After the Filecoin baseline standard is adjusted, the simple supply is not affected, mainly because the baseline supply has decreased.
Original title: “Filecoin’s baseline standard adjustment, how much will the income of miners affect? 》
Written by: Tony
At noon on October 12th, Beijing time, the block reward dropped from about 15 FIL to 10.55 FIL (filscan.io 14-point data), and the direct impact was the reduction of 40,000-50,000 FIL rewards per day. This is mainly because the Filecoin baseline network standard has been adjusted, from the original initial value of 1EiB (200% annual growth) to 2.5EiB (100% annual growth). Among them, the simple supply is not affected, mainly because the baseline supply is reduced, so that the effective time T’is reduced, and the supply during the height time is also reduced.
Initially Filecoin mining is similar to Bitcoin, but the parameters are different. Bitcoin halves the block reward every 4 years, Filecoin halves every 6 years, and 1.4 billion FIL is generated by mining. After adjustment, the total amount of Filecoin mining was reduced to 1.1 billion FIL.
Simple supply
FIL supply is divided into simple supply and baseline supply. The simple supply is to ensure that miners can get basic rewards when the computing power of the whole network has not reached the baseline network standard.
The calculation method is as shown in the figure below, that is, 30% of the original planned daily supply is a simple supply, and the corresponding t is the natural time unit.
Baseline supply
The remaining 70% of the supply is the baseline supply capacity, but because the protocol laboratory regards this part as a KPI linked to the entire network’s computing power, there is a difference-mainly the effective time T’of the supply is different from natural time . So how to calculate the effective time T’?
Baseline network indicators
The official set a baseline network indicator to promote the effective computing power of global miners to meet the indicators set every year-the initial benchmark for the first year is 2.5EiB, maintaining a 100% annual growth. Therefore, the effective computing power of the entire network needs to meet 5EiB at the end of the first year after launch.
So, how exactly do baseline network indicators affect actual supply? There are two main points: constraint the effective computing power of the entire network and the prescribed effective time T’. The specific analysis is as follows.
How to restrict the growth of effective computing power? The official explanation formula is as follows.
This formula means that at a certain moment, when the actual computing power is less than or equal to the baseline standard, the actual computing power is used; when the actual computing power is greater than the baseline standard, the baseline network computing power is used.
Therefore, the area of the overlapping and overlapping parts of the two curves is regarded as the cumulative computing power of the baseline network standard, which is the following formula.
How does the baseline standard affect the effective time T’?
Fill the area of the overlapped part (that is, the cumulative computing power) into the baseline growth curve to find the effective time T’, which is the time officially recognized as valid under the baseline standard.
Then substitute the effective time T’into the part that originally belonged to the baseline supply (70% curve of the original supply), and the blank part is the baseline supply at that time.
The official formula is as follows:
In order to facilitate understanding, we can fill in the “actual supply map in natural time” (below) with the water flowing out of the blank part (the actual supply of the baseline network), and we can know natural time.
All in all, by substituting the cumulative computing power into the reference standard curve under the condition of meeting the baseline standard, the effective time T’is obtained, and then the effective time T’is substituted into the baseline supply curve, which is the baseline supply FIL.
Finally, we put the total baseline supply back into the graph of FIL supply at every T to get the natural time T under the current supply.
Why is the block reward reduced?
Compared with the original initial value of 1EiB, 3EiB network conditions are to be realized at the end of the year. The current adjustments result in more initial computing power requirements, and the effective time T’grows slowly. In the case of the same cumulative computing power, the existing effective time T’is less, which results in less substitution of the baseline supply.
The following is the official formula for interpreting baseline supply:
Baseline mining definition
Baseline mining
Calculation of rewards for blocks under the baseline network
Source link: mp.weixin.qq.com
