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Is the opportunity for the Filecoin fork project coming?

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Half of the TOP10 miners have no increase in computing power, and the maximum computing power growth rate of the TOP20 miners is only 1/10 of the highest value in history

Original title: "Filecoin is now "shutting down", an opportunity for a forked project? 》

Original source: Beep News

Half of the TOP10 miners have zero computing power growth, and the maximum computing power growth rate of the TOP20 miners is only the highest value in history 1/10 of that.

The pledge problem finally dragged down the legs of the miners trying to "run".

Filecoin mining machines face the risk of being idle

From the data of the Filscout blockchain browser Look, the top miners seem to be in trouble with the lack of mortgage coins.

From October 16th, the available balance of miners’ accounts has dropped sharply. Among the top 5 miner nodes, the available balance of Xianhe/Zhiheyun account once approached 0 , It took two days to recover. The available balances of the two miner node accounts in Interstellar Continent were once 0, which is definitely not good news for head miners with a large number of encapsulated sectors.

Space-Time Cloud Technology COO Hu Feng said frankly: The problem now is that there is no pledge currency, and there is no way to calculate force. After the network upgrade, it started running. The stagnation of computing power growth does not mean that the mining machine is shut down. The mining machine has been doing block packaging for the past two days.

Space-Time Cloud & Smart f02770 node data on October 21

While the growth rate of computing power is slowing down, mining efficiency is declining rapidly. Among the current TOP20 miner nodes, the highest mining efficiency is only 0.25FIL/TiB. Taking the Space-Time Cloud & Smart f02770 node as an example, the mining efficiency on September 14 (the last day of SR1) was 0.6FIL/TiB, and on October 21 it was 0.24FIL/TiB, and the mining efficiency dropped by 58.3%.

TOP10 miner node data on October 21

Industry insiders said: "These data can prove that some mining machines are shut down or half Power-on status."

Regarding the current situation, Diancun Technology mentioned in the previous announcement: "We estimate that if Filecoin officially The economic parameters of the system will not be adjusted, and under the current situation, the mining machines of the entire network will basically be in a half-start state, because due to the limitation of pledged coins, it is impossible for the mining machines to be sealed at full speed.”

To make matters worse, the mining machines purchased by some users may not be able to turn on for a long time, or even have no way to turn on at all.

First of all, there is the issue of mortgage coins. Although the current FIL currency price has dropped to about 25 US dollars, for miners, they are all in hardware before, and they can get There is very little money to buy FIL coins, and this price has to be described as "expensive".

In addition, in the three years since Filecoin from 2017 to the present, there have been mixed mining machines and cloud computing power providers in the market, and some mining machines have no ability to mine FIL coins at all. . Some miners make false publicity about the performance of mining machines and the payback period. Even if some of the mining machines can participate in Filecoin mining, the payback period will be infinitely prolonged.

Fork project power

Where will idle mines go? The Filecoin fork project is likely to be their next stop.

Before the launch of the Filecoin mainnet, multiple Filecoin fork projects emerged.

On September 18, Filecoin's first pre-fork project, FilecoinVision, published the article "FilecoinVision Manifesto" through GitHub.

On the same day, Han Weiping, chairman of MIX Group, announced that he would test the fork project FilecoinCash the next day, which is the Filecash we are familiar with now. The network was officially launched on the 14th.

According to PANews reports, on October 20, FileStar (Wenquxing) released a white paper on GitHub, announcing the launch of the project. The project plans to open the source code on October 30 and launch the main network. In the white paper, FileStar proposes to fork and iterate based on Filecoin, and realize the seamless mapping of existing Filecoin miners' rights and interests. It is worth mentioning that the project will cancel the pre-mortgage.

So how do these forked projects seize the time window and attract miners?

Take Filecash as an example. Judging from the latest version, Filecash is trying to lower the entry threshold for miners and reduce the pressure on miners.

First of all, Filecash currently uses the sha512 algorithm instead of Filecoin's sha256 algorithm. Algorithm changes make mining machines equipped with Intel processors the main model of Filecash. And these models are at an absolute disadvantage in Filecoin mining. Furthermore, since some AMD mining machines were idled, a small number of AMD mining machines also entered Filecash mining.

Second, the number of SDR layers in the PC1 stage is adjusted to 8 layers. The PC2 phase is adjusted to 1st floor. The official setting of Filecoin is 11 layers. Reducing the number of SDR layers can reduce the calculation time, reduce the pressure on miners, and increase the speed of block generation.

Third, Filecash’s current encapsulation sector size is 4G, which is much smaller than that of Filecoin32G, which is conducive to improving the encapsulation speed, and sector reduction is also helpful Helps improve sector space utilization.

Alex, the co-founder of the Filecash community, told Beep News:

“Currently the Filecash project is still It is in the early stage, and now mining tools and blockchain browsers are being gradually launched, and the connection with the exchange is also in progress. The next stage of work will mainly focus on the fundamental construction, do a good job in the underlying technology construction, through open source The construction of the community encourages community members to create open source mining pools, open source browsers and other open source projects, lowering the threshold for miners to participate.”

After the interview, Alex has to prepare An online live broadcast event on the topic of "fork", and another guest of this live broadcast, Eric, is the head of the China region of Mingshi Protocol, another Filecoin fork project.

Mingshi Protocol is a fork project that combines IPFS and DAO. It officially announced the economic white paper last week, and the pre-mining started in early September .

Speaking of the project progress, Mingshi Agreement CTO Leo pointed out: the project is still in the first stage. At this stage, anyone can sign up to participate in the pre-mining of the test network to obtain the ERC20 standard EPK token, which can be exchanged 1:1 after the main network is launched. At the same time, we are also promoting the listing of coins on centralized exchanges.

Filecash and Mingshi Protocol have another trick recently, which is to make efforts in brand promotion.

Alex participated in 3 AMAs in two days, and the frequency was so high that the members of the Filecash WeChat group shouted: "Why are so many media looking for cash to do AMAs." Ming The consensus agreement has not shown any weakness, and has recently become a frequent visitor to AMA, and has carried out brand promotion through a number of blockchain media channels.

The miners remain on the sidelines

The fork project has attracted the attention of many miners, but consider Considering the possible risks, the attitude of the miners is still cautious and cautious.

The emergence of forked projects has attracted some small miners to enter the community to understand the situation. Beep News reporters randomly interviewed James, a small miner who asked for relevant information in the Filecash WeChat community.

He said that he has just come into contact with the Filecash project, and the main reason for wanting to participate in fork coin mining is to participate in mining through a low threshold. The bifurcated currency can just meet his needs.

After getting in touch with Filecash, James said that he is still on the sidelines and wants to continue to get in touch with some other forked projects.

He said that at present, looking at forked coins mainly considers technical issues. From the perspective of code, you can see the operation status of the team. If the code is updated and modified The speed is relatively slow, so such a fork project is not yet very mature.

Long-term investment in Filecoin mining machines, miners are more and more able to calculate economic accounts.

Miners have invested millions or even tens of millions to purchase mining machines in the early stage, and now you can see FIC24 (FIC's 24-month futures) on the LBank exchange The price is only about US$0.3. Some miners saw this price and wondered how long it would take to pay back. James complained: "The electricity bill is not enough!"

Mine Mr. Wang, a machine investor, said in an interview before that after the mainnet is launched, he must pay back his capital as soon as possible.

"Can this fork coin be mined?" "How long will it take to get back the money?" have also become more frequently asked questions by miners.

For the forked project, some Filecoin miners expressed their views. For them, Filecoin is still the main battlefield.

Wu Yibo, vice president of Binhe Yunzhi, believes: "In theory, more forks mean that the ecology is bigger and the project is safer. But the basis is the real fork, Instead of forking in name, opening a new chain in essence is fraud and altcoin. The fork itself is in line with the essence of the spirit of the blockchain, and the open source protocol is not controlled by anyone. Excellent large projects will inevitably experience forks , the market will eventually choose the best direction.”

Andy, the founder of the open source mining pool, said: “The official has tried its best to balance the interests of all parties, and is also balancing The difficulty of ideal and realistic implementation. For me, forked coins are all air.”