As a new data storage and distribution network, the mission of the Filecoin network is to create a distributed, efficient and powerful foundation for human information. The Filecoin network will achieve this mission by incentivizing the continued growth and development of its economy. In general, the Filecoin network is relatively complex and not so easy to understand. Today, let's first understand the definitions of Filecoin network-related terms so that we can better understand the Filecoin network.
Sectors are the basic unit of storage on Filecoin, with a standard size (32 GiB for one sector, 1 TiB = 32 sectors) and a clear commitment period, similar to containers in global freight to provide digital storage services. The life cycle of a sector is determined by the storage market, and the commitment period of the sector is clearly defined. Raw Byte Power: The raw bytes of a sector are its sector size. Weighted byte computing power: raw byte computing power * sector quality multiplier, which is also the consensus computing power (effective computing power). Sector time and space: determined by the sector size multiplied by the sector commitment period (in byte-epoch units). Transaction order weight: The weight of transaction orders of verified users in a sector is called the verified transaction order weight, which is greater than the weight of ordinary transaction orders. Transaction order quality multiples: Different transaction order categories (committed capacity, ordinary transactions, and verified user transactions) have different quality multiples to distinguish rewards. Sector Quality Multiplier: Sector quality is assigned when a sector is activated ( the epoch in which miners begin proving that they are storing files). The sector quality multiplier is calculated as the average of the transaction quality multipliers , weighted by the amount of spacetime each transaction type occupies in that sector, using the following formula: In the design of the Filecoin network, the coefficient of committed capacity is 1, the coefficient of ordinary orders is 1, and the coefficient of verified user transaction orders can reach 10. Gas can be regarded as the fuel of the Filecoin blockchain, just like car fuel, so Gas is also called gasoline fee. Gas on the Filecoin network means that the message sender on Filecoin must pay for the fuel consumed by the execution of messages on the Filecoin blockchain. GasLimit : As the name suggests, this is a limit on the amount of gas that can be used and specified by the message sender . The sum of GasLimit of all messages included in a block must not exceed Block GasLimit . GasFeeCap : This refers to the maximum number of tokens that the message sender is willing to pay to send a message in a block. When sending a message, the message sender must have a minimum balance equal to GasFeeCap multiplied by GasLimit, even if not all of the balance will be consumed. GasPremium : Priority fee, which is paid to miners who produce blocks at a price per unit of GasLimit. This is subject to the GasFeeCap limit, with BaseFee having a higher priority. This is in attoFIL/GasUnit and can be as low as 1 attoFIL/GasUnit. BaseFee : This is a variable that can be dynamically adjusted based on the sum of the GasLimit of all messages in the previous tipset set. It will increase when the total GasLimit exceeds the GasLimit target of a block, and it will decrease when it is lower than this value. Q: Why is there benchmark casting? A: Filecoin tokens are a limited resource. Just like consuming any public pool resource, the rate at which tokens are generated in the network should be controlled to maximize net benefits to the community. The purpose of benchmark minting is to reward participants based on the storage provided rather than simply rewarding them exponentially based on joining time, and to maintain a relatively stable block reward for a longer period of time based on network utility valuation. Q： Why is there an initial pledge? A: First, the initial pledge ensures that miners have enough pledge to accept penalties if they violate their sector commitments before receiving any block rewards. Second, staking rights on the network ensures the security of the consensus mechanism.
Q： Why is there a block reward lock? A: In order to reduce the initial staking requirements of sectors, the network takes all the unlocked block rewards of the sector as collateral. However, tracking the block rewards of each sector is difficult to scale, so the protocol tracks the block rewards obtained by each miner and unlocks the block rewards linearly in a fixed time. Q: Why is there a minimum sector lifecycle?
A: Currently, submitting sectors to the Filecoin network requires a computationally intensive "packaging" operation. The longer the lifecycle of a sector, the lower its amortizable cost. In addition, submitting sectors involves on-chain transactions and requires paying gas fees. These transaction costs will be subsidized by block rewards, but only for sectors that contribute to the network and have a long lifecycle. Q: Why is there a sector failure detection fee?
A: If a sector is temporarily damaged, storage miners should proactively detect, report, and repair the failure. Sudden service interruptions are not only harmful to users, but also indicate that the failure may not have been discovered early enough and may not be fully recovered. Finally, dishonest storage miners may have some brief opportunities to evade detection and receive rewards despite their suspension of service. For the above reasons, miners will be subject to larger penalties when the network detects undeclared failures. Q: Why is there a sector termination fee? A: The ultimate goal of the Filecoin network is to provide useful data storage. Unreliable data storage use cases (which may disappear without warning) are much rarer than reliable data storage use cases (which must be guaranteed in advance to be maintained within the agreed time). Therefore, in most cases, as long as the committed sectors disappear from the network, most of the value provided by these sectors is offset. If there is little loss in terminating active sectors compared to the benefits obtained by storage miners, then this will be a negative externality of the lack of effective management of the storage market, and the sector termination fee internalizes these costs. Q: What is the adjusted Filecoin token distribution plan? A: The Filecoin project itself has the elements of a public chain. The token it issues is called FileCoin, and its symbol is: FIL. The total number of tokens is 2 billion, and its distribution plan is as follows: Miners: 55% , released linearly through block rewards, used to reward maintaining the blockchain and running contracts; Miner Reserve: 15% , used by the network to provide incentives to other categories of miners, such as retrieval miners and maintenance miners; Protocol Labs: 10.5% , used as the R&D and operating expenses of the Protocol Labs team, to be released linearly over 6 years ; PL team contributors : 4.5% , mainly referring to the Protocol Labs team and other major contributors; Investors: 10% , allocated to investors participating in private and public offerings, released linearly over 6-36 months; Foundation: 5% , used as the cost of long-term community construction, network management, etc., to be released linearly over 6 years;
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