Filecoin founder Juan Benet talked about the mainnet launch week, the status quo of development and mining communities, and the lending market for miners to borrow coins as collateral.
This article is compiled from the tweet of Filecoin founder Juan Benet and Wu Shuo’s interpretation of the blockchain
The much-anticipated Filecoin transitioned to the main network on October 15th as scheduled, but the controversy surrounding the economic model has not subsided, and even intensified. On the evening of the 19th, Beijing time, Filecoin and Juan Benet, the creator of Protocol Labs, tweeted more than 40 tweets to summarize the current status of Filecoin ecology and responded to many controversies since the mainnet launch.
What did Juan Benet say?
It’s Filecoin launch week! The following are my personal thoughts on Filecoin.
(1.1.) First of all, what an arduous journey! Thousands of members of the Thousands of Filecoin community finally achieved this moment after years of hardship. I personally explored for six years!
(1.2.) Our community has built many wonderful things, and they have become independent projects: IPFS, libp2p, IPLD, Proofs-of-Replication, Textile, OrbitDB, testground, drand, Fleek, Slate and more! We are a very creative group!
(1.3.) We have built an amazing community, bringing together builders, researchers, engineers, developers, designers and manufacturers to find a better future for mankind together-these are powerful teams that will do To become a great cause.
(1.4.) The mission of Filecoin is to establish a decentralized, efficient and solid infrastructure for human information. We are getting closer!
(1.5.) We and the shining community—including individuals and organizations—work together to realize our dreams.
(2.0.) What are the contents of the Filecoin launch week: five days full of lectures, seminars, communication, dialogue, non-conference agenda, etc.
Click here to join in. (Note: All timetables are still constantly updated-this site only shows the main schedule.)
(2.1.) Everything is ready: The agenda of the first day is mainly to introduce Filecoin and its ecosystem easily, and have enough time to meet other participants in the virtual room/lounge.
(2.2.) Mining: The next day’s agenda was full of conversations about mining, mining tools, hardware architecture, storage economy issues, the future of mining, and the concerns of top mining institutions. ⚒ 💿 ⚒ 💿 ⚒ 💿
(2.3.) Construction: The third day’s agenda is mainly two content tracks related to developers, from overview to technical deep dive, across multiple layers of the stack, and it is very interesting at the same time. 🖥
(2.4.) Storage: The focus of the fourth day’s agenda is on storage of data, tools, algorithms, and very important items that seek to store the most valuable information of human beings. ❤️ 📚 🏛
(2.5.) Future: The focus of the agenda on the last day is to look to the future. We will explore the next phase of the network and the various visions of the future expressed by community leaders. 🔮 💿
(3.0.) At present, some thoughts on our development status. ——Mining community
(3.1.) The scale of Filecoin’s capacity is amazing. We just surpassed the throughput of 600 PiB (~675 PB). In just 2 months, we are 2/3 of the distance from the 1Exabyte goal!
What exactly is 1 EB? Take a look at @backblaze’s wonderful explanation.
What is Exabyte ? How big is it? EB is composed of bytes, and the byte itself is a digital storage unit. We created an infographic to help illustrate how big an EB really is.
(3.2.) The performance of the mining community is quite impressive. Thousands of people all over the world participate in Filecoin mining.
(3.3.) Most of the community members I have met are down-to-earth and generally very kind. There is competition among people, and it is ultimately an enterprise, but people have always been very friendly, support each other, and formally look like good web3 participants ideally. ❤️
(3.4.) There are some bad groups who try to make money for themselves by creating problems. There must be some groups trying to use or abuse the mechanism. But in general, these are a minority. Hope this keeps this state.
(4.0.) Developer tools. Two examples of elephant-level developer tools have emerged: Textile and Fleek.
(4.1.) @textileio is a team of heroes. They have been building a set of tools to greatly reduce the difficulty and build a humanized digital experience focusing on user privacy, openness, and decentralization. ❤️
Textile team’s blog : Emphasizes user privacy, openness and decentralization to build a new digital experience.
(4.2.) The @textileio team gave some insights
(4.3.) Textile has launched Powergate, ThreadsDB, Buckets, TheHub, etc. They are all very useful IPFS tools , which have contributed a lot to Filecoin.
(4.4.) @FleekHQ is also a phenomenal team. Fleek enables developers to easily build and integrate privacy, encryption, and p2p functions into their websites, web pages, and native applications.
Fleek has expanded from regional development to global deployment. Only Fleek can build fast and modern websites/applications on IPFS. Everything in the workflow can be seamlessly connected.
(4.5.) @FleekHQ was originally the easiest way to fix and deploy IPFS websites-fleek.co/hosting/
(4.6.) Now they have created Space Daemon-a tool that can easily build powerful and privacy-conscious applications on Dweb and the underlying protocols it supports (IPFS, Textile, Filecoin, Ceramic, Handshake). fleek.co/space-daemon/
(4.7.) It has never been easier to build a decentralized DApp with key web3 functions such as p2p network, blockchain interaction, decentralized domain and client data encryption.
With the above tools, web 3 can finally start to cross the gap into consumer applications,
(5.0.) About FIP-4. As discussed last week, FIP-4 is on track and will be implemented soon. This will improve the token flow of miners, which in turn will increase their ability to operate and grow.
(5.1.) This is a simple change, but it has a great impact on the mining community. It exerts good parameter setting and governance capabilities-multiple rounds of analysis and discussion
filecoin-project/FIPs Filecoin improvement proposal repository. Create an account on GitHub and contribute to filecoin-project / FIPs development together.
(5.2.) Remarks: There is some confusion from the outside world. Some people think that FIP-4 is a response in recent days. (This is also reported by the media) But everyone must be clear: FIP-4 is the result of long-term analysis and many weeks of dialogue. These parameters were considered for shaping a few weeks ago
(5.3.) Of course, we do not recommend that any community quickly make major changes to the cryptocurrency economic agreement without proper in-depth analysis and simulation.
(5.4.) Putting pressure on groups is the same advice: I suggest that the Filecoin community (and other blockchain communities, or parties trying to put pressure) to “slow down” changes after intense disputes. The higher the pressure, the slower the change.
(5.5.) There is one important exception: a major security breach. Many blockchains have experienced rapid and controversial upgrades after encountering major security breaches.
(6.0) Miner loan market. The FIL loan structure is taking shape to support miners seeking to develop their business.
(6.1) First, I want to talk about Codefi, which connects Filecoin and Ethereum through DeFi Bridge, and builds a Storage Market tool. Codefi is developing very useful tools,
ConsenSys Codefi will launch Filecoin DeFi Bridge and Storage Market Filecoin decentralized storage ecosystem will be launched on the mainnet this month, equipped with market applications supported by Codefi Activate and a loan agreement connected to Ethereum. Decentralized storage is one of the key parts.
(6.2.) Secondly, I want to insert HFIL-ERC20 tokens anchored by FIL in Ethereum at a ratio of 1-1.
Huobi FIL ( HFIL ) is officially launched on the Ethereum network Dear users, Huobi FIL (HFIL) deployed in the Ethereum blockchain network has been listed on the Huobi Global exchange, and the HFIL deposit and withdrawal service has been opened.
(6.3.) With HFIL and DeFi Bridge, anyone can transfer FIL to the Ethereum blockchain and use smart contracts for any processing. Miners can rely on DeFi infrastructure and loan markets. The FIL-ETH ecosystem can now be constructed. That’s awesome! Thanks to @HuobiGlobal and @ConsenSysCodefi.
(6.4.) The third point, PL Company is now working with its partner TBA to provide small loans to miners until the launch of a broader loan market. Learn more this week.
Interpretation of Juan Benet’s Tweets
Note: The following is Wu Shuo’s interpretation of Juan Benet’s tweets.
1. He first posted a picture saying that many people around the world are using Filecoin. Of course, most of them are Chinese miners.
Here is a cold sweat for Juan. He does not seem to understand China’s national conditions, and it is unknown how many roads there will be in the future.
Juan said that most of the people he contacted were down to earth, friendly and competitive, and only a few people tried to abuse the mechanism to create trouble for their own interests.
2. FIP-4. After talking about some new deployment tools, Juan talked about the FIP-4 protocol, which immediately releases 25% of mining revenue and 180 antennas.
He said that this was not a sudden reaction, but was the result of discussions over the past few weeks. He said that he does not recommend any rapid changes to major cryptoeconomic protocols without proper in-depth analysis. All in all, you don’t want to have a quick demand for big changes, unless there is a security breach.
3. HFIL. He praised the HFIL released by Huobi for reprinting ERC-20, and believed that using HFIL and DeFi, anyone can migrate FIL to Ethereum and use smart contracts to handle various things. Miners can rely on DeFi infrastructure and the loan market. Thanks Huobi.
4. Loan market. Juan began to talk about the current loan market that miners attach great importance to. Because of the lack of collateral and concerns about the fall of FIL, miners hope to use USDT or BTC to lend FIL for staking instead of buying high points in the market.
Juan said that he has cooperated with TBA to provide small loans to miners, which will not be used for profit, and will be small, and will not help miners to fully bear the demand for pledges (oversold machines), and only allow miners to borrow for Pledge, there will be a daily limit for borrowing. However, the specific interest and quota data were not disclosed.
5. Talk about the miners’ strike. Juan said that the miners’ strike is pure nonsense, the network is not abnormal, and the miners are making money. His advice to miners: Many people hope to get rich quickly by using Filecoin without contributing value to the network. This is not how it works, nor is it a reward for the protocol.
6. Respond to the market-making dispute again. In the end, Juan scolded Justin Sun again, believing Justin Sun might fork Filecoin, and warned that any miners who tried to join Justin Sun’s fork project might be deceived.
