The biggest problem before Filecoin goes online: the shortage of pledged coins requires miners to bear the cost. FIL may be scrambled to rise

Filecoin, which is watched by many Chinese investors, is about to go online, and various controversies are endless on the eve of the launch. A screenshot on the 14th triggered intense discussions in the industry, saying that Diancun’s CEO announced that miners need to buy Fil as pre-collateral before the mainnet goes online, and then there is a rumor that FIL can be borrowed as collateral.

Subsequently, the Force Zone made a timely statement, saying that it would advance the initial pledge portion, which triggered more discussions and mutual attacks.

At this point, the problem of the shortage of pledge coins before the launch was finally exposed . Previously , almost all mining machine manufacturers in the community were looking for FIL test coins, which was also the reason. Filecoin is very popular , but it seems that all companies have stopped promoting and selling mining machines and cloud computing power, which is also due to the shortage of pledge coins to a certain extent. However, this problem is not willing to be exposed because it will affect sales and customer interests , until Diancun punctured the emperor's new clothes .

Diancun responded that, first, this is data calculated based on the parameters of the main network at 8 pm on October 13; second, purchasing the M9 product for full-speed sealing requires a total investment of 350 FIL within 90 days, not a one-time investment, and only 4.8 FIL need to be prepared on the first day; third, miners do not have to buy so much, and do not need to prepare additional pledge coins. Most customers have SR1 rewards, which will be released over 180 days, with 0.5 per day, which can be used for pledge.

Refer to the full text of Diancun’s response: Diancun responds to the dispute over pledged coins

The full text of Diancun’s response also reveals an embarrassing situation: if the official economic parameters of Filecoin are not adjusted, under the current situation, the mining machines of the entire network will basically be in a semi-operated state, because they are restricted by the restrictions on pledged coins and it is impossible for the mining machines to be fully sealed. In other words, under the current policy, Filecoin mining machines are already in serious surplus and pledged coins are in serious shortage.

The controversy over the initial pledge stems from the design of Filecoin, that is, if you start mining, the pledge amount of each fan blade (32G) is approximately the output of the fan blade for 20 days, with an upper limit of 1FIL. In other words, for every 1T of effective computing power you increase, you need a pre-pledge of 32 FIL (in the initial stage).

According to the calculation of Mars Cloud Mining, miners encapsulate 331,250 sectors every day at a rate of 10.6PiB/day. According to the current mortgage demand of about 0.4FIL/sector, the entire network needs to mortgage 133,000 FIL every day. According to the current policy, during the 180-day unlocking period, miners unlock 21,000 FIL on the first day, 30,000 FIL on the 10th day, and 50,000 FIL on the 30th day. Another proposal that has not yet been passed is to unlock 25% immediately, which is 1/4 of 173,000 FIL, about 43,250 FIL. In any case, it is far from the number of mortgage coins, so the mortgage coins in the entire industry are currently in short supply.

Filecoin puts too much pressure on miners, so DianCun will evenly distribute the pressure to the hosting miners. However, this sudden change has caused miners to increase their costs sharply, which inevitably makes them dissatisfied. Considering that Filecoin's incentive mechanism has been adjusted, this situation is unavoidable. It can be expected that other manufacturers may adjust their policies in the future.

Other mining machine manufacturers have different attitudes. 1475 said that relevant policies will be disclosed after the mainnet is launched. Spacetime Cloud said that it will help users provide the initial collateral, and users will need to collateralize themselves after mining coins. All cloud computing customers will be handled by the company. Star Continent said that the policy is similar to that of the Force Zone, and the collateral coins will be paid by the company. The main reason may be the different responses brought about by the size, sales price and strategy.

According to the calculation of Mars Cloud Mining, after the mainnet is launched, early investors unlock and release 351,000 FIL every day, and the official unlocks and releases 182,500 FIL every day, but promises not to sell in the early stage. Investors' FIL will become the source of pledged coins. At present, exchanges such as Huobi, OKEx, and Matcha have launched various activities to welcome the launch of Filecoin. Due to the urgent demand for pledged coins, the FIL released by private investors will be snapped up. It can be expected that the price of the coin will rise, and even a situation where it is difficult to find a coin in the market will occur.

But there is also a problem . The collateral coins of major manufacturers come from their own private placement coins, and some also need to be purchased in the market. If the coin price skyrocket, manufacturers will be under tremendous pressure to purchase pledged coins on their own , and may also have to transfer the pressure to customers or retail investors.

Diancun’s statement also exposed an industry unwritten rule, that is, “If we reduce the sealing speed by 10 times, we only need to submit 0.49 pledge coins per day, so that our pressure to advance pledge coins will be greatly reduced. However, it takes 900 days to fully store an M9, which is not cost-effective for customers. In addition, from the perspective of integrity, we cannot operate secretly without telling customers.”

Many manufacturers have already sold a large number of mining machines and cloud computing power. It is not yet known whether they will adopt this approach if there are not enough pledged coins.

In such a cruel background, some miners are considering forking coins. Wu said that the blockchain previously disclosed <MIX Group Han Weiping announced the fork of Filecoin, which will be launched on September 19 and will see a "fork wave"> and was also named Filecash and officially announced its launch, but there are not many participants at present, and it is suspected that the main network is not fully prepared, and major exchanges have not acknowledged it. Although various circles claim that there are more than 10 teams preparing for forks, after a period of hype, it seems that not many have actually made practical progress.

The problem is that the Filecoin network is very complex, and there are still many official bugs. The outside world is still skeptical about whether the forked coins can be steadily promoted. Because of Filecoin's penalty mechanism, it is impossible to form a machine gun pool similar to POW forked coins. Another platform called fompound has promoted the concept of computing power coins, claiming that it has received support from the Hellofil mining pool and more than a dozen tokenfunds to share costs, but it has not yet been recognized by exchanges or large institutions.

At present, almost all miners are complaining about the strict mechanism of the government, and the excessive benefits to investors and the government itself. But from another perspective, mining machine manufacturers have sold a large amount of cloud computing power and mining machines under the hype of public opinion, and the capital side still has certain strength. After going online, due to the different technologies and strategies of different manufacturers, customers will find that the income gap is large, and rights protection incidents may occur one after another.