Not long ago, ETH Global and Filecon hosted the Storage Market Summit (SMS), which mainly discussed the topic of "Collaborative Resources and Risk Management in the Filecoin Ecosystem". The following is the main content. From quality indicators to reputation The following is a summary of a presentation given at SMS by Michael Zargham, CEO and co-founder of BlockScience. The Filecoin network stores a lot of data, but it also generates a lot of data. With all the distributed, heterogeneous data available, we need to study how to use this data to build a richer and healthier ecosystem. We are solving the problem of how to obtain quality indicators and reputation in the Filecoin network. When we use data from any network for decision making, there are a lot of processes that happen. You take raw, low-level data and elevate it to a level where network participants can interpret and act from it. One question we ask ourselves about Filecoin is: “How do we achieve the same performance and quality of public data on an open network? We need network participants to be able to confidently interpret and act on the data they get from the network. We already know some of the most important ones: Lenders decide how much FIL to lend based on transaction verification status; Underwriters decide which loans to underwrite based on the distribution of faults; Storage clients decide which miners to trade with for uptime; Miners have developed strategies to increase their return on investment through growth in transaction capacity; Insurance companies decide which miners to insure based on the volatility of storage capacity.
All of these decisions should be made in a data-driven manner. No one owns the data at the storage or analytical research level, so we expect to see a growing provider base for this type of analysis. Codefi Storage and DeFi Bridge Here are excerpts from a talk given at SMS by Corbin Page and Mike Alonso of ConsenSys Codefi. ConsenSys Codefi builds financial applications within the ConsenSys product suite. One of our product modules, Codefi Networks, is focused on helping decentralized networks get off the ground in the months following mainnet launch. In its infancy, any new market struggles to find optimal pricing and market segments. In the Filecoin ecosystem, some of these segments are Filecoin, Filecoin Plus, Reputation, Miner History, and more. We built the Filecoin Storage application to provide the ecosystem with a product that accelerates the price discovery process. Reputation in the storage market is composed of the following: storage size (capacity), number of failures, general pricing of storage, and number of successful transactions. We see reputation as an evolution. We see comments from miners and network participants and iterate based on the needs of storage providers. Filefiin’s Codefi storage is launching with the following features: Warehousing Price Discovery The reputation of the storage provider Storage Provider Transaction History Top Network Metrics Accessible via API Check Codefi Storage at storage.codefi.network
DeFi Bridge helps bridge FIL to the DeFi ecosystem and its full capacity on the Ethereum blockchain. DeFi Bridge allows users to convert FIL to wrapped FIL. Recently, we launched renFIL through RenVM. Users send FIL to the deposit address, wait for confirmation, and then receive renFIL in your wallet. Users can also do it in the opposite direction. They can borrow renFIL on the decentralized market and convert it to FIL to use on the Filecoin network. Our goal is to connect FIL to the spot market, loan market, derivatives market and other markets to give FIL holders more options. In particular, we hope to allow FIL to enter the decentralized lending market on Ethereum to provide greater FIL access to network participants such as miners who need more funds. The Codefi DeFi Bridge for Filecoin is launching with the following features: Convert Filecoin → Filecoin (renFIL) Convert renFIL → Filecoin Borrowing people Borrowing renFIL DeFi Market API Open to any DeFi user View DeFi Bridge at bridge.codefi.network
The following is an excerpt from a presentation given by James Slazas, co-founder of DARMA Capital, at SMS. DARMA Capital (Digital Asset Risk Management Advisors) is a commodity pool operator. DARMA is registered with the CFTC and is a member of the NFA. What we really want to convey is the recognition that DARMA has created the Filecoin FIL asset exchange. Our goal is to enable miners of all sizes to use FIL tokens and avoid some of the very high lending rates that appear in the lending market. An asset swap is basically a derivative contract between two counterparties. The two parties exchange cash flows or assets and the swap agreement always remains in balance. Today, the lending market ranges from being able to borrow FIL at 1% per day to 100% annually. In order to help the ecosystem grow, we have partnered with Protocol Labs and the Foundation to be able to offer this product. We essentially consider this a “down market” product, just to encourage growth and capacity of the Filecoin network. We are building this relationship with miners to better understand their business models and continue to provide services that are beneficial to both them and the Filecoin network. The two goals of the Filecoin asset exchange product are to reduce or eliminate the expensive borrowing and lending issues that miners face when trying to obtain FIL. We hope that reducing the volatility of this cost will help them run their business. Working with different groups to encourage both small and large miners to build robust and sustainable businesses. |
