On the eve of the mainnet launch, Filecoin’s pre-staking rules sparked controversy (www.blockcast.cc)

This time it was finally confirmed. On September 28, 2020, Filecoin’s official blog post announced that the Filecoin mainnet will be officially launched when the space test epoch reaches 148888.

As of now, according to the data of the Filfox browser, the current FIlecoin block height is 145530. If no surprises, Filecoin will reach 148888 by 11pm on October 15th, and then the mainnet will be launched.

However, just one day before the Filecoin mainnet went live, the miner company Deentropy Technology issued the “Announcement on Suspension of Sales of Deentropy Technology.”

The “Announcement” stated that the Filecoin mainnet will be launched soon, but due to the unclear rules of the mainnet, the possibility of official adjustments to the existing economic model is not ruled out. Therefore, Inverse Entropy Technology decided to suspend all sales activities.

For this reason, Shenzhen Chain Finance specifically consulted a person related to inverse entropy technology. The person said that the current rules of the entire pledge and release of Filecoin have caused general dissatisfaction among miners. Although there is still one day to go live, we decided to suspend sales and wait for news before the official reply.

Coincidentally, just today, another Filecoin miner, Diancun Technology, caused an uproar among the miners due to the words of the CEO.

Some players said that the CEO of Dianzhuan announced that all miners need to purchase 350FIL as a pre-mortgage after the mainnet goes online.

Although the remarks received a response from the official Diancun Technology, the above remarks were misinterpreted. In fact, the miners only need to complete the pledge of 350FIL within 90 days. With the rewards of the first round of the space race, the miners can still continue for 180 days 0.5 FIL is obtained every day, so miners do not need to prepare 350 FIL.

But despite this, the majority of miners still refuse to buy it.

The reason is that miners still need to prepare at least 305 FIL by themselves to participate in the mining activities after the Filecoin mainnet is launched.

The mainnet will be launched soon, and insufficient pre-mortgage FIL is still a problem for miners

In fact, the issue of pre-collateralization has always been discussed among the miners.

Filecoin officially stated in the AMA on October 1 that it plans to migrate all sectors in Space Race 1 and 2 to the main network. The FIL pledged by these sectors and the block rewards obtained will also be migrated to the mainnet to reward those miners who help stress tests, protocol improvements and prepare for the mainnet launch during the entire space race.

This part of the computing power is mortgaged with test coins during the testnet period, which can be regarded as an official incentive for the early participation of miners by Filecoin, and it is also an important part of the launch of the Filecoin mainnet.

Therefore, once the Filecoin mainnet goes live, miners must pay real FIL tokens for pre-mortgage to ensure normal computing power growth.

The Filecoin mortgage mechanism is divided into two parts: block reward mortgage and pre-mortgage.

Block reward mortgage means that the block rewards obtained by miners will be unlocked by linear release within 180 days, so miners can only get the full reward after digging the block 180 days, and the disposable FIL obtained in the early stage of block production is very small.

Pre-mortgage means that miners need to provide tokens for mortgage before encapsulating sectors to ensure that miners can complete the promised life cycle of the sector and will not harm the security of the network due to short-term benefits. The current mortgage amount for a single sector is about 0.25 FIL.

In the initial stage of the mainnet launch, the tokens that can be used for pre-mortgage mainly consist of the block rewards generated by the existing computing power on the mainnet, the reward tokens generated by the space race, and the unlocking of official and early investor shares.

However, since all the above FIL tokens have a linear release period of at least 6 months, the circulation of FIL in the first 6 months will be very low, and the available rewards generated by miners themselves are difficult to meet the new sector pre-mortgage This will become the number one problem that miners need to solve in the early stages of the mainnet launch.

It is understood that if the average computing power growth rate (10 PiB/day) of the test network since the beginning of the space race is estimated, the entire network will need to encapsulate 327,680 sectors every day after the Filecoin mainnet is launched.

If the current pre-mortgage of 0.25 FIL per sector is maintained, then the daily demand for pre-mortgage of the entire network will be as high as 82,000 FIL.

At present, the mining rewards generated by the network every day are only 124,000 FIL, and the 180-antenna distribution is still waiting. If factors such as network computing power fluctuations and block reward distribution changes are not taken into account, the mining output in the initial few months of the main network Far from meeting the network’s daily pre-mortgage demand of 82,000 FIL.

This requires miners to go to the secondary market to purchase FIL to complete the pledge.

However, the main network has not yet been launched, and the FILs of major exchanges are only futures. How can players talk about mortgages?

Prior to this, Xi’an Smart Yan Zitong told Shenzhen Chain Finance that at this stage, both miners and miners in the Filecoin industry are generally dissatisfied with the protocol laboratory. If the protocol laboratory still insists on going its own way and does not pay attention to the voice of Chinese players, then the result may be “exciting”.