent: OK, PoC means proof-of-capacity consensus mechanism. If Filecoin’s POST is a consensus algorithm derived from the application concept of decentralized storage, then PoC is a better consensus solution born out of the shortcomings gradually revealed in Bitcoin’s PoW consensus algorithm.

Everyone knows that PoW has many problems, such as high energy consumption, which accounts for about 0.2% of the world's total electricity consumption each year. Especially as the price of Bitcoin increases, more people and equipment will be involved, which will bring about serious environmental problems, which is contrary to the mainstream development direction of the world.

For example, due to some problems caused by the competition for computing power, the equipment obsolescence rate is high, and the obsolete machines will become "scrap metal", which is a huge meaningless waste. In addition, the threshold for mining continues to increase, and the node network tends to be centralized.

So, how does PoC solve these problems?

We need to first explain its principle. Let’s put it in plain words: if PoW requires all nodes in the network to perform crazy calculations 24 hours a day, whoever "calculates" the random answer the fastest and most accurately can obtain the right to generate a block, then PoC calculates countless random "answers" at one time and stores them in the node's hard disk device (the so-called P disk), and whoever is selected in the random disk scan will obtain the right to generate a block.

Compared with PoW, this is a process of reverse thinking, which changes everything: mining machines do not need to operate frantically 24 hours a day, so there is no problem of high energy consumption. The fairness of unit capacity avoids the situation of computing power competition. Anyone with a computer can enter with zero threshold, thus realizing true decentralization.

There are some interesting changes: Let's take MASS as an example, which is currently the most mature project using PoC. The MASS consensus engine only takes tens of milliseconds to complete a full-network scan, which means it only takes tens of milliseconds to provide consensus services for a chain. Because of this efficiency, its miner network can provide consensus services for a thousand independent public chains at the same time, thus forming a huge parallel chain ecosystem.

In this parallel chain ecosystem, every miner can choose to provide services for multiple chains within the ecosystem at the same time and receive reward coins to achieve multi-mining.

What’s more interesting is that because the public chains in the parallel chain ecosystem must share the same group of miners to “keep accounts”, there is a natural cross-chain trust between the public chains in the ecosystem. This trust does not need to be based on any relay chain structure. It only requires the improvement of the protocol layer to achieve absolute trust. This cross-chain structure may be the most perfect.

Of course, even MASS, the most mature PoC platform, is still in a relatively early stage. Currently, there is only one chain, MASS Net. Parallel chain multi-mining and cross-chain ecology will be gradually improved this year according to the development progress disclosed by the MASS community.

We know that environmental protection is a very important issue worldwide. PoC storage and mining solutions such as the MASS parallel chain ecosystem will inevitably become the mainstream consensus layer option for many blockchain projects in the future.

This trend is impossible to change. The efforts of various countries, including the recent series of domestic policy directions on carbon neutrality, are merely proving this trend step by step.

Therefore, Mai Chi is very optimistic and believes that MASS will also bring another big explosion in the storage mining field.

03

Xiaomai Mining Pool focuses on PoC track to expand and refine

Host: That’s a very detailed explanation. Next, can you tell us about the Wheat Mining Pool? I know that the Wheat Mining Pool is one of the earliest mining pools to enter the PoC hard disk mining field.

Kent: Yes, Xiaomai Mining Pool was very early in paying attention to PoC projects, especially the attention and research on MASS. It can be said that we are one of the earliest mining pools to join and support the MASS community ecosystem.

Our platform launched the MASS cloud space product at the beginning of 2020. From a small number of users in the early days to a community scale of hundreds of thousands of registered users and tens of thousands of community users, we have continued to serve and created tens of millions of value for users in one year, achieving a win-win situation.

This win-win situation is the foundation of the long-term development that Mai Chi pursues.

We have recently launched FIL's cloud computing power products, and will select more high-quality storage mining projects and launch cloud computing power products in the future. While enriching the product line, we also focus on expanding and refining the field of storage mining. It is our pursuit to make Xiaomai Mining Pool the most trustworthy brand in the field of storage mining.

Host: Okay, thank you Kent for sharing. Finally, can you share with us the welfare activities you have brought?

Kent: Thank you, host. Filecoin’s cloud computing product has just been launched recently, which will have a price advantage. At the same time, MASS cloud space products also have a limited-time and limited-quantity discount of 40% off.

Therefore, today we package the two together as a welfare product and launch it to the friends in this sharing event. Without further ado, here are some parameters:

1T Filecoin full storage cloud computing power for 365 days (priced at 7998 yuan)

The estimated output today is 0.09, and the current FIL price is about 200U (about 1,340 yuan)

50T MASS fully bound cloud space for 180 days (2998 yuan)

Estimated output today is 6, current MASS price is 1.12U (about 7.5 yuan)

These two products are sold as a package, with a total price of 10,996 yuan, and are limited to 100 pieces.

You can calculate the static payback period of these two products by yourself. This year is a hot year for storage mining, and the price-performance ratio is already the highest.

You can click on the link below to purchase:

https://mpool.net/mall/2021402

Host: It is indeed an incredible payback period. Thank you Kent for the benefits and sharing you have brought to us. Our sharing ends here today. Thank you all for your support.

Kent: Thank you, host, and thank you everyone.

1. This article is only for the purpose of conveying information, does not represent the position of Lieyun Finance, and does not constitute any investment advice. Investment is risky, so be cautious when entering the market.

2. Lieyun Finance original articles may not be reproduced without authorization, and infringement will be investigated. If you need to reprint, please contact the official WeChat account for authorization. When reprinting, the source must be clearly indicated at the top of the article, and the official WeChat account and author's signature must be retained, such as the words "reprinted from Lieyun Finance (WeChat account: lieyuncj)".