From providing storage capacity to the network to meeting storage demand of clients, miners must lock Filecoin tokens for consensus security, storage reliability, and contract guarantees. InfoQ has spoken with Filecoin s Total token inflows include mining rewards, vested SAFT tokens, disbursed Mining Reserve, and vested tokens originally owned by the Filecoin Foundation and Protocol Labs. A comprehensive list of all traded Cryptocurrencies available on Investing.com. Weve also prepared a list of the 5 things that decentralized storage aims to fix. At that time Mr. Cai managed and operated more than 300,000 AvalonMiners, with an accumulative hash rate exceeding 5,000 PH/S, accounted for nearly 5% of the global hash rate of Bitcoin at that time. Filecoin tokens are locked as pledge collateral to bring storage supply to the network and required as deal collateral and payment to meet storage demand. Members of the community may use each of the different APIs / formulas for calculating circulating supply for particular purposes. The penalties called slashing come from collaterals participants must post, or potential rewards participants might have earned. As such, the Filecoin circulating supply as defined by cryptocurrency price and market capitalization websites may sometimes be lower than what the native Filecoin Protocol API returns. History. Find 35 ways to say TOKEN, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. We have added Filecoin to this rating rightfully. Filecoin aims to store data in a decentralized manner. Since participating in the Filecoin network by mining and storing is directly related to winning more block rewards, Filecoin incentives participants to act honestly and store as much data as possible. Storage miners are rewarded with FIL by clients as deal fees, and these miners can also mine blocks and receive a block reward. It has a circulating supply of 58,059,776 FIL coins and a max. See terms you dont know? More information can be found in the Filecoin spec. Unlike most other blockchain networks, Filecoin has innovatively adopted a dual minting model: Simple and Baseline: As such, effective token minting from mining is in the hands of the community and falls anywhere between the two lines in Figure 1. For example, collateral, locked block rewards, not-yet-vested tokens, etc are not included in this calculation. Without a reliable way to algorithmically distinguish real useful data from generated randomness, the Filecoin Network innovatively and pragmatically introduced a layer of social trust on top of the technical layer, Filecoin Plus. Making Web3 mainstream requires the efforts of all ecosystem participants. Another core principle and mechanism that incentivizes long-term alignment, steers participants away from short-term speculation, and encourages all stakeholders to work together to make the Filecoin network more useful in the long-term includes stakeholder vesting. While the community may come together to update the baseline of the network, hitting the baseline requires competitive collaboration among all stakeholders, researchers, miners, developers, token holders, ecosystem partners, and storage clients. This addendum outlines two different mechanical calculations of circulating supply used in PLs APIs. This applies to each of Filecoins core stakeholders, including: These long-term vesting schedules for token holders help ensure that participants have skin-in-the-game, and take long-term views with respect to their actions on the network. Filecoin was founded by Juan Benet, who also created the Interplanetary File System. Figure 2 provides a sense of how much the network needs to grow to hit maximum minting. Protocol Labs describes Filecoins tokenomics, or economic model, as a market for data where users can sell their storage space to other users, who are looking to rent. Collateral and all earned rewards by miners are subject to slashing throughout the lifetime of a sector. Similar to the rate of token minting for miners, the rate of token consumption is also in the hands of the community, as participants compete for on-chain resources. Unlike cloud storage companies like Amazon Web Services or Cloudflare, which are prone to the problems of centralization, Filecoin leverages its decentralized nature to protect the integrity of a datas location, making it easily retrievable and hard to censor. 1.Immutable objects represent Files When a miner earns 10x the share of the block reward, they are also required to put up 10x the collateral with 10x the penalty to ensure that the incentives are aligned. Naturally, the amount of Filecoin tokens that are locked in collateral and slashed for misbehavior is in the hands of the community: Filecoin is a global marketplace enabled by blockchain technologies. In order to ensure a smooth transition as those websites switch from the first formula to the second formula, we have paused the circulating supply figure on the API that those particular websites are using (at around 44 million FIL) until the number calculated for API #2 reaches that number, at which point those websites will use the API #2 formula going forward. Filecoin is secured through proof-of-replication and proof-of-spacetime. Here is an example of retrieving the last block number: Filecoin Aims to Use Blockchain to Make Decentralized Storage Resilient and Hard to Censor. A thriving economy benefits everyone in the network and aligns the long-term incentives of all participants. This API call returns the circulating supply as a result of subtracting total token outflows from total token inflows. However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020. Filecoin has many such mechanisms in order to incentivize high quality, reliable, long-term storage. 15. For more information about buying crypto, see CoinMarketCaps easy guide here. The amount of tokens locked for deal collateral and payment is the result of a collective effort by all participants in making storage goods and services on Filecoin more attractive. To reiterate the difference, API #1 includes all vested tokens from the Filecoin Foundation, Protocol Labs, and project team members in circulating supply and API #2 excludes those tokens until they leave their original wallets at which point they become part of the circulating supply. This post should be paired by reading the paper on Filecoins Economy and the detailed mechanisms outlined in the Filecoin Spec. Filecoin is a decentralized storage system that aims to store humanitys most important information. The project raised $205 million in an initial coin offering (ICO) in 2017, and initially planned a launch date for mid-2019. What Is Filecoin (FIL)? This API is used by a variety of community members, including various Filecoin block explorers. Since the release of Filecoins mainnet on October 15th, 2020, the network has now surpassed a number of important milestones: For more, heres a deep dive on the state of the Filecoin Ecosystem from Liftoff Week or a recent recap of the network from October 2020. Total token outflows include tokens programmatically locked on chain or programmatically burned that are not transferable at the time of invocation. Other cryptoasset tracking websites will use API #2 in order to ensure comparability against the calculations used to calculate circulating supply for other crypto networks. Filecoin Foundation, Protocol Labs, and project team members) to be part of the circulating supply only when those tokens have moved from their original wallets. The incentives of the Filecoin protocol have to balance the interests of all stakeholders, storage clients, miners, developers, token holders, and ecosystem partners. Huobi will list FIL after the mainnet goes live. The reference implementation of the Filecoin protocol (Lotus) exposes an API call for the current network circulating supply: StateCirculatingSupply. Filecoin is up 34.70% in the last 24 hours. And most importantly, the future of Filecoin lies in the hands of all its community. This blog post aims to unpack how Filecoin tokens enter circulating supply, provide more insights on how various stakeholders take part in its economy, and shed light on how one should approach and think about Filecoin token economics. There will also be three Filecoin markets, according to Protocol Labs: file storage, file retrieval and on-exchange token trading. On an individual level, pledge collateral is determined by projected block rewards that a miner will earn to ensure that pledge collateral is not too prohibitive. There will always be Filecoin tokens locked at any point in time as long as there is storage on Filecoin. For example, Lotus will use API #1 in order to execute various protocol level calculations. The growing momentum in the Filecoin ecosystem is a primary driver of use cases, tooling, and infrastructure for all Filecoin stakeholders. The current CoinMarketCap ranking is #21, with a live market cap of $4,650,794,385 USD. After founding Protocol Labs in May 2014, he attended Y Combinator in the summer of 2014 with the intention of supporting both IPFS and Filecoin, as well as other projects. When a storage miner and their client agree on a deal, the storage miner holds the clients data in a sector and seals it to create a unique copy of that sectors data. The economic mechanisms embedded in the Filecoin protocol ensure that network activities and stakeholders are fully aligned with the long-term health of the network. Filecoin is a decentralized storage system that aims to store humanitys most important information. The project raised $205 million in an initial coin offering in 2017, and initially planned a launch date for mid-2019.However, the launch date for the Filecoin mainnet was pushed back until block 148,888, which is expected in mid-October 2020. This is also a big step forward in community governance and decentralized cryptoeconomics as operations and processes are being shaped by the community in public. As a utility token that aligns participants incentives with the long-term goal and vision of the network, Filecoin minting is aligned with the overall provable utility of the network. On the network, one should expect to see storage providers with their own unique characteristics, smart contracts systems, lending services, a diverse set of use cases and many more. On an individual level, pledge collateral is determined by projected block rewards that a miner will earn to ensure that pledge collateral is not too prohibitive. The project has been preparing to start since 2017, and finally, in 2020, the developers dreams have finally come true. Check out our glossary on Alexandria. Mechanisms such as variable minting based on network growth, vesting structures, token consumption, collateral requirements and more align participant incentives and motivations with the long-term success of the network. The top exchanges for trading in Filecoin are currently Binance, Huobi Global, OKEx, BitZ, and Upbit. SAN FRANCISCO--(BUSINESS WIRE)--Turntable, an all-new virtual music lounge designed to unleash the DJ in everyone and bring people together through music, An increase in the purchasing power of the participants within the economy will allow them to expand and improve their operations to provide an even better, cheaper service to the world. For example, websites like CoinMarketCap and CoinGecko consider vested tokens by the project teams (e.g. The issuance schedule (block reward of 5,000 RVN) Block time (1 minute) Mining algorithm (X16R) This algorithm is intended to address the centralization of mining caused by ASIC hardware. The overarching goal for the whole economy, across miners, developers, researchers, clients, and token holders is to efficiently produce attractive storage-related goods and services that can be exported to the outside world. You can find others listed on our crypto exchanges page. Five stakeholders will be able to trade tokens: developers, clients, miners, token holders and ecosystem partners. In the Filecoin network, nodes that are also known as retrieval miners are in competition to serve clients with data as quickly as they can. The blockchain is based on both proof-of-replication and proof-of-spacetime. Many cryptocurrency price and market capitalization tracking websites use their own specific definitions for circulating supply to keep comparisons across projects as standardized as possible. Both options will be freely available for the community to leverage and use. While Filecoin had implemented only API #1 at launch, the network is implementing a second API (API #2) to accommodate the definition used by these cryptocurrency price and market capitalization tracking websites. If you are interested in basics, check out our article. Filecoin (FIL) Weve already talked about the Filecoin network. Launched in 2017, Filecoin is an open-source decentralized storage network that uses blockchain to implement a cooperative digital storage and data retrieval solution. Storage miner nodes are constantly competing for contracts to provide storage to clients to a specific length of time. There will always be Filecoin tokens locked at any point in time as long as there is storage on Filecoin. Filecoin is open protocol and backed by a blockchain that records commitments made by the networks participants, with transactions made using FIL, the blockchains native currency. Filecoin Plus puts power in the hands of the storage clients as miners storing deals from these clients, who are notarized by a network of notaries, gain a 10x advantage in storage power and hence 10x their share of the networks block reward. Each of these could become their own unique business. Benet is an American computer scientist who studied at Stanford University. FileCoin. Check out CMC Alexandria deep dive into Filecoin. Based on a white paper published in 2017, the EOSIO platform was developed by the private company block.one and released as open-source software on June 1, 2018. As long as there is any action or utility on the network, Filecoin tokens will be consumed to compensate for the computation and storage resources on-chain messages consume. They are then rewarded with FIL fees, which encourages a network of nodes that want to replicate and preserve files. In blockchain, a fork is defined variously as: "what happens when a blockchain diverges into two potential paths forward" "a change in protocol" or; a situation that "occurs when two or more blocks have the same block height": glossary Forks are related to the fact that different parties need to use common rules to maintain the history of the blockchain. An economy producing more valuable goods more efficiently will lead to more demand for the goods and more demand for the networks token. In fall 2020, 400 miners participated in what was called the Space Race testnet phase, increasing Filecoins network data capacity by over 325 pebibytes; approximately 3.5 million FIL tokens will be released to the Space Race participants.