1475 Viewpoints—Eason: Counter-trend layout under the financial crisis

Eason: Good evening, everyone. I am Eason, the marketing director of the 1475 team. I am honored to share some knowledge points about Filecoin with you on this beautiful night. Let me briefly introduce myself to you. I started to enter the mining circle in 2017, and paid attention to this project in 2018 and 2019. By fate, I came to the 1475 team.

Eason: Since March, the U.S. stock market has experienced four rare circuit breakers, and the Federal Reserve has used unlimited QE to save the market. Under the impact of the epidemic, the global economy has become less active and has fallen into a liquidity crisis. A large amount of capital has sold assets, held cash for risk aversion, or waited for opportunities to buy cheap assets at the bottom. The overall economic environment is in a downward trend, and gold and Bitcoin, which have risk aversion properties, are no exception.

Eason: Bitcoin began to fall on March 6, from a low of around $8,000 to around $3,800, a drop of about 55%. Since then, due to an oversold rebound, the current price remains around $6,500, with a rebound of nearly 50%. As the leader of the cryptocurrency industry, Bitcoin has also entered the downward channel with other mainstream currencies. The rebound of most mainstream currencies is weak and is not as good as Bitcoin. Bitcoin completed the price halving before the output halved, which undoubtedly casts a shadow on the market after the output halved. Fortunately, a few days ago, I communicated with a friend who has been in the mining circle for many years in Chengdu, which gave me some different views and inspiration. This friend analyzed that the current price halving is actually a good thing, which can remove some bubbles and give the industry a chance to reshuffle. At the same time, it also reduces the burden of miners' electricity charges during the Fengshui period. The electricity charges during the Fengshui period may fall below 0.2 yuan, which will undoubtedly allow real big miners and large mining farms to regain computing power and contribute to the basic market. Of course, for the continuation of the entire industry, it is not ruled out that some large mining machine manufacturers will also join in the basic market contribution, so there is reason to believe that there will be a wave of market from June to August. Of course, this wave of market will also aggravate the Matthew effect, and those who are not at the top may be eliminated.

Eason: As we all know, the value of BTC is mainly based on consensus. The reason why I think we should invest in Filecoin against the trend is not only because it has the strongest consensus in the field of distributed storage, but more importantly, it is also the incentive layer of IPFS, a disruptive underlying Internet protocol. It is a blockchain project that can truly be combined with the real economy. It represents the development direction of Web3.0.

Eason: I personally think that Filecoin is unique in the following ways:

1 The real sharing economy is the combination of hard drive and Airbnb

2. The consensus mechanism and market protocol code are used to match resources;

3. Unlike the pseudo-sharing economy, it will eventually become a third-party rental company

4. All transactions are transparent, and the pledged coins will not enter anyone's pocket;

5. Storage prices fluctuate around value as market economic behavior. The official launch date of Filecoin’s mainnet is July, which is just in time to catch the ride of this market trend. We have every reason to believe that Filecoin will have a better market performance after it goes online.

Based on the above points, I think now is the best time to invest in Filecoin against the trend.

Eason: Here is a famous quote: The best time to plant a tree is ten years ago or now. First of all, let's look at the official Gantt chart. At this stage, we are in an interoperable network. The goal is to be able to put lotus and go-filecoin implementations on one chain. This network is not very stable at present, and the official is continuing to develop and submit code.

From the perspective of development progress, the implementation of the block synchronization mechanism of lotus is basically consistent with the official development progress. The block reward of testnet3 has also been changed to a scratch-off reward, rather than the same for each block, which is a fairer consensus innovation. From the official development progress, the design of block synchronization is basically consistent with the implementation of lotus, but the message pool plan has not yet been finalized. In terms of economic model, the multi-signature wallet plan has been determined, and the wallet plan is still being designed and improved. The basic prototype of the mortgage mechanism and penalty mechanism plan has been completed, and the final determination still needs to rely on the economic model. Several difficult points in the underlying technical architecture of Filecoin have basically been solved.

Eason: Let's look at the market size. With the advent of the 5G era, a large amount of data is bound to be generated. With the rapid development of cloud computing, the amount of data in the world has exploded. Both companies and individuals have this demand. Douyin is a good example. The size of the stored data has grown from TB level to PB level and even ZB level. Just looking at the cloud storage population in my country, the number of users has grown from 200 million in 2013 to nearly 500 million today. The market size in 2019 has exceeded 10 billion. As various industries and departments strengthen and deepen risk control, the data protection market will continue to maintain rapid growth, especially for enterprises and institutions. The demand for data disaster recovery will be even stronger, and it is only a matter of time before it reaches 100 billion.

Host: So how do we realize this trillion-dollar market?

Eason: How to realize this 100 billion market? Ecosystem applications will become very important. Here are a few examples:

1 IPFS is used by the German Aerospace Center for telemetry data storage;

2 In the US Apollo moon landing program, all confidential files taken from the moon were uploaded and saved using IPFS;

3 EOS, ETH, and other blockchain project data and token data have been stored using IPFS;

4 The historical data of the Library of Congress is permanently stored on IPFS;

5 The Canadian government established an Ethereum browser hosted on IPFS;

6 JD Cloud has applied IPFS to store data;

7 Wikipedia has been rebuilt on IPFS after being closed by the Turkish government;

Eason: On March 11, Google announced that its Google Chrome browser has built-in IPFS components, which means that the world's largest browser is ready to build the next generation of the Internet web3.0 on IPFS! In addition to Google, Brave and Opera are also known. It has been five years since the IPFS protocol was released in January 2015, and IPFS technology has become more and more mature. As the underlying communication protocol of the next generation of the Internet, IPFS has been successfully applied in various fields such as data storage, file transfer, online video, social media, and decentralized transactions. These apps, applications, and platforms are reconstructing the entire Internet. As the incentive layer of IPFS, Filecoin, in the next few weeks, the Filecoin community will introduce application and community developers who are building necessary tools and services on the Filecoin network. The official also hopes that more people will join to build world-class tools for the distributed Web. Based on the above points, I personally think that now is the best time to participate in Filecoin! As the saying goes: the best time to plant a tree is ten years ago or now.

Eason: This can be divided into two periods:

First of all, the go-filecoin testnet started on February 14, 2019. At that time, we were already following up on the full-process optimization and had done more than 60 optimizations in total, including order acquisition, network optimization, algorithm optimization, software, hardware, customized hardware, stable operation and maintenance, etc., and we achieved good results on the go-filecoin network. Because we have always focused on technology and did not do any marketing, some competitors even used our ID to market us.

Regarding the Lotus period, first of all, I would like to talk to all the friends in the Filecoin ecosystem about our "failures" in this test. I hope that everyone can understand.

1. In testnet2, we continued to use the miner number "1475" through technical methods, causing some panic in the community.

After communicating with the authorities, we explained the situation to the community and the situation eased.

2. After an online meeting with the official about the security and stability of the Filecoin chain, he posted a personal circle of friends without obtaining authorization from everyone. Simon686's friends forwarded this circle of friends, and it was upgraded to a "private" meeting, causing panic among many people.

Correction: We explained and apologized to the relevant parties, and the official also assisted us in making explanations in the community.

3. When assisting the official with the 0.2.3 upgrade, we filtered out bad information after communicating with the official, but did not inform other people in the community in advance, which caused a brief panic in the community.

Correction: Promptly explained in the community, sought official opinions, and responded in a timely manner.

Host: As far as I know, 1475 has also made a lot of contributions to this ecosystem. Can you share them with us here?

Eason: I mentioned some of our "mistakes" above. Now let's talk about the "merits" of our 1475 team.

1. Participate in early testing before reset and provide official testing feedback (statement: testing is done by pulling branches and merging PRs by yourself; this is not a privilege given by the official).

2. Assisted the official with code review and pre-upgrade testing for the second PR.

3. The fastest speed to be on the list was to conduct an extreme stress test on testnet2.

4. When the chain triggered an infinite bug and manually cleared the specified node bug, we analyzed the cause of the bug and provided a Fix solution or key log analysis that passed the test, which was also thanked by the official.

5. Maintained the chain twice and assisted the official in upgrading twice (the upgrade before the withdrawal on the 18th was the second one).

6. Respond to miners’ questions from time to time in the official community and social groups and solve related difficulties. I feel very touched when I receive thanks from miners.

7. We encourage everyone to downplay rankings and focus on the correct Filecoin mining investment value—the input-output ratio.

These are some of our contributions.

Host: I believe that what everyone is most concerned about is the achievements of the 1475 team. Can you share it with everyone here?

Eason: This is also something we are proud of.

1. 1. t01475 is the first unofficial node to exceed 512GB and make the list.

2. t01475 is the first unofficial node to generate revenue from block creation.

3. t01475 is the first mining node whose computing power exceeds that of all official nodes and ranks first in the computing power list, and at the same time ranks first in the revenue list.

4. t01475 is ranked first in the block list most of the time

5. When t01475 exited, the total income from mining FIL ranked first in the entire network (135,600 FIL, accounting for more than 30% of the entire network)

6. When exiting, the stable computing power growth rate of t01475 in recent hours is 2T+/hour.

7. At the time of exit, the total network computing power was 106T (TOP 1 in the total network computing power at that time), and it was also the first node to break 100T.

The above are some of our valuable experiences in the reset test before the Spring Festival. Although we withdrew from the public test on the 18th, we have been testing in the private network. We always believe that Filecoin mining and algorithm technology are the primary productive forces, and we always remind ourselves not to fall into the trap of the ranking arms race.

Host: This is also the first time I have heard about the stories behind Starry Sky Ecology 1475. Can you talk about some of your views on this project today?

Eason: OK, here we have two points. The first and most important one is the input-output ratio, that is, what is the effective storage speed for 10,000 yuan per hour? For example, the price of mining machine A is 50,000 yuan, and the seal speed is 10GB per hour. The price of mining machine B is 200,000 yuan, and the seal speed is 80GB per hour. However, from the price point of view, mining machine B is obviously more expensive, but if we convert it into input-output ratio, we can make a clearer comparison. The input-output ratio of mining machine A is 10GB per hour divided by 50,000, which is 2GB/10,000 yuan/hour. The input-output ratio of mining machine B is 80GB per hour divided by 200,000 yuan, which is 4GB/10,000 yuan/hour. In this comparison, the mining machine of 200,000 yuan is more cost-effective.

Host: What is the relationship between effective storage and mining?

Eason: The total effective storage determines the proportion of tokens that can be allocated on the main network. Here is another example: Miner A and Miner B are like two companies building houses at the same time. Company A builds one house a day, and Company B builds ten houses a day. Then the next day, Company A can collect rent for one house, and Company B can collect rent for ten houses. As long as they keep building houses, Company B can always receive more rent than Company A. Company A builds houses manually, and Company B builds houses fully automatically, so Company A seems to have a very low cost, but in fact, the input-output ratio is not high. In the same period of time, there is no doubt that Miner B can do more effective storage in exchange for more tokens, especially for this project that accounts for 70% of mining coins and is very friendly to miners. The value of getting tokens first will be huge.

Eason: First, as a mining coin project, mining machines are always a topic that cannot be avoided. There are various types of mining machines on the market, and the manufacturers have praised them highly. On the other hand, the official has repeatedly said that the hardware configuration has not been completely finalized and it is not recommended to buy any mining equipment. This makes us feel very confused. Who should we listen to? As a participant in this ecosystem, I personally think that we should listen to the input-output ratio. Now the only meaningful data is effective storage, and effective storage is closely related to mining. In other words, if you decide to invest, please refer to the input-output ratio and do what you can. Or simply wait until the official releases the hardware configuration, and then find a company with strong technology to buy it. It is right to learn more about this industry before that.

Eason: The answer is yes. The efficiency and capacity of a single mining machine are limited. Only by working together can we achieve the most efficient and the best use of a single mining machine. The official is also developing a mining pool. Of course, whether our team is lucky enough to participate in it, as long as you keep paying attention to us, I believe we will know the answer soon.

Host: We often hear the term "cloud computing power" in the market. I wonder what Mr. Eason thinks about this?

Eason: Actually, in my opinion, this method should be called "Cloud Storage Power". You can purchase the corresponding amount of hard disk storage space through the APP or website, and start effective storage when the main network is online, and get the corresponding token in this way. Here is a reminder. First of all, you need to see which company provides the underlying technology of the company selling "Cloud Storage Power". The gap is still quite obvious. I have given examples above, so I won't repeat them here. Then see whether there are underlying assets, that is, whether the mining machine really exists and whether the mining machine is placed in a higher-level IDC computer room. Then look at the points of management fees, which are different for each company. Finally, compare the input-output ratio. The input-output ratio of each mining machine is still quite different. If you can do the above points, you can basically consider buying it.

Host: After this discussion, I believe everyone has a deeper understanding of the 1475 team. I would like to ask what plans the Starry Sky Ecology 1475 team has for the future?

Eason: We will continue to work on the underlying technology and serve more partners who need this technology. At the same time, we will actively participate in the development of underlying applications. We also welcome friends who are interested in Filecoin to communicate with us.

The above is all our views. Thank you for listening. We will always be committed to contributing to building a more stable and secure network, and we are willing to work with more partners to make the network better. The main network will be launched as scheduled, and every Filecoin ecosystem participant will be the biggest beneficiary.

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