Why does Filecoin want to be a miner (Filecoin miner requirements)?
Why does Filecoin want to be a miner? Filecoin wants to be a miner because it i
Why does Filecoin want to be a miner? Filecoin wants to be a miner because it is a decentralized storage network that aims to build a distributed cloud ecosystem capable of accommodating thousands of applications. It uses unique mechanisms to ensure data confidentiality and secure management, with the goal of improving resource utilization efficiency. Additionally, it adopts a new proof-of-work (PoW) consensus algorithm to ensure the security, validity, and economic sustainability of transactions and block rewards. Therefore, we need a system that allows anyone to maintain the network and participate in mining in order to provide effective incentives and operational safeguards for the entire blockchain. This way, everyone can earn profits and contribute to the network. So what is Filecoin? Actually, many projects can benefit from it. First of all, Filecoin is an open-source and infinitely scalable distributed storage network based on IPFS protocol. This network allows users to transmit information and bandwidth without a central server. In addition, its mainnet includes several internet-related tools such as browser extensions and file hosting services. Filecoin’s vision is to establish the world’s first decentralized global storage economy – a new form of digital currency that brings humanity together to create a secure peer-to-peer exchange. Secondly, as part of the distributed storage system, Filecoin provides powerful functionalities such as the decentralized computing layer, storage market, storage content, and retrieval market. The third use case is data sharing implemented with distributed storage technology. When the entire crypto world becomes the foundation of Web3, it is necessary to have its own database or software. The fourth use case includes data storage, data retrieval, and node verification using distributed storage technology. Lastly, Filecoin introduces a new feature: data storage. These are the problems that Filecoin aims to solve.Currently, the main technical issue is storage capacity. Unlike Bitcoin, which has a size of only 32PB, Filecoin’s performance far exceeds the currently available network capacity. However, the Filecoin team believes that this demand will increase over time and they are actively seeking to reduce storage costs to make it more suitable for commercial purposes.It is worth mentioning that Filecoin has attracted many developers to join the industry. Some of them are important members of the Filecoin community. One of them is the Slack user mentioned earlier, who stated that Filecoin hopes to help people create a better Web3.0. Both of these groups have rich experience. Therefore, Filecoin has decided to pay fees to developers who want to work on similar projects.Although Filecoin has not explicitly stated what it is, we believe that this task will eventually be implemented because Filecoin will bring tremendous changes and value to the world.
Filecoin Miner Requirements
According to reports from the IPFS China community, Filecoin miners need to obtain 1 million FIL before they can start mining on the testnet. Currently, the Filecoin network has launched multiple versions, but it cannot support the full upgrade and maintenance of the entire network’s computational power. According to a previous announcement on the Filecoin official forum, if there is not enough reserve funds to operate the full network, it will cause the main chain to stop running and result in a block reorganization. Additionally, for those who want to participate in storage transactions, they must pay a certain proportion of fees to qualify as validators.
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