The first episode of the Filecoin series: Can Filecoin become the new darling of the cryptocurrency circle?

At 7:30 pm on April 28, the "Coin Chat Filecoin" column invited AToken CEO Zhao and IPFS Starry Sky Ecosystem 1475 Business Director Kathryn to explain to everyone "Can Filecoin become the new favorite of the currency circle?" 1475 will take everyone to review the live broadcast content.

AToken&1475 Activity Record

host:

Hello, everyone, welcome to our "Coin Chat Filecoin" column on Tuesday night. I am the host Chuchu, first of all, let me introduce the background of the "Coin Chat Filecoin" event. We are a series of activities for the currency circle, which unites the wallets, exchanges, capital parties, communities, media and other parties in the currency circle to hold an event to talk about the FIlecoin project.

Today we have invited Mr. Zhao from ATtoken and Kathryn, the business director of 1475. We all know that AToken is a well-known wallet application with more than 1.5 million users, but Mr. Zhao rarely appears in public. Today, please let Mr. Zhao introduce himself.

Mr. Zhao:

Self-introduction: Hello everyone, I am Zhao Bocheng: CMO of AToken. I have been working in the field of Internet finance for 8 years. I started to get involved in the blockchain industry in 2016. I have participated in the operation of ETC community and ETC Labs. I am currently responsible for the marketing work of AToken wallet under DFG.

host:

I thought Mr. Zhao was a senior person in the cryptocurrency circle, but I didn’t expect that Mr. Zhao was also a veteran in the Internet industry. I am looking forward to Mr. Zhao’s insights tonight. Although this is my first communication with Mr. Zhao, 1475 and I are old friends and have cooperated more than once. 1475 is still worth recommending to everyone in the field of Filecoin. After all, 1475 is the leader of this ecosystem and a technical expert. Today’s guest of the "Coin Chat Filecoin" column is Kathryn, the business director of 1475. I hope Kathryn can also introduce herself and the 1475 team in the AToken community today.

Kathryn:

Hello everyone, I am K. Friends who are familiar with me know that I was working on public cloud before 2018, mainly in the storage field. After 2018, I came into contact with the f project. Currently, the 1475 team has been working in the Filecoin track for two years.

host:

Okay, thank you Kathryn for sharing. Actually, many friends in our community today don’t have a deep understanding of the Filecoin project, so today we hope that Kathryn can first introduce the project to everyone.

Kathryn:

Distributed storage track & IPFS application.

At present, with the development of blockchain technology, data storage and application have undergone subversive changes compared with the previous large data centralized methods. Centralized storage can hardly meet the needs of technological development. The emergence of distributed storage has alleviated the storage pressure of blockchain and is the underlying infrastructure. It solves the problem of free storage and circulation of information. On the one hand, it reuses idle storage resources, and on the other hand, it solves the problems of centralized storage such as high cost and easy to be attacked by hackers.

IPFS is a peer-to-peer communication protocol, which is similar to the HTTP protocol, but HTTP is a protocol based on IP address addressing, while IPFS is a distributed protocol that performs content addressing based on the contents of the hash table.

At present, many companies in the market are already using the IPFS protocol. For example, Wikipedia, a lot of its content is stored on the IPFS protocol. In addition, some underlying transmissions of JD Cloud also use the IPFS protocol. So since its launch in 2015, it has been widely used.

Filecoin itself is actually a distributed storage protocol. Of course, it is based on IPFS, because its transport layer actually uses the IPFS system, but its core is to combine the concept of blockchain, making the underlying storage a decentralized network.

The biggest feature of filecoin is that through the combination with blockchain, the entire decentralized storage network is no longer controlled by some centralized institutions. Through a dedicated encryption method, I don’t need to know what you store to verify whether you have stored it. This method eliminates the need for a centralized institution to review your content in plain text or in full text, greatly improving the storage efficiency of the entire network.

The difference between Filecoin and other blockchain projects is that it not only has value at the consensus level, but also has the significance of commercial application. Therefore, it can use the trillion-level cloud storage market as a benchmark space, such as Amazon Cloud's S3, Tencent Cloud's COS, and Alibaba Cloud OSS; as the underlying storage layer, when the data layer explodes, we can jointly build the era of web3.0.

From the perspective of a blockchain project, as one of the world's top star projects, it naturally forms a collaborative and complementary advantage with other underlying infrastructure. 70% of the total 2 billion tokens are generated by mining. It is a typical miner-friendly project. Analogous to the early mining era of Bitcoin, it can be found that there are huge first-time mining bonuses in it. It is also a project that is highly anticipated.

host:

Thanks to Kathryn's introduction, I believe everyone has a deeper understanding of the Filecoin project. In fact, I usually trade in cryptocurrencies and play with contracts, so I am also a novice in the cryptocurrency circle, but I am not a senior nor the first to make a layout. In fact, I know that AToken is the first to support the Staking model, the first to support DdFi, and the first wallet application with free transfer fees. It is also a relatively well-known application in this circle. Today, I also hope that Mr. Zhao will analyze whether the distributed storage track is worth paying attention to from the perspective of AToken digital currency wallet application.

Mr. Zhao:

Understanding of the distributed storage track: Personally, my current understanding mainly stays on the general mechanism of distributed storage: the goal is to achieve the distributed storage and reading of global files. For our AToken wallet development plan, we may follow up with services in user accounting, notepads, important file storage, etc. in the future. However, my personal impression of the project's development is still at the stage of the concept proposal in 2018. I wonder how it is progressing now?

host:

After listening to the two of you sharing, I feel that whether from the perspective of the distributed storage track, the vision of the Filecoin project itself, or the great goal of replacing HTTP, the Filecoin project is still worth looking forward to. However, everyone, including Mr. Zhao, may not be very familiar with the current progress of the project. Today, I hope Kathryn can share with you the latest progress of the Filecoin project.

Kathryn:

Many friends in the cryptocurrency circle still know about this project in 2018. Today, I will also update you on the latest progress of this project (the latest progress is the second phase of testing, from the reasons for the delay of the second phase to the 5PB big miner)

Speaking of the progress of Filecoin, I also briefly mentioned it in the previous question:

1. From a technical perspective, our 1475 team is always following the official development progress. I have also received relatively reliable information from engineers that the underlying code is close to being completed, and the entire technical architecture and main functions are also relatively complete. In the future, more work will be done to improve the security and stability of the network, including the interaction of multiple implementations, the determination of consensus algorithms, the design of economic models, and the invitation of professional third-party teams to conduct security code audits.

2. From the perspective of project development, the first phase of testing has been entered on December 11, 2019. Currently, the testnet3 version of the first phase of testing will enter the second test on May 11. This is also the last test before entering the main network, which will last for about 2-3 months. At the same time, in order to verify the stability, security, consensus speed and other conditions of the test network, the official will review some capable miners to participate in the 5PB large miner test, which can be regarded as the largest military exercise before the main network goes online. The second test will also have more than 1 million Filecoin tokens rewarded to miners participating in the second test.

3. From the perspective of the participants, traditional Internet companies such as JD Cloud have applied IPFS to store data; Google announced that its Google browser has built-in IPFS components. Traditional giants are ready to build the next generation of Internet web3.0 on IPFS! In the field of blockchain, data of well-known public chains such as EOS, ETH, etc. have been stored using IPFS; and at the level of exchanges, Coinbase was the first to publicly announce that it would use Filecoin, and Coinlist has also called on early ICO investors to register accounts and receive ICO rewards. About one to two weeks ago, some well-known domestic exchanges, such as Matcha, Biki, etc., have established their own research institutes or research teams in the field of distributed storage. From the perspective of these large institutions, who have frequently laid out tracks or this field in the near future, Filecoin is a project with great imagination this year.

As you all know, the Filecoin project has been delayed many times since the financing in 2017. It has entered the first phase of testing on December 11, 2019. It is currently in the testnet3 version of the first phase of testing. It will enter the second test on May 11, which is also the last test before entering the main network. In terms of the underlying code, it is basically closed and Filecoin is basically close to perfection. This test will last about 2-3 months. At the same time, in order to verify the stability, security, consensus speed and other conditions of the test network, the official will review some capable miners to participate in the 5PB large miner test.

The official rewards have been announced:

The first is a reward of 1 million fil. On the one hand, it will be entered into the main network in the form of collateral and converted into the main network fil to be released according to the timeline. On the other hand, our miners are also communicating with the official, hoping that the fil of the second phase test network can have a certain way to be realized.

The second is the reward for the 5PB large miner node, which subsidizes the operating expenses incurred by the 5PB large miner during the testing period in the form of US dollars/Fil.

The third is that the economic model has been published.

host:

It seems that some of the difficult issues of Filecoin have been resolved, so the mainnet launch is still expected. I wonder what you think of the Filecoin project now after learning about it today, Mr. Zhao?

Mr. Zhao:

After listening to it, I am still very interested in the 5PB big miner project. To be honest, it is quite difficult to increase the effective computing power growth value to such a high level in a short period of time. However, it also proves the strong strength of the institutions and companies that can participate in it.

However, I personally still have some questions about Filecoin's economic model, such as how Filcoin's economic system works, including the circulation, staking, mining rewards, etc. of fil, and how to confirm that non-quality content is squeezing out space and wasting resources, etc., which may require further answers.

host:

I have been hearing the term "5PB big miner" recently. In fact, people outside our project do not have a deep understanding of this term. Today, I hope Teacher Kathryn can explain what the concept of this term is?

Kathryn:

First, let me explain the meaning of 5PB. It does not mean that the total capacity of the hard disk is 5PB, but that the effective computing power growth value exceeds 5PB within a 2-month period.

From a macro perspective, this is a stress test of fliecoin’s stability, security, and consensus speed, because when the computing power of a single node grows to the PB level, more new problems will arise on the current TB level of single-node computing power; such a large-scale and very clear test target all shows that both in terms of underlying technology development and in terms of consensus synchronization and economic model design, it has entered the final preparation stage.

host:

So what is the significance of the 5pb large miner node for our mining machine company? I hope Teacher Kathryn can give us a more in-depth interpretation.

Kathryn:

Reference: In the previous question, I briefly mentioned the threshold requirements for miners to participate in this large-scale test. It can be seen that miners who can reach this scale can be regarded as leading mining machine manufacturers to a certain extent. They should not be underestimated in terms of scale, technology, and operation and maintenance capabilities.

1) The first significance is that this is not only a stress test for the project, but also a stress test for itself. The larger the scale of the connected mining machines and the greater the number of concurrent operations, the greater the probability of error. This places higher requirements on the real-time monitoring and operation system and the timely error response mechanism.

2) The second significance lies in that different miners use different mining architectures, including stand-alone solutions, cluster solutions, mining pool solutions, etc. Large-scale access to mining machines can reveal where the bottleneck of their own technical architecture is, so as to find breakthrough solutions for their respective mining bottlenecks in actual combat exercises.

The third significance is that it is a good opportunity for miners to flex their muscles. When the underlying code is closest to the main network, they can show the company's strength to customers. Of course, there are also many low-key mining machine companies whose purpose of participating is not to "show off their swords" but to "train troops."

I just mentioned the threshold of 5PB. It can be seen that miners who can reach this scale can be regarded as leading mining machine manufacturers to a certain extent. Their strength in scale, technology, and operation and maintenance should not be underestimated. First of all, it is not only a stress test for the project, but also a stress test for itself. The larger the scale of the connected mining machine, the more concurrent the number, and the greater the probability of error. This places high demands on the real-time monitoring and operation system and the timely error response mechanism. Secondly, different miners use different mining architectures, including stand-alone solutions, cluster solutions, mining pool solutions, etc. Large-scale access to mining machine tests can show where the bottleneck of their own technical architecture is, so as to find a breakthrough solution for their respective mining bottlenecks in actual combat exercises.

host:

Okay, thank you Teacher Kathryn for sharing. Today, Mr. Zhao also mentioned that he is more concerned about the economic model of filecoin. I wonder what interpretation the 1475 team has for the officially announced brokerage model?

Kathryn:

Rather than an economic model, it should be said to belong to the economic architecture, because all of its underlying codes are presented in a structured form, and in the end, only some parameters in the middle need to be adjusted to officially become a section of the entire economic model. The official is particularly concerned about the storage of truly effective data, that is, in the entire economic structure, they pay special attention to how to obtain effective storage for the entire ecological application in the future. Therefore, for the storage of valuable data, whether it is miners or the entire ecosystem, the reward measures will have certain changes in weight. At present, the economic architecture is divided into several major parts.

The first block is also the one that everyone pays the most attention to or has the largest weight, that is, the block reward, which is closely related to the income of each miner.

The second part is the mortgage mechanism. Of course, this will also freeze some of the coins we have mined and balance the circulation, which will also be related to us.

The third point that the official raised is actually very important, which is about the encapsulated sector or the storage quality of the data you store. In other words, for truly valuable data in the future, the official does not want to mine for the sake of mining, but really needs to complete the storage cycle of this data before exiting. Therefore, he also considers the quality of the entire stored data.

The last piece is a reward for searching the market.

The entire economic model of filecoin attaches great importance to the implementation of applications and the storage of truly effective data. In other words, it is the implementation of the entire Filecoin ecosystem application. Therefore, for the storage of valuable data, there will be certain changes in the weight of the incentive measures. The official does not want to mine for the sake of mining, or to store invalid data for the sake of mining the first mine, but really needs to complete the storage cycle of these data before exiting. Therefore, the quality of the entire storage data is the core of filecoin's consideration. This is also a point that I admire the official very much. They really hope that the entire network will carry the future distributed decentralized storage. Then I will also share what our 1475 team is doing: We are currently contacting some of the top domestic B-side companies with large traffic, such as some video websites, so that their real and effective storage data can be added to the filecoin network.

host:

Thanks to Kathryn for sharing. Now, judging from the official attitude of the economic model, we still hope to make Filecoin a real application that can be implemented, rather than a project for mining for mining. This makes me have deeper expectations for the Filecoin project. In fact, I also learned that AToken currently supports 18+ main chains and a decentralized wallet for all currencies. It selects hundreds of Dapps and DeFi for users. I wonder if Mr. Zhao, after learning about it today, from the perspective of the currency circle, is this project worth investing in?

Mr. Zhao:

Filcoin's project layout: I personally have high expectations for Filcoin, because it has formed an ecological closed loop in the storage field, closely linking blockchain technology with the dissemination and storage of content. More applications will be implemented, providing more possibilities and opportunities for the entire blockchain industry or enthusiasts. As for AToken, we will actively participate in the future layout and provide our wallet users with secure file storage functions.

host:

It seems that Mr. Zhao fully recognizes the Filecoin project. In fact, I know that AToken is one of the ecological applications invested by DFG. Many good projects cannot be separated from the attention of capital parties. Recently, I also saw the news that the 1475 team obtained financing. Can Teacher Kathryn share this good news with us today?

Kathryn:

It is like this, our 1475 team did receive a round of financing this time, mainly from Hashkey and Imer Capital.

host:

Congratulations to the 1475 team for obtaining investment from two leading capital parties in the blockchain field. This is a strong combination. The leading capital parties invested in leading companies. I hope that the 1475 team, as a leader in this industry, can lead this ecosystem in the field of distributed storage and go further in the Filecoin track.

Today, we are honored to have you two here in our live broadcast room, and thank you all for your attention to the Filecoin Talk column and the 1475 team.