Filecoin announces token distribution details: 70% is distributed to miners as mining rewards

According to Blockbeats, on August 28, the distributed storage project Filecoin released an "Economic Report" detailing the token economic model.

The distribution details of Filecoin tokens are as follows: The upper limit of minting is 2 billion filecoins, called FIL_BASE. In the Genesis block distribution of Filecoin, 10% of FIL_BASE is allocated to financing, of which 7.5% was sold in 2017, and the remaining 2.5% will be used for ecological development, subsequent financing, and other purposes described in 2017.

15% of FIL_BASE is allocated to Protocol Labs (including 4.5% to the lab team and contributors), and 5% to the Filecoin Foundation.

The remaining 70% is distributed to Filecoin miners as mining rewards, "for providing data storage services, maintaining the blockchain, distributing data, running contracts, etc." Over time, these rewards will support multiple types of mining, so this section will be broken down to cover different types of mining activities.

Storage Mining Rewards

Storage miners are the only group of miners that are assigned incentives when the network goes live. This is also the earliest group of miners, and they are also responsible for maintaining the core functions of the protocol. Therefore, the largest part of the mining rewards is allocated to this group, 55% of FIL_BASE (78.6% of mining rewards) . This part of the reward is mainly issued by block rewards, which is used to reward maintaining the blockchain, running contracts, and subsidizing reliable and useful storage. This part will also cover early miner rewards, such as rewards in the space race and other potential storage miner startup programs, such as faucets.

Mining Reward Reserve

To build a robust economy, the Filecoin ecosystem needs to ensure that all miners are incentivized (such as retrieval miners, maintenance miners, and future, yet-to-be-unknown categories of miners). To ensure that the network can provide incentives for other categories of miners26, 15% of FIL_BASE (21.4% of mining rewards) is reserved as a mining reward reserve . The community can decide how to distribute these tokens in the future through Filecoin Improvement Proposals (FIPs) or similar decentralized decision-making methods. For example, the community can decide to set up rewards for retrieval mining and other mining activities. Like other blockchain networks and open source projects, the Filecoin network will continue to evolve, adapt, and overcome challenges for many years to come. Setting aside these token reserves provides more flexibility for future miners and the ecosystem as a whole. Other mining activities that have not yet been subsidized, such as retrieval mining, are also very important to the Filecoin economy, and these mining activities arguably require a higher proportion of mining rewards. Many years later, as the network evolves, the community can decide whether this reserve is sufficient and whether the unmined tokens need to be adjusted.

According to previous reports by Lvdong, Filecoin is conducting a testnet incentive campaign and is expected to issue FIL tokens in late September.