The Force Intelligence Agency | Filecoin consensus’s beautiful vision for Web3.0

This article is written by IPFS Force Zone

Written in front:

There are no roads in the world, but when more people walk on it, it becomes a road; there is no strong consensus in the world, but when more people mine, a consensus is formed.

I have recently been learning about early BTC investors, and indirectly about the form of consensus. The process is roughly: from investing in BTC, experiencing the baptism of the dividend period in 2013 and 2017, to finally becoming a BTC Holder and preaching BTC. The formation of consensus actually requires a long process. Currently, BTC is the token with the strongest consensus among cryptocurrencies. In other words, it has the most Holders and its price is relatively stable.

Then Filecoin consensus is also gradually forming. Although the main network has not been launched yet, it is not possible to test how thick the consensus armor is, but there are some signs of consensus formation in many popular conferences recently, especially the POW'ER Summit. As more and more people participate in mining, more and more people gradually get involved. Whether it is investment or true consensus, a reasonable process is needed. What currently binds everyone together is the "Filecoin money printing machine". After 3 years of Filecoin, how can we go from "sadness" to "joy"? Can the "Filecoin money printing machine" make blockchain from virtual to real?

Perhaps some questions can be answered at this POW'ER Summit. The main issues of concern this time are: Filecoin has been postponed again, and the token economy has not yet been fully determined. How should we deal with it? How far is the range of DeFi's spent force? What other potential hot spots will be detonated again?

What are people talking about in this popular conference?

The author thought that the market would arrive later this year, but little did he know that the national blockchain week has already started. It started with the Chengdu World Mining Conference to kick off this year's post-epidemic mining exchange, followed by Hangzhou Blockchain Week, Zhengzhou Blockchain Week, and Mars POW'ER. In normal operation, the booths are always dominated by exchanges, but recently there is a newcomer - Filecoin mining service provider. In fact, Filecoin is an old fighter, but it has risen again because of the greater chance of launching the main network this year. The market is still concerned about the following issues:

1. Online time;

2. The difference between mining machine manufacturers or mining pool manufacturers and the price difference;

3. When and how much profit can be achieved;

4. How will the Tongzheng economic model develop and so on.

In general, investors this year have a better understanding of investment and are more aware of investment returns and risks. They do not have the risk requirements of "low risk or even no risk (capital preservation) and guaranteed high returns" as in the past. Most of them ignore the risk sector and acquiesce to advance and retreat together with the service providers.

There were no cute 2D girls at the scene this time, but there was a very~indescribable bronze statue of an uncle from the Republic of China. Although it lacked the eye-catching stunningness, it created a somewhat humorous atmosphere for the booth.

At the same time, the editor also came into contact with some interesting things: investors with hundreds of millions of mining machines also showed up, and they were very open-minded. They said they were optimistic about the track, believed in the strength of the miners, and would advance and retreat with the platform; there was also sharing of the results of achieving one million Filecoin futures transactions. From this, it can be seen indirectly that the traditional capital market is also quietly entering the Filecoin market, and large transactions are taking place behind the scenes.

At the same time, we also encountered some new hot spots: NFT - non-fungible tokens, similar to Ethereum's ERC721 mechanism. CryptoKitties was once very popular because of the use of NFT, but later it fell into obscurity. This year, some people proposed that NFTs such as artworks and collectibles can be tied to DeFi, combined with hot spots to achieve mortgage lending and other purposes to achieve capital turnover. However, some opponents also said that the liquidity of NFTs of a certain DeFi project may be low, making it difficult to achieve pricing.

NFT Artwork (Not Investment Advice)

What did we understand from the summit where the rhetoric was so sharp?

First, let’s refer to the Filecoin venue and the digital finance special session. Although they are separated by a wall, there is a sharp contrast in the number of participants, which shows how popular Filecoin is.

(Left) Filecoin conference site and (right) digital finance special site

Next, let’s look at the core ideas of the experts:

Li Xin: The expected consensus is currently relatively ideal

Li Xin, Chief Technology Officer of the Force Zone, delivered a personal speech entitled "IPFS Token Mining and Ecosystem Construction" and said, "Filecoin's proposed expected consensus is a more ideal consensus mechanism, which has not yet achieved the original vision. It believes that the ideal consensus mechanism is that everyone can produce blocks on time in each round under random circumstances."

Li Xin: Ignite the Economic Model

Li Xin pointed out at the roundtable that, at present, the NSE algorithm is not good for the entire ecosystem, because there is not enough effective data and real data involved in storage in the current ecosystem. The increase in low-cost NSE algorithm models will inevitably increase the overall storage space of the network. According to the design of the economic model, the computing power baseline gradually increases, such as 1 EB in the first year, 3 EB in the second year, and 9 EB in the third year. In the absence of so much real data, to reach the computing power baseline, it is necessary to continue to consume its own costs to process data, so that the unit profit is reduced, but the daily consumption cost of miners is increased.

Zhang Chenglong: I hope Filecoin will develop into a technical project

Zhang Chenglong, founder of Yuanliqu, said at the roundtable meeting: "Regardless of whether Filecoin succeeds or not, the distributed storage track cannot be stopped in China. We have invested manpower, energy, time and funds, and this ecosystem will definitely move forward. As for who will win? First of all, the rules need to be transparent. After all parties compete, an ecosystem with benefits can retain people. More importantly, the ecological application must be developed. If the ecology has no application and is just a mining project, it will inevitably go to a dead end. We hope that Filecoin will become a technical project, not a financial project."

Keren: The economic model is only used for testing and is not very useful as a reference

Keren, head of Protocol Labs China, said in his keynote speech on "IPFS Vision and Ecological Development": "Currently, the coefficients of Filecoin's economic model are only used for testing. If miners use this as a result to make predictions, the results they obtain may deviate increasingly from the actual data. Filecoin's governance mechanism is still being tested. When the mainnet is launched, the project will have FIP and EIP like Ethereum. In the future, Filecoin aims to make storing valid data a rational choice."

In general, the main points of the meeting were: Will there be further delays? How will the economic model develop? There were also other hot topics such as investment advice and equipment identification. Behind the wonderful sharing and roundtable, the entire Filecoin ecosystem builders are full of longing for the realization of the beautiful WEB 3.0. The author also believes that all this will be driven by Filecoin.

Tip: Investment is risky, so be cautious when entering the market. This article is not intended as investment and financial advice.