Professionalism and focus, win-win cooperation On August 27, 2020, Beijing time, the Filecoin development team announced the details of the token (FIL) economic model! The distributed storage project Filecoin (FIL) officially released a 32-page Filecoin economic report, which details the principles and details of the token economic model design. According to the Filecoin token distribution rules: The total number of Filecoin tokens is 2 billion, 5% is allocated to the Filecoin Foundation, 10% is used for financing, 15% is allocated to Protocol Labs, and 70% is allocated to miners. 15% of the total token supply (21.4% of miner rewards) will be used as a mining reserve to incentivize retrieval miners and other types of miners in the future. The specific use will be decided by the community through the Filecoin Improvement Proposal (FIP). The Filecoin network introduces the concept of block reward benchmark casting, which issues tokens by estimating network utility, changing the traditional method of casting tokens purely based on the passage of time. The Filecoin team also stated that new features such as maintenance miners, application miners, Filecoin lending, and general smart contracts may be launched in the future. According to IDC estimates (https://www.seagate.com/our-story/data-age-2025/), data storage will grow to 175ZiB by 2025. If hard disks with a capacity of 10TiB that can store this data are stacked together, they can reach the moon (1ZiB = 1 trillion GiB) . Today's cloud storage solutions provide fast, highly scalable, and relatively low-cost data storage. However, the pricing power of storage and services on these cloud storage platforms is in the hands of a small number of companies that provide storage services. The cost of these storage solutions is closely related to the use of the company's proprietary software, APIs, data infrastructure, and servers. This means that storage buyers cannot directly and effectively access storage and must pay for a large number of additional services and features. It is estimated that businesses waste $62 billion each year. (https://www.businessinsider.com/companies-waste-62-billion-on-the-cloud-by-paying-for-storage-they-dont-need-according-to-a-report-2017-11) Buying more storage services than they actually need from large technology providers that offer professional cloud storage solutions. Beyond that, storage itself mostly exists near data centers that are already built or to be built, but these locations are generally far from where the stored data is generated or used. There is also limited choice when it comes to cloud storage providers. Players with large data center networks and strong brand recognition make the barrier to entry very high for new entrants. Migrating data from one provider to another is slow, laborious, and expensive, and interoperability is not guaranteed. We envision a future with standardized interfaces that make it easy for anyone to participate in the storage market as a provider. The Economy of New Cryptography Filecoin provides a blockchain-based marketplace that promises to revolutionize the global storage economy. The Filecoin marketplace provides a new and secure way for everyone to buy and sell storage. We are excited to share the storage economy on the Filecoin network. Essentially, the market is an information processing system that allocates resources through competitive pricing. Filecoin hopes to create the best global storage market by directly connecting storage users and providers through a non-accessible, decentralized storage commoditization market. This distinguishes Filecoin from existing large cloud storage providers. Online marketplaces are a breakthrough in how we do business. Marketplaces like Airbnb, Amazon, and eBay are disrupting physical markets by eliminating unnecessary middlemen and leveraging internet technology. For the first time, buyers and sellers can connect on a global scale to trade services and products quickly, simply, efficiently, and easily. Compared with traditional Internet 2.0 platforms, Filecoin is a more affordable and efficient way to store data. Filecoin is community-driven and distributed, which means that individual storage users and storage miners will compete for transactions based on price, reputation, reliability, retrievability, and latency. The Filecoin blockchain ensures that files are stored in a secure and publicly verifiable manner. Not only that, Filecoin's storage market also utilizes the world's underutilized storage assets. With Filecoin, people around the world can make their unused storage space available to others. This creates a unique sharing economy that can free up large amounts of storage space and bring unprecedented economies of scale to the pricing of storage solutions. Storage on the Filecoin network decouples hard drive space from many of the additional services that are typically bundled with other cloud storage providers. The protocol allows buyers and sellers to trade storage space directly. As a result, users and miners can freely negotiate prices and services. Filecoin provides a secure network and tokens that users and miners can use to form storage contracts in a peer-to-peer manner. Unlike traditional storage providers, Filecoin also offers a unique service: daily cryptographic verification that storage client data is still being stored. This verification allows anyone to provide storage in an unrestricted market while also ensuring that storage users can trust that their data is being stored on the network. We believe Filecoin’s unique storage market represents the future of the storage economy. What it means to participate in the Filecoin economy Filecoin's mission is to create a distributed, efficient, and powerful foundation for human information. The economic design of the Filecoin network aims to effectively reward useful and reliable storage with as few rules as possible by aligning incentives. Many of the mechanisms and incentives of the protocol are carefully designed with only one goal: if participants in the network economy pursue their own interests, the network will continue to grow and develop. In the first iteration of the protocol, storage miners are the core service providers of Filecoin, and other types of mining will be added in the future. Because Filecoin is a global network available to everyone, the demographics of storage mining are very diverse - including individuals, organizations, and enterprises. Storage miners compete and cooperate with each other in the Filecoin network. They compete with each other for storage orders and block rewards, and collaborate with each other in developing the Filecoin storage economy and maintaining the Filecoin blockchain. Given the unrestricted nature of blockchain networks, speculative and exploitative behavior is common, where short-sighted and selfish behavior will harm the network. In order to achieve the goal of a sustainable economy, it is necessary to design a set of mechanisms or rules to incentivize, constrain, support or punish different behaviors. The design of these mechanisms and their parameterization will provide a solid foundation for participants to create a thriving economy. Understanding Filecoin Economics "Creating the Filecoin Economy" introduces in detail the economic mechanism and meaning of Filecoin. The report outlines how incentives can be aligned and useful and reliable storage can be systematically rewarded. The role of each mechanism and their interactions must be considered during the design process. Other economic structures and product services will develop and evolve on top of these. This document explains the specific incentives and economic incentives provided by the protocol itself. It also provides further explanation of how each fee, reward, or penalty in the protocol contributes to the long-term use of the network. This report will explore:- Why the Filecoin network has a strong value proposition
- What does it mean to build an economy and a market based on this business model?
- How the market approaches data storage
- The role of storage users in this market and the Filecoin protocol
- How the protocol retrieves and transmits data
- The role of the Filecoin token as a medium of exchange in the economy
- The current economic structure and preliminary parameters of the Filecoin protocol
- Key improvements planned to drive future network development
Copy the link to download the full report https://filecoin.io/zh-cn/engineering-filecoins-economy-zh-cn.pdf https://filecoin.io/engineering-filecoins-economy-en.pdf You can learn about the activities of the Filecoin community by checking out the Filecoin project on GitHub (https://github.com/filecoin-project) and viewing community resources (https://github.com/filecoin-project/community). Please stay connected with us on the Filecoin Slack (https://filecoin.io/slack). |
