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Professionalism and focus, win-win cooperation It is expected that the Filecoin network block height will reach 148888 on October 15th , Beijing time, when the data will be smoothed from the current SpaceRace network to the main network. After three years of hard work, from the concept stage to technical implementation, from test iteration to main network launch, from obscurity to high expectations, now the leapfrog development from 0 to 1 seems to be worth the wait! As of 13:45 Beijing time on October 14, filfox.io data There is still one day left before the mainnet is launched, and the economic model has become a topic of common concern and discussion in the global community. A series of unfamiliar yet familiar terms have emerged again, including economic model, linear release, baseline standard, block reward... and at this moment, with only a few dozen hours left before the mainnet is launched, let’s first understand what the block reward in the Filecoin network is? As we all know, the Filecoin network has a unique economic model design that keeps the rewards between participants consistent and rewards the useful work of Filecoin network nodes. A key component of the Filecoin economy is the block reward , which rewards storage nodes for providing reliable and useful storage capacity and maintaining the Filecoin blockchain network. Most blockchains use tokens to reward nodes that produce blocks for successfully mining new blocks in the chain. Filecoin is similar in this regard. The Filecoin blockchain grows through successive rounds of leader elections, and any node that wins the leader election and is therefore selected to mine a new block will receive a certain number of Filecoin tokens as a block reward. But Filecoin’s block reward system is unique, both in the way it determines who wins the block reward and in the incentives used to earn it. This increases the usefulness of the Filecoin network to nodes and clients and ensures its long-term health. Let’s look at how it works. Earn block rewards by doing useful work Storage capacity is the engine of the Filecoin blockchain network. Nodes gain storage capacity by allocating hard drive space to the Filecoin network through a process called "sealing". Sealing divides storage space into multiple sectors dedicated to storing data on Filecoin. The more storage sectors that on-chain nodes add to the network, the more client data they are able to store, and the more Fil they are eligible to earn. On-chain nodes gain the right to participate in leader elections by providing storage capabilities to the network. Block rewards are awarded based on the storage capacity provided by Filecoin storage nodes, which is based on the quality multipliers of different transaction types in their storage. On-chain nodes receive a block reward proportional to their quality adjustment capacity ; a node that contributes 1% of the network's overall quality adjustment capacity can expect to receive approximately 1% of the block rewards over time. Unlike traditional blockchain proof-of-work, which requires nodes to perform computationally intensive but useless tasks to win block rewards, Filecoin nodes earn block rewards by proving that they provide reliable and useful storage to network clients. Anyone can contribute storage resources to the network and start earning rewards immediately. Additionally, nodes are heavily incentivized to store useful data because cryptoeconomics heavily subsidizes storage for actual customers on the Filecoin network. This incentivizes legitimate use cases and emphasizes Filecoin’s core mission of storing humanity’s most important information. So, for example, datasets that help us study the universe or cure disease can be given more weight on the network. Using block rewards to subsidize real storage The Filecoin network is designed to provide reliable and useful storage to clients. In traditional proof-of-work, blockchain nodes are free to go offline at any time. In this case, they no longer earn block rewards, but are not affected. In contrast, Filecoin on-chain nodes must provide ongoing storage services to their clients in accordance with their contractual agreements. If a Filecoin node goes offline while under contract with a client, it will damage the value of the service to the client and harm the health and reputation of the network. In order to incentivize on-chain nodes to provide stable services, the Filecoin network requires nodes to stake their collective rewards. If a node terminates its contract prematurely or goes offline, the node will be penalized and the collateral will be called "slashing". In this way, the Filecoin protocol uses block rewards to not only incentivize nodes to store data in the first place, but also to store it in a persistent way and abide by their commitments to clients and the network. Storage customers have the right to share the Filecoin network's products and services, which incentivizes meeting customer needs. It is also in the best interest of storage nodes to meet demand and build applications and tools on Filecoin to better meet customer needs. Block rewards based on network utility Many blockchains incentivize early mining by applying an exponential decay model to the rate at which nodes on the chain receive block rewards. This means that early in the life cycle of a blockchain, participation and utility are typically lowest, so mining benefits are maximized. This model incentivizes storage nodes to invest in hardware as quickly as possible during the closed phase of mining. At the same time, it also results in the majority of network subsidies being paid purely based on time rather than actual storage provided to the network. To encourage consistent storage enablement and long-term storage commitment, rather than just fast sealing, Filecoin introduces the concept of network benchmarks. The concept of "network time" is defined based on the progress the network has made in meeting its benchmarks. Rather than minting tokens based solely on elapsed time, rewards are scaled based on elapsed "network time." This preserves the shape of the original exponential decay model, but softens it in the early days of the network. The overall result is that Filecoin's rewards to nodes are more closely aligned with the utility the entire network provides to clients. Specifically, a hybrid exponential casting mechanism is introduced, in which part of the reward comes from simple exponential decay, i.e. "simple casting", and the other part comes from the network baseline, i.e. "baseline casting". The total reward for each period will be the sum of the two rewards. With this mechanism, mining Filecoin should be more cost-effective. Simple casting allocation will disproportionately reward early miners and bring counter-pressure. When more value is created for the network, the baseline casting allocation will cast more tokens. When the network can unlock greater potential, more tokens will be cast to facilitate more transactions, which will increase the value creation of the network and reduce the risk of too fast circulation of tokens. There are many features that can make the economic model more efficient through the baseline and release more baseline tokens. The global community can unite to achieve the following goals: Higher performance Proof of Replication algorithm: with faster verification times, cheaper hardware requirements, different security assumptions resulting in longer sector lifespans, and sector upgrades without the need for resealing.
A more scalable consensus algorithm that can provide greater throughput and handle larger volumes with shorter finality times.
More trading functions: enabling the industry to develop sustainably and stably.
Finally, it is important to note that while the block reward incentivizes participation, it cannot be viewed as a resource to be exploited. It is a common subsidy pool that opens up and expands the network to benefit the overall economy and participants. Below are examples of different stages of the economic model and different sources of subsidies. Block rewards are one of the many cryptoeconomic constructs that Filecoin uses to fulfill its mission of building a reliable and useful storage economy, in which participants convert raw data into valuable storage-related goods and services. Through a unique block reward structure, the Filecoin network can align client incentives with the long-term development of the network ecosystem. |
