Dear Hoo Users,
The Filcoin mainnet goes live at 22:45 on 15 October 2020(UTC+8). The entity miners involved in the IPFS mining right through Hoo platform completed access on the first day of the month (i.e. TFIL, TFIL product is 12 months of output earnings + 1 month of insurance rights), and the pre-staked FIL required for the start-up of the miners has been advanced paid by the Hoo platform.
The TFIL access node is: f022804
This node contains a total of 162 miners from Hoo and partner miners, each with 192T hard drives, excluding two 8T backup disks, each with 176T of usable space, for a total of 28,512T of space. The current effective computing power of 716T represents about 2.5% of the space already filled.
According to the definition of TFIL, 1 TFIL is equal to the IPFS corresponding to 1TB, based on the above-mentioned situation, the actual effective computing power of current 1 TFIL is only 2.5%.
The node can be found at https://filscan.io/#/tipset/address-detail?address=f022804
The computational power involved in TFIL in this node is about 5.5% of the overall share.
Insufficient current staking
Using the data model currently operating in the official network, it is calculated that about 7 pre-staked FILs are required per T of effective computing power. Due to the stringency of the official economic model, the staking is too large and the release is not sufficient to meet the need for additional computing power. According to the current economic model, the balance between output and pre-staking will be reached in about 90-100 days (subject to the actual situation).
Due to the current shortage of effective IPFS, it is necessary to continuously increase the staking in order to add new effective IPFS, and on the principle of not expecting users to increase the pre-staked input, the current mined FIL will be used for pre-staking to increase the new effective IPFS (the current effective IPFS is 2.5%).
Thus TFIL will start distributing earnings after reaching the equilibrium point between output and pre-staking (the model measures 90-100 days, whichever is the case) and continue for another 12 months. Insurance rights are based on prices and volumes at the time of actual distribution.
A. 1TB of storage and 1TB of effective IPFS
1TB storage is the size of the storage space that can hold up to 1TB of data information; 1TB effective computing power is the size of the data encapsulated and certified on the main network of filecoin. 1TB storage can provide up to 1TB of effective computing power, but just like a USB flash drive to copy data, it also takes a time, and eventually 1TB storage will provide 1TB of effective computing power.
B. Staking mechanism
The staking mechanism section of the Filecoin Economic Model has changed several times, and according to the latest edition, all miners are required to make a storage staking and a block reward staking, which is how the current Filecoin mainnet actually works: storage staking, the quantity is determined by both expected production and arithmetic growth rate, and the staked FIL will be released linearly after 180-540 days (depending on the sector life cycle); block reward stake, the remainder of the mined FIL goes into the block reward staking after the storage staking is paid, and the staked FIL will be released starting the next day, with 180 days.
October 19, 2020