Blockchain Bus AMA 1475IPFS: Coin Chat Filecoin | Can Filecoin, which has attracted so much attention, successfully take the center stage?

[The following is the live broadcast content:]

In the past few days, Bitcoin has been rising rapidly, and has exceeded 10,000, and is still heading for higher levels. Filecoin, which has been famous since 2017, is about to launch its mainnet, which makes people sigh that it is really lucky. Taking advantage of the hot market to launch the mainnet, I believe many people have silently calculated how great its prospects are. The vision of IPFS is to subvert the traditional http protocol.

What makes miners even more excited is the 4.1 million Filecoin reward plan. What will be the future of Filecoin? Today we invited Shawn Wang, an angel investor of Tianru Technology of Team 1475, to share with us the theme of "Filecoin - Can Filecoin, which has attracted so much attention, make its debut smoothly?"

Q1

Blockchain Bus: What is the reason why Filecoin is so popular now? Is it just hype or does it really have great investment value?

Shawn: From the perspective of the cryptocurrency circle, GitHub's code activity ranking has always been third. Recently, due to its imminent launch, it has risen to first place. It is home to many famous schools, top incubators, and star funds.

From the user's perspective: not limited to the cryptocurrency circle, even in the Internet circle, anyone who needs to use cloud storage may be a Filecoin user, even if they are not in any circle, but just want to share and download some files, or watch some entertainment movies, they may be Filecoin users. That is to say, every normal modern human on the earth may be a potential user of Filecoin. From the perspective of believers, that is, the leeks crowd, I am a leek of Filecoin because I agree with this direction and became an early evangelist of IPFS and an investor in Filecoin mining. But you can see that there are more people who are on the same path as me. EOS took a year and a half to raise $4.1 billion; Gram took about half a year to raise $1.7 billion; Filecoin took only two hours to raise $257 million; if Filecoin is raised like the previous two projects, how much will it raise? So Protocol Labs is really a conscientious team and a conscientious project. Moreover, they came here to do IPFS, driven by a geek spirit, and did not consider using blockchain or doing a Filecoin coin project at the beginning.

Let’s talk about the strategic value and industry status of IPFS: horizontally, it is four-in-one, both virtual and real, and it is a key position in the industry; vertically, it connects the past and the future, and it advances in layers, with unlimited strategic potential.

Looking at the financing scale, the top three in the digital currency industry are: EOS 4.1 billion US dollars a year; Telegram 1.7 billion US dollars; Filecoin 257 million US dollars/2 hours;

In the past two years, I have seen too many public chains. Let alone the second-tier chicken projects, even the first-tier international top public chains, how about Algrand? How about Cosmos? Awesome, right? However, pure public chain projects are similar to operating systems, developer ecosystems, and popular applications. A large number of users and traffic, in turn, support the price of coins. There are too many links, too long cycles, and too much uncertainty. Storage and bandwidth sharing are the most basic, basic, and simple applications on the Internet that almost everyone needs. This makes the cold start risk of this project small, the cycle of ecological cultivation is short, and the risk is much lower than that of pure public chain projects. Moreover, it is both virtual and real. Unlike BTC, which relies on consensus and belief, Filecoin directly corresponds to hard disk space, has real use value, and has physical storage mining machines, as well as the bubble value of the secondary market of coins.

Q2

Blockchain Bus: The Filecoin testnet reward plan has been released. How are the preparations for the 4.1 million filecoin reward plan going? What technical preparations have been made? Are you ready to participate in the reward plan for non-Chinese regions?

Shawn: 4 million Fil will be distributed across six continents around the world. There are two changes compared to the previous plan: 1. The incentive intensity has been significantly increased from 1 million to 4 million Fil; 2. The orientation of geographical decentralization;

It can be seen that the official has overall considerations for the implementation of the project and the long-term vision of ecological development. Therefore, overseas node deployment is imperative, both from the perspective of mining and coin production income, and from the perspective of healthy ecological development.

We are worried that after the mainnet is launched, there will be a large number of low-end mining machines, inefficient mining machines, and scattered mining machines, which will not be able to mine. If the first batch of miners do not make money, it will be a fatal blow to the sustainable and healthy development of the entire ecosystem. Most domestic competitors should adopt cluster architecture, but we did not adopt cluster architecture from the beginning. Founder Yang Ming was very familiar with cluster architecture when he was at Baidu and Google. In C/S networks, cluster architecture has simple principles, clear structures, and is widely used, but it has inherent shortcomings, scale bottlenecks, and many limitations in cross-block collaboration capabilities.

From the beginning, we have been targeting the cross-machine room, cross-region, cross-network, decentralized, and highly collaborative mining pool architecture for p2p networks. The benefits of the 1475 mining pool architecture are not only large-scale and cross-regional help for peer miners and friendly mining machines to improve mining efficiency, but also can significantly avoid the geographical limitations of the cluster architecture. Therefore, the incentive scheme of six continents geographical decentralization: the mining pool architecture advantage far exceeds the cluster architecture. Welcome everyone to connect the mining machine to our mining pool, which can be used as a performance test and efficiency comparison, and can also share the 4 million Fil of this reward incentive!

We have 1,475 deployments in six continents around the world. Not to mention the domestic ones, there are five nodes in each of the five overseas continents. We have a mining pool architecture that spans computer rooms, regions, and networks. We are ready and just waiting for the rush to start.

Q3

Blockchain Bus : How much reference value do you think the mining rankings in the current testing phase have for users? What are the specific factors that determine the rankings? Does a high ranking necessarily mean high efficiency?

Shawn: I want to say two things. First, 1475’s computing power, computing power growth, block explosion, and coin production revenue, regardless of the ranking of network development, first test, and second test results, have always been the industry leader; however, we remind investors not to pay too much attention to the ranking of computing power and revenue. As an investor, you should pay more attention to the input-output ratio. What you can see on the dashboard is only the output. Ordinary investors outside the industry cannot see the investment behind it. Unless you are a professional investor in the industry with a deep understanding, continuous research, years of tracking, supply chain channels, personal resources, and comprehensive information networks.

When we were doing secondary market stock investment, I had a friend who was a small private equity fund manager. Due to the small size of the fund, he could not afford a large and professional team of industry researchers. Why was his performance not inferior to that of large and excellent funds? He said that it was actually very simple: follow the market maker strategy! Choose a few professional investment institutions that you agree with, see what stocks they have bought, and let them help you choose stocks. For your own small fund, you only need to make good time selection and portfolio allocation. Professional institutional investors have a deep understanding of the industry, accumulated time for tracking and research, and a detailed degree of due diligence. They repeatedly inspect and analyze and compare, and finally make investment decisions.

Q4

Blockchain Bus: What should retail investors pay attention to when purchasing computing power or mining machines to participate in mining to avoid stepping on landmines or falling into pits ?

Shawn: In fact, I have always been in awe of the secondary market and dare not make predictions because my predictions will inevitably fail. The secondary market often has two performances.

1. When prices go up, you will doubt that the world is magical and unreal;

2. When prices fall, you will doubt all costs and logics, and they are nonsense.

Filecoin code attention has always been in the top three in the industry, even far above Facebook's Libra; recently with the popularity of the launch, it has soared to the first place;

Assuming that Fil's market value is not among the top three or five in a year, but only in the top ten, the market value of the 80th or 90th place is about 20 billion, divided by the 200 million chips in circulation in a year, which is about 100 RMB/Fil. There are few chips in circulation in the early stage, and they will definitely be hyped up, and then fall, which is what I said before, first 1 and then 2, and then return to the equilibrium price and fluctuate. I am relatively optimistic about Filecoin's expectations after its launch at this stage, and there are two reasons:

1. One year later, with 200 million circulating stocks, the market value ranking is backwards, but you have to know that in the early days, there may be only hundreds of thousands, millions, or tens of millions of coins. In addition to some pre-staking requirements for miners, miners must buy coins to mine. If the early circulating stocks are effective, how much will they soar? You can use your imagination here. From the demand side, whether it is the marketing promotion of thousands of miners, the spread of conferences in the media circle, the entry of many exchanges, or even several pyramid schemes of dual mining on one machine, a lot of recognition and capital inflows have been brought in; due to the value of application landing, I have observed that many traditional capitals are also involved; and it has caught up with the DCEP trial and the concept of new infrastructure; there is also the demand for the breakthrough of the traditional Internet; the demand side is enthusiastic, and it will be stacked in layers and spread in waves;

2. Market sentiment. After more than two years of baptism in the bear market, people in the cryptocurrency circle have been cut badly, played silly, and become frightened birds. They think every project is a pitfall and a sickle. Once bitten by a snake, one will be afraid of the rope for ten years. The old people in the cryptocurrency circle are no longer normal and have lost their normal and objective judgment. However, the secondary market often reborn in despair, rises in doubt, and falls in hope!

Therefore, this time the market opportunities mainly belong to people in the non-typical cryptocurrency circle, such as classic investors like me and people from traditional industries.

Q5

Blockchain Bus: Can you predict how much the Filecoin price will hit after the mainnet goes online? Or will it peak as soon as it goes online like other projects?

Shawn: Actually, I have always been in awe of the secondary market and dare not make predictions, because predictions will inevitably fail; the secondary market often has two performances: 1. When prices rise, you doubt that the world is magical and unreal; 2. When prices fall, you doubt that all costs and logic are nonsense. I am relatively optimistic about Filecoin's expectations after it goes online, and there are two reasons:

1. Supply and demand relationship. From the supply side, Filecoin's pledge and lock-up mechanism makes the early chip supply and circulation too small. From the demand side, whether it is the marketing promotion of thousands of miners, the conference spread of the media in the circle, the entry of many exchanges, and even several pyramid schemes of dual mining on one machine, it has brought a lot of recognition and capital inflow. Due to the value of application landing, I have observed that a lot of traditional capital is also involved. It has also caught up with the DCEP trial and the concept of new infrastructure. There is also the demand for the traditional Internet to struggle to break through. The demand side is enthusiastic, and it will be stacked in layers and spread in waves.

2. Market sentiment. After more than two years of bear market baptism, people in the cryptocurrency circle have been cut badly, fooled, and become frightened birds. They think that every project is a pitfall and a sickle. But the secondary market is often like this: reborn in despair, rising in doubt, and falling in hope! Therefore, this market opportunity mainly belongs to people in the atypical cryptocurrency circle, such as classic investors like us and people from traditional industries.

Q6

Blockchain Bus: Everyone says that the market size of IPFS application is huge, even reaching hundreds of billions of US dollars. So in what aspects are its specific applications reflected, and how long do you think it will take to be realized?

Shawn: In May 2020, 1475 registered and established 1475Fund, IPFS Ecological Investment Fund in Hainan. 1475IPFS Ecological Investment Fund is mainly responsible for investment and incubation business around the IPFS ecosystem, focusing on the application of IPFS and Filecoin, marketing promotion, ecological cultivation, scenario access, convenient facilities, supporting tools, media consulting, IT design and other innovative projects and technical teams. This is the business positioning of 1475Fund.

The main scenarios and application directions that are currently promising include: integrating the cloud storage and computing services 2G/2B/2C provided by Filecoin mining machines, mobile cloud disk space that will never be lost, documentary cold storage, audio and video storage and on-demand, Filecoin-based CDN/cold storage-based hot response conversion services, shared libraries, publication and distribution of digital copyrights, Filecoin-based MKR stablecoins, discounted financial services derived from the pledge mechanism, other decentralized finance DeFi, interoperability between IPFS and HTTP, retrieval and indexing of hash fingerprints and content keywords, storage of public trust data, cross-chain calls to Filecoin data, etc.

Thank you very much for Shawn Wang's wonderful sharing. After today's AMA, I believe everyone has a clearer understanding of the subsequent development of Filecoin and how to enter the market. I also wish every friend can make their own fortune in this wave. Today's AMA ends here. Thank you for your participation.

Thanks to the following media for their support: