"Coin Chat Filecoin" Bitcoin halving is approaching, does Filecoin have more advantages?

1

I want to take you back to the two days of March 12 and March 13. Everyone should have experienced it. Now many people say that the halving of Bitcoin is a virtual concept. There was a strong consensus before March 12, and then this effect was infinitely magnified. In addition, with the boost of contracts, the long-short ratio was very high. After March 13, few people talked about it. In addition, it fell too much, and the value returned, so it naturally went up. Therefore, valuable consensus must be effective.

Ethereum 2.0 and IPFS are relatively large tracks and landings. It is definitely not wrong to lay out in advance, and you must remember to make a profit in the middle. As for investors, this is all, the direction is very clear. In addition to normal mining and transfer, Filecoin also has transaction fees, which I think is worth investing in.

Whether it is the halving of Bitcoin or its own value, it all depends on a consensus, including this halving market, because every halving will bring a new wave of market, so most of the value of Bitcoin belongs to consensus value. Filecoin itself has consensus value, but in addition to this, there is another very important value, which is to truly achieve decentralized data storage and realize the most basic commercial applications, so it has additional application value. Bitcoin is one of the earliest global and valuable blockchain projects, and Filecoin may become the first project that is truly widely used and landed at the application level. So I am also very much looking forward to the market after the halving of Bitcoin in the second half of the year and the ecological landing projects such as Filecoin. The two points that complement each other can truly bring a wave of new opportunities to the blockchain or the currency circle.

The second question is, what is the difference between Bitcoin mining and Blockchain mining? Bitcoin is a POW mining, which depends on the amount of computing, that is, the stronger your computing power, the higher the computing power and the higher the block rate; Filecoin is different. Although it is also related to effective storage capacity in the end, how to define and obtain its effective storage capacity? In fact, you need to obtain storage orders and encrypt these data multiple times. After encryption, a string of hashes is generated and verified on the chain. Only those that are authenticated on the chain are called effective storage capacity, also called effective computing power. This is real data. First there is data, then there is an order, and then after completing an encryption algorithm, effective computing power is finally obtained.

After obtaining effective computing power, it is the same as Bitcoin. The more effective computing power you have, the higher your block generation rate, and the more rewards you get. Another thing is that the main income of Bitcoin comes from block rewards and transaction fees. But Filecoin's rewards will be divided into several parts, one is also the block reward for mining; another is storage orders, you help others store things, you will get some storage income; another part is retrieval income, that is, if you help others to retrieve a file in the entire network in the future, you can also get retrieval income, so the scope of income will be more than Bitcoin.

From another perspective, Bitcoin is based on consensus mining, and Filecoin is also based on consensus mining. Of course, the consensus behind it is based on the realization of commercial value. So in the long run, Filecoin may have additional value in the real application end. Of course, I believe that Bitcoin may be more like gold in digital currency. Through everyone's consensus, it eventually becomes a value storage. Filecoin will have more application attributes. Who will eventually become a greater value carrier will be left to future verification.

2

To be honest, I was also an investor two years ago, and I have been waiting for this for a long time. I think it is basically reliable this time. Why can't it be launched so hastily? As we all know, Ethereum actually experienced a fork caused by a hacker attack after it went online, so I think the team attaches great importance to this, but the expected result is coming soon.

OK, let me add something here, because the official said that the testnet phase 2 will be launched on the week of May 11th. The latest situation is that it was actually said in slack, an official forum, this morning that the official technical director will release the code for the testnet phase 2 on May 11th, US time, and then it will be launched at a suitable stage this week. We estimate that it may be on the 12th or 13th, US time, which is consistent with previous expectations, so the testnet phase 2 should not be postponed this time. That also mentioned why the mainnet launch has been postponed. This is because the development of Filecoin is indeed very difficult, which exceeded the initial expectations of the official protocol lab.

Because Filecoin is not just a consensus, or a capacity acceleration project, it is a project that can really meet the application needs. You also know that Filecoin is a distributed storage network, which means that all my information must be stored on the network. A big problem is how can I prove that you have stored this thing. A mechanism verifies that what you store is valid, and I will verify that you have been storing this thing. However, the verification process must be kept confidential, which means that you cannot see the original data, so there is zero-knowledge proof, and then it must be as secure as possible and reduce the verification of the amount of calculation, so this is also the official continuous optimization of the underlying algorithm to challenge itself.

During this process, the official has also made many iterations. At the same time, like zero-knowledge proof, the official is also working with the team to do some optimization and development. Therefore, this project will involve a very wide range of areas and has attracted a lot of technical teams around the world to jointly organize development. It is not just for mining, it is truly developing such a project to create an ecological storage network.

3

As we all know, the projects that are praised and focused by Vitalik are very good. As for web3.0, the value of Ethereum and IPFS should be far beyond our expectations. Only when applications are implemented can the public be truly influenced to enter the blockchain.

First of all, we can review that Ethereum has brought a wave of super bull market. Why? Because the emergence of Ethereum allows everyone to issue their own tokens or their own rights, which has led to a lot of new incremental funds entering the market, and then created a new bull market. Filecoin can be compared. Now there are a lot of people outside the market paying attention to this matter. Before, the public chain, cross-chain, consensus, or expansion, the general public did not know much about these things, but Filecoin itself can see the underlying application, which can be compared with a large global enterprise like Tencent and Amazon, so many people outside the market will also understand Filecoin and see its future value. Of course, Filecoin will also bring a lot of applications. With the increase in applications, a lot of funds outside the market will also come in. From the perspective of funds, this may promote a new bull market.

From another perspective, I also shared at the World Mining Conference that Bitcoin actually brings wealth freedom, which means that my assets belong to me and no one can move them, and I can transfer them to any place in the world as long as there is a network. So Bitcoin has appreciated, and it has the wealth freedom effect. What does Ethereum bring? Ethereum brings a kind of rights and interests freedom, that is, everyone can issue their own rights and interests, and then let all people around them or people with common rights and interests participate together to maintain a token. But it also has another function, which is the on-chain contract, smart contract, what does the smart contract represent? It represents a kind of freedom of trust, that is, I no longer need a third party to act on endorsement and to serve as the basis of credit, but can actually complete the contract through the agreement and code form, or the contract no longer needs a third party. In this case, the transition of trust is completed, and no third party endorsement is needed. What does Filecoin bring? Filecoin brings information freedom. For example, in the Filecoin network, no one can delete files or read files in a decentralized manner. Only the person who stores the file information can process the information. This is a kind of information confirmation. These confirmations also bring a kind of information freedom. From these three dimensions, it is actually a transition from wealth freedom to rights freedom to information freedom. Every freedom brings a very large opportunity.

Of course, there is another angle. In fact, there are many apps before the development of blockchain. However, you can see that the data on all apps is immutable and trustworthy. However, a large amount of data is offline and can be tampered with in the local server. Therefore, it is not possible to achieve true trust. Solving the trust problem is problematic. Filecoin is here to solve this problem. It can make your real data storage decentralized and form a complete closed loop for the entire blockchain ecosystem. Therefore, it is also a very important infrastructure for the development of the entire blockchain.

So considering all these points, I think the blockchain, or the cryptocurrency circle, which has been silent for two years, may have great opportunities in the future due to Filecoin and the halving of Bitcoin.

4

Biyongbao itself is a professional blockchain application store. With the basic data infrastructure of the value Internet complete, we expect that the application of web3.0 should have a large explosive growth. In the future, Biyongbao will continue to work hard to lower the threshold for users, and then provide users with one-stop support for discovery, downloading, and use. At present, we will also strengthen a series of interactions with Filecoin developers, mining machine companies, mining pools, etc., and build an ecosystem with Filecoin.

Just now we talked about applications. Actually, we mentioned it before. What kind of applications does Filecoin have? Let's divide it into several aspects. First of all, Filecoin can bring a lot of traffic, because the traffic of the currency circle should be tens of millions in the world now, but if Filecoin is used for storage, it will bring in billions of traffic. Behind these traffic will be currency holders, and currency holders cannot do without wallets, exchanges, financial derivatives and other currency applications. What else does Filecoin really bring? For example, decentralized cloud disk, what is the use of it? Now it is actually centralized, and this storage has great disadvantages, because there are always people who can delete this data, or see this data. So what data can decentralized cloud disk allow us to store? For example, the camera data in our home, you now store it in the centralized cloud, and there are always people who can see it, and there are always people who can get your data, but the Filecoin network solves this problem very well. What else is there? Because of the characteristics of Filecoin, no one can delete your data in the network, so it will be saved forever. Therefore, it is very suitable for some personal files, especially medical files, such as your X-ray, CT, or blood test data, which are very suitable for storage in the Filecoin network. There are also derivatives, because of its privacy, so it can be used for private data trading. Now, after we sell the data once, others can get the data, and the data can be sold. The second, third, and fourth data will be worthless. However, in the entire Filecoin network, if some private transaction projects are added for secondary development, a data trading market can be formed.

Of course, Filecoin is ultimately an underlying protocol. Many people will eventually use Filecoin, but they may not feel it, because in the end it may be the B-side that pays the corresponding fees for you, and the C-side still has traditional user habits. Therefore, in the future Filecoin will also be combined with many applications and many ecosystems, but these ultimately just mean that Filecoin will only become a bottom-level service in the middle.

5

When seizing investment opportunities, we must first recognize our own ecological niche. Whether you are a TokenFund, a mining machine manufacturer, a developer, a miner, or an investor, each ecological niche has a corresponding investment strategy. As an investor, don't just buy a mining machine yourself, there are many pitfalls. It's good to participate in large node mining or buy it in the secondary market.

In the current market, what are the investment opportunities and what are the risks? First of all, the most clear thing is the secondary market. I believe that most people will participate in the secondary market transactions of Filecoin, but its biggest advantage is good liquidity. However, in the secondary market, a small number of people must make the money of the majority. So when you don’t have absolute secondary market capabilities, it is difficult for you to make money from fluctuations. However, some people may say that they are optimistic about the long-term value and its future application value, and it is also possible to hold the space for a long time.

Then there is the primary market, that is, mining. In the absence of Filecoin going online and the secondary market not being able to participate, mining is a better choice, but the current market is also very chaotic. According to my incomplete statistics, there are more than 200 mining machine manufacturers in the domestic market that sell Filecoin mining machines with brands. How to choose among them is a very big problem, because each company will say that they are very strong, so you must choose carefully to avoid pitfalls. Let me give you a few points. First, the basis of Filecoin mining is a hardware device, that is, a mining machine, but a mining machine is actually a general-purpose product, because it is a server, that is, the main CPU, GPU, memory hard disk and other equipment, so there is only adaptation in hardware, and it is not a decisive factor. Therefore, the hardware is more about matching, how to configure a cost-effective machine. Unlike Bitcoin mining, chip research may be an iterative advantage. An important thing based on hardware is software. The software is actually divided into two parts. One is mining software, and the other is operation and maintenance software. Mining software may be about how to control your hardware during your entire computing process to achieve a more efficient mining method. The operation and maintenance system is also very important in Filecoin. You can't be disconnected or make mistakes at any time. There will be some penalties for that, so a long-term and stable operation and maintenance software system is also very important.

On top of the software level, there is also the algorithm. Because Filecoin is very complex, the underlying layer is composed of a large number of algorithms, including innovative computing, some parallel computing, and zero-knowledge proof. Then at the consensus layer, there are also some new algorithm combinations. Therefore, the research and optimization of the entire algorithm will greatly improve the overall mining efficiency. I think an excellent team should have research on the hardware side, and then have certain capabilities in software engineering, and then have some research breakthroughs in algorithms. Only then can it be said to be a complete and good team for Filecoin mining.

I will tell you about a few pitfalls. First, there are rankings from the very beginning of network test network development, but I want to tell you that you should not look at these rankings, because rankings do not represent everything. Because no matter whether you are ranked first, second, or third, this ranking actually reflects your computing power, or the amount of coins issued, but the total number of machines supporting this node is uncertain and opaque, so what we need to look at is not the overall output, but the input-output ratio of each machine, so rankings do not represent everything, of course, rankings at least prove that you have the ability to be promoted to the first echelon.

Secondly, I want to point out that many people in the market now price it based on how much money per terabyte of capacity , but this is actually wrong, because Filecoin is not like PC, which mines based on the size of the hard disk capacity. It mines based on the size of the effective storage. So how does effective storage come from? In fact, as I mentioned earlier, it is necessary to pass the storage order, complete a series of verifications, submit it to the network, complete a series of encryptions and submit it to the chain for verification. Only those that pass are called effective storage. The more effective storage, the higher your mining efficiency. So in fact, it is the hard disk capacity. What is very important is the computing resources you use to complete the entire encryption process. So the conclusion is, don't price it based on how much money your mining machine costs per terabyte. This is also unreasonable.

So what is the most important thing for all investors? It is the input-output ratio. How to measure the input-output ratio in Filecoin? Here is a number, which is its packaging speed. What does packaging speed mean? It is the speed of the entire processing process from order to being verified by the network as effective storage. The unit here is how many gold coins you can complete packaging per hour, or how many levels of effective storage you can increase per hour. It accumulates over time. The faster you are, the more you can accumulate, which means your block rate will be higher.

After clearing the mines, I would like to make a small advertisement. Our team has been doing research on underlying algorithms since 2018, so we have been constantly iterating around Filecoin, and have developed our own set of more optimized algorithms that are parallel to the official ones. Then under this algorithm, we have also developed our own software system, which can realize the entire computing process more efficiently. Corresponding to such a set of mining software, we have matched it with our own set of hardware systems. Therefore, the purpose of our overall solution is to achieve the fastest packaging speed mentioned earlier, that is, to achieve the highest input-output ratio.

Of course, in the end, I think all investors who want to participate should not listen to any subjective marketing or propaganda. What is more important is to speak with data. That is, everyone can compare the actual data on the chain, and ultimately see which company has better data and which company has a higher input-output ratio, and then choose that company to invest in.

6

Okay, finally, I will update you on the latest progress of Filecoin. First, the time for the second test network. As mentioned earlier, it should be the week of May 11th, US time. There are only a few days left. The rewards for the second test network will be launched as scheduled next week. Juan also said in the official forum that the total reward for participating in the secondary test network will be 1 million Fil coins. There will actually be tests in the middle, and there will be important things, which is the 5PB large miner node test. This 5PB does not refer to the hard disk capacity, but to the effective storage that can reach 5PB, so those who can participate in the 5PB large miner are equivalent to the first echelon of the entire sector industry.

There is also the latest economic model, which redefines empty hard disk data, fake order data and valuable data. For different data, the proportion of effective computing power obtained by your storage is also different. It can be seen that the official is actually moving more and more towards the direction of truly valuable data storage. They do not want to make a project for mining for the sake of mining, but a project with real production applications and effective data storage.

Then today, the official also released a channel where you can get some truly valuable data. The official is also constantly looking for, or cooperating with some B-sides, to allow some traditional massive data to be truly transmitted to the Filecoin track. So with this official direction, I believe that after Filecoin goes online, there will be more and more valuable data stored in this network, whether it is B-side or C-side. I also believe that under such development, the value of this project will definitely increase in the future. Mining for ecological value and application value is a sustainable business/career.