Viewpoint | Can Filecoin learn from EOS’s mistakes and move forward?

Author: Joss

Source: IPFS Force Zone

“Industrial blockchain is designed to solve specific business problems between equal participants in a business environment, such as optimizing business processes, reducing costs, eliminating middlemen, etc. It is combined with industry, commerce, transactions, etc.”

Industrial blockchain will become a new innovative growth point for blockchain technology and industrial development, and Filecoin is a practical application of industrial blockchain.

Filecoin started in 2017. Since its development, it has experienced the promotion of technological beliefs, the baptism of grand visions, the preaching of firm beliefs, the diligence of community contributions, but also the cx of illegal vendors.

It is so familiar, as if EOS is repeating itself. Practitioners, enthusiasts, investors, and potential audiences have experienced high expectations and extreme disappointment. The public opinion during this period has given Filecoin great pressure and motivation. Now that Mainnet is about to be launched, the development team Protocol Labs' multiple operations have once again stirred up waves in the community.

This article will summarize the current status of Filecoin from the perspective of a long-term and well-functioning blockchain (cryptocurrency token) network:

• Filecoin's incentive direction is consistent with the ecological growth goal, providing a foundation for Filecoin's long-term development without any setbacks .

The FIL token incentive model actually uses expected value (the value of FIL will increase with the expansion of the network in the future) to subsidize both parties of the storage service, allowing miners who provide storage services to obtain higher cloud storage revenues and customers with storage needs to obtain lower storage costs.

By releasing FIL linearly to miners and customers through the network, we can cultivate a huge, indivisible market and expected FIL value.

• The community has a strong consensus and provides a dynamic balance .

As far as the early network is concerned, the income of Filecoin miners ultimately comes from storage service fees. The higher the service fee, the greater the miner's income, but it is not conducive to the development of the network and affects the price of the currency; the lower the service fee, the stronger the competitiveness, but the lower the storage income.

Therefore, Filecoin essentially leaves the trade-off and balance between service fee income and packaging income to the community and the market.

• FIL has variability, providing protection for regulatory needs .

The theoretical initialization value of Filecoin is 0. Because of the expected value, through the circulation value anchored by FIL at a certain moment in the future, it becomes a real digital currency through selling and cashing out. However, blockchain projects and cryptocurrencies generally have regulatory boundary issues. When will it become a universal service? What is the right time point and opportunity for change?

The U.S. Securities and Exchange Commission has proposed that decentralized organizations issue tokens as a legal financing tool. FIL has the variability to adjust its form (positioning) in a timely manner and the coordination with supervision.

In addition, we can also approach how Filecoin's development will withstand tests or potential negative situations from three angles.

• Potential bubble as futures prices and industry PR soar .

The "Technology Maturity Curve" designed by Gartner in 1995 reflects that the emergence of an emerging technology will inevitably go through a start-up period, a bubble period, a trough period, a climbing period and a plateau period.

So, as Filecoin’s current bubble collapses and causes prices to fall, is the current Filecoin consensus mechanism and smart contract implementation sufficient to support the ecosystem to reach a plateau?

• Confidence in holding coins amid short-term price fluctuations .

For mainstream crypto assets including Bitcoin, the ancestor of all currencies, and Ethereum, the mother of all currencies, it seems common for prices to plummet or soar by 30% in a short period of time.

When Filecoin faces this situation, to what extent can the million-consensus be effective? It is still too early to make a judgment.

• High-concurrency transaction congestion during rapid fluctuations .

During a rapid decline, if there is a transaction blockage and a large number of orders cannot be executed, it will inevitably affect packaging.

Will this situation cause a delay in the packaging and chain synchronization of on-chain storage orders? If so, how will Filecoin react?

In any case, as an ambitious Web3.0 infrastructure, the launch of Filecoin mainnet will give us a glimpse of the tip of the iceberg.

At this moment when both good and bad news are coming out, dear spectators, please be patient and see how Filecoin will move forward in the future.