Force Research | Filecoin unpopular knowledge literacy

Filecoin mining is relatively complex in design. At the beginning of the new year, let's take a look at what little-known knowledge there is? What key data does it play? This will help us better plan for the new year. The main contents are: DataCap, baseline and income, investment release and selling pressure.

DataCap: In the initial trial stage

, Filecoin Plus selects notaries and distributes DataCap through notaries in seven regions around the world. It is still in the early stages, and the notaries have distributed 14 DataCaps, nearly 1.5PiB. The main function of DataCap is to help expand the original value computing power of valid data. However, the rewards and penalties for this part will also increase accordingly, and only the gas fee and hardware costs will be saved. In addition, this part of the computing power cannot be extended, and DataCap needs to be applied to the notary again when it expires.

Filecoin Plus progress, source: Filecoin blog, 2021-01

The key points of this part are as follows:

• The distribution process of the notary and the use of DataCap by Filecoin Plus participants are supervised by the entire network. Once unfairness is found, it will be invalidated. The overall process is still in the early pilot stage;

• DataCap is nearly 1.5PiB. Once all invested, there will be nearly 15PiB in the total network scale, which accounts for less than 1% of the total network scale. It will take some time before DataCap is fully implemented;

• because the network baseline requires 5EiB by the end of the first year of launch and 100% growth every year, it will need to reach 20EiB on October 15, 2024. Once the scale of the entire network is weak in the later stage, DataCap can be used to expand the scale advantage.

Baseline and income: The baseline part has been released

. As of now, the entire network has reached 2.405 EiB. The baseline part rewards are released synchronously with the simple release rewards after the main network is launched. It is not released until the entire network reaches 2.5EiB. Because the baseline requirements have not been met, the baseline part will not be fully released. Some will be released later after the entire network scale meets the baseline requirements.

1. The current 484918-height network baseline standard: 3.44981712721255EiB

The formula is as follows: b(t)=initial baseline*e^(gt), where initial baseline≈2.50571167981217EiB, e is a constant, g=ln2/31536000, and t is the time distance from the main network to now (in seconds). Readers can calculate it by themselves based on the above formula.

2. 13.946FIL per ticket is generated by baseline rewards.

As of February 9, 2021, each ticket rewards 20.9157 FIL, of which 6.96968676057905 FIL are generated by simple supply and 13.9461132394209 FIL are generated by baseline supply. The SimpleSupplyReward (the portion of simple supply per height) can be calculated using the following formula, and then SimpleSupplyReward/Expected WinCount PerEpoch (5) can be used to calculate the portion of simple supply per ticket for that height.

SimpleSupplyReward formula, source: IPFS Force Zone, 2021-02

It can be roughly calculated that 66.68% of each vote is currently released from the baseline supply. And according to the current network conditions, the baseline reward per vote is gradually increasing (maintaining a 6-year decline in the later period), and the simple reward per vote is in a state of decay (still maintaining a 6-year halving).

Investment release and selling pressure: Compared with before, the official team released 280,000 FIL per day in mid-April.

When the selling pressure was at 265,200 (November 24, 2020), the official adjusted the amount released, as shown below:

Release rules, source: Filecoin github, 2021-02

Based on the above content, it is organized as follows:

Release rules, source: IPFS Force Zone, 2021-02

The above part mainly includes the release of SAFT, foundation, team, and ecology. Before April 15, 648,000 FILs were released every day; after April 15, about 365,000 FILs were released every day. In other words, after April 15, there was 280,000 less FILs released every day.

In general, the Filecoin knowledge system is relatively complex, and only through a deep understanding of the overall situation can a more favorable investment decision be made.

PS: The above is for research and analysis only, not investment advice.