Professionalism and focus, win-win cooperation Most blockchain networks require an upfront investment of resources to participate in consensus. The more computing power a node has on the network, the greater its share of total resources it needs to own in terms of physical resources and/or collateral. Filecoin must achieve security through dedicated resources. Therefore, by design, Filecoin mining only requires amortized, cheap, and easily repurposed commodity hardware (as opposed to ASIC hardware), which means that the protocol cannot rely solely on hardware as an attacker's capital investment. Like proof-of-stake protocols, Filecoin also uses pre-collateral, which is proportional to the storage hardware staked. This is effective and necessary: attacking the network requires both acquiring and running hardware and acquiring large amounts of FIL. In order to meet various collateral requirements with the least burden on nodes, Filecoin is designed to include three different collateral mechanisms: The first is the initial pledge (sector pledge), which is the block reward as well as the storage transaction provider collateral. The first is the Filecoin initial pledge that the node must provide to each sector. The second mechanism is to reduce the initial token commitment by granting block rewards over time, that is, most of the block rewards are staked and released linearly. Third, an incentive mechanism is established between nodes and customers to make nodes stand out in the market, that is, the pledge of market order fees is stored and then released linearly. Filecoin nodes must commit resources to participate in economic development; the protocol can use the node's stake in the network to ensure rational behavior benefits the network, reward value creation and punish malicious behavior with drastic measures. The size of the deposit is designed to fully incentivize the realization of the industry's promised longevity and provide sufficient consensus security. Therefore, the initial staking function consists of two parts: storage staking and consensus staking. Detailed document address can be viewed at: https://spec.filecoin.io/#section-systems.filecoin_mining.miner_collaterals.initial-pledge-collateral The source code address can be viewed at: https://github.com/filecoin-project/specs-actors/blob/e195950ba98adb8ce362030356bf4a3809b7ec77/actors/builtin/miner/monies.go#L139 Staking is divided into two parts: storage staking + consensus staking SectorInitialPledge=SectorInitialStoragePledge+SectorInitialConsensusPledge The storage pledge is the estimated reward for the sector for 20 days. The storage pledge required for a 32GB sector is approximately: the mining income per TB computing power of the entire network on that day / 32*20. At present, the mining income per TB computing power is gradually decreasing with the rapid growth of the entire network computing power, and the storage pledge will also decrease accordingly. Filfox browser data as of December 7
The consensus pledge is 30% of the FIL circulation of the entire network multiplied by the effective computing power of the sector, and then divided by the network baseline or the effective computing power of the entire network (depending on the maximum value, the current network baseline is much greater than the effective computing power of the entire network). The FIL circulation mainly comes from the direct release of block rewards, and the linear release of block rewards and multi-signature accounts. The current daily release increment is about 500,000. Filfox browser data as of December 7 The network baseline here refers to the baseline used to control mining and release, which doubles every year over time. The initial value is 2.5EB (this value is calculated as 2.5+2.5*number of days online/365 within one year of the mainnet launch), and the current value is about 3.05EB. At present, the growth rate of FIL circulation is faster than that of the network baseline, so the consensus pledge of sectors will show an increasing trend in the future. In the long run, the total supply of FIL is limited, and the less it is released in the future, so the final consensus pledge will gradually decrease . We can estimate the single T income and pledge situation on the nth day after December 7 based on the data of the recent few days and the above pledge consensus. Since the reference data only takes the data of December 5, December 6, and December 7, the error is large and it is for reference only. Moreover, the gas fee burned by the whole network in recent days exceeds 100,000 (147,903 FIL burned on December 5, and 147,297 FIL burned on December 6), this pattern should not last too long. Currently, the daily increase in the total network computing power is about 15P. When the total network computing power reaches 2.5EB (about 90 days), the daily release will increase and the parameters will change. Therefore, only the changes in the next 90 days are predicted here. For a 32GB sector, the maximum staked FIL will not exceed 1. If it exceeds 1, it will be set to 1. Single T profit on the nth day after 2020-12-7 And sector (taking 32GB sector as an example) pledge estimate From the above data, it can be inferred that in the future (before the total network computing power reaches 2.5EB), mining income will decrease and staking will increase. When it reaches 2.5EB, more coins will be mined every day (7/3 times), and mining income will increase by a step. At the same time, the growth rate of FIL circulation will also become faster, and the staking of each sector will also increase. 2020-12-7 A sector information of node f065103
According to the data selected by the blockchain browser on December 7 at the time of writing, the storage pledge calculated for a single T of the entire network is 0.0996 = 0.1594/32*20, which is slightly larger than the actual storage pledge of 0.0974. The consensus pledge is 0.1481=0.3*50547580*32/(3.05*1024*1024*1024). Of course, there are many factors that affect the Filecoin network. Among them, the Gas fee, which has been much discussed recently, is also a key point. The next article will introduce you to the situation of Gas fees. Don’t miss it~
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