The collaboration to load Solana block history onto Filecoin is ready for public review and comment! Filecoin officials have addressed problems in data availability, indexing and demo RPC nodes.

First of all, Solana’s public chain has now loaded its block history onto Filecoin, and I think it’s important to single it out and talk about it. After the appearance of FVM, we’ve been talking about the fact that in the later stages of Filecoin, it’s not only going to support the growth of its own ecosystem, but also the building of other public chains, and I think Solana is a typical example of this. In fact, Solana in the market value ranking is relatively high, and it is a fairly large public chain, for its transaction data is large, its transaction speed is relatively fast, its TPS is the largest transaction data in all the public chains. So if it finally chooses to cooperate with Filecoin, I actually think this is a very good case, which can prove that with the FVM, the whole Filecoin has the ability to support other public chains, and this will be a bigger promotion for some innovative cross-chain cooperation.

The second is that it is possible that the current decentralized storage users are still some web3 applications, which may occupy a relatively small market share. However in the future, we see a huge driving force in the enterprises’ needs, and I think it may be a proof of the future long-term development needs.

The third point has actually been officially mentioned for a long time, perhaps we have not paid attention to, that is, storage and computing, in addition to the fact that we are now the leader in decentralized storage. The future planning of Filecoin is the hope that the computing can be combined with localization, that is, the combination of current storage and computing, so that the cloud service can be more complete. I think it’s a pretty big goal. At present, our official will announce a summary of some information in this July. Then another point that I think is very important is that the main net has now enabled the alpha subnet which is actually the IPC we mentioned before, and it has been in the main net already. And then the IPC network will go to further upgrading in this September. The consensus system of the main net, at present, we have a consensus of 30 seconds for the main network. Then is the consensus of the main network. At present, the block generation rate is 30 seconds which is controversial, since the speed is still very slow. But later with the IPC subnet support, in fact, the block generation rate can be realized to a second.

The milestones after this consensus are probably the upgrade to one-second block generation on one hand, and at the same time, the TPS can reach to 1000 on the other hand. If we can achieve that upgrade, then we can probably reach the TPS of 1,000, which is about 20 times that of Ethereum, because the TPS of Ethereum is about 30 to 50 per second right now. So in the future, if we make full use of time and realize the upgrade of the consensus system this year, then I think there will be a great leap in the performance of the whole chain in terms of the TPS.

The outlook of the whole network — entering the second phase of the Filecoin

The data is quite detailed, and I’ve summarized it here, just a few key figures. The first one is the growth of the storage market in Q2, especially the active transaction volume, which grew by 64% compared with that in Q1. And then comparing this third-party report in the Q1 report and the Q2 report that came out in July, we can see an obvious comparison of the figures. The second one is the storage utilization. It went from 4% in Q1 and then grew to 48% in Q2. And of course, it is possibly because of the reduction of storage capacity, which was actually down 12% compared with that in Q1, then led to the doubles increase of the utilization.

The third one is the volume of active storage transactions which increased 64% as I just said. And then is the fee income in Q2 was up 91% in terms of currency standard, or 67% denominated in US dollars. When I saw that number, I think it would definitely be a very good news if we were in a bull market and were able to publish this kind of data and then doubled our revenues. But unfortunately now is in the bear market, people are not too concerned about these data, or can not see these data. However, some of these growths I think are still quite important. Because in April we released the FVM, in fact, in Q2 it can be seen that a lot of growths have been achieved after the release of FVM on the entire network. In the future, there will be more projects in terms of the innovations of joint node liquidity pledge, perpetual storage and decentralized compute. In the meeting in Hong Kong, we saw many DeFi related projects. But this time in Paris we saw a lot of teams from Europe and the United States, and their projects are more close to compute, storage and applications. I believe that there will be more and more projects like these.

Another one is about the current storage. Now in Q2, there are about 1,750 users registered the dataset in Filecoin. Approximate number of users has exceeded 1,500. And there are more than 1,000 terabytes of data stored in these large datasets, which is about an increase of 60%. In Q1, there were 211 datasets that stored more than 1,000 terabytes of data, and then in Q2 it reached 338 datasets, so it is an increase of 60%. Of course, at present in the whole network there is a hotly debated issue, that is, whether the Fil Plus will be canceled or not in the future, and whether DC will cancel the ten times reward, and then return to the CC. I think it reveals that at present, there remains the problem of usability in the storage of real data and effective data. The reason why the Filecoin official come up with such a high reward, is to better to utilize these data in the future. The storage including its active transactions all have a lot of potential. At present, it is mentioned that China is now likely to upload data like photographs, videos and so on.

The era of smart contracts — management nodes is coming

This node managed by this smart contract actually has a lot of this advantage, that is, it is very efficient and effective. Now we have been online since May 31st, and then until now, our data at the end of July is that there are more than eight nodes in total, and we have completed the construction of a joint node of this node on our line. Then there have been more than 500,000 of this Fil, participating in this node. After reviewing this, I think the speed is still quite fast. In fact, our team and our current community. Because it is decentralized. That is, everyone can achieve such a phased result entirely through distributed collaboration, which is actually thanks to this smart contract.

The second is that there is no need to trust a third party. Immediately at the end of this month, our version will be open source, including auditing for third parties, and we will publish our audit report to everyone. For those participants who do not understand the code or the contract, I think it is better to see that there are third-party very professional auditing companies. Then go to evaluate the security report, so you can enter the smart contract more confidently, and then participate in this node. Another is the upgrade management of smart contracts. The upgrade management of smart contracts is also managed by the community. We also did a major upgrade in July. In the community, we also synchronized some upgraded functions. Later, after our governance system is improved, everyone can easily participate in some upgrade management and voting.

Comparison Summary — Comparison Fil Phase 1

Fil in this stage before the FVM, summed up is four keywords, more transparent, that is, all this node, we are now on-line already in the construction of the eight joint nodes, each node, from its initiation plan, and then to the pledge, and then to the encapsulation, in fact, everyone can see every step of the chain operation, that is, the whole process is completely transparent for everyone to see, the second is decentralization, that is, there is no single institution can go to unilaterally To control this contract. Including the role of SP, we already have about seven of the world’s top SPs, and then have passed some evaluation and audit of the community’s technical ambassadors, joined our SP alliance, to provide you with a node for the world. The deployment capability of joint node construction is actually due to decentralization, which can win the trust of so many SPs in the industry, and then can join our alliance to complete the construction with everyone. Then the third is more secure.

The last one, that is to say, this double-layer incentive, the ecology may still be in a relatively early stage. You may not be doing particularly well in the place of double-layer incentive, and the competition is not particularly fierce, but I think some of your products will be added later. The maturity of the product will superimpose these parts to discuss a mechanism construction of one of our double-layer incentives. We will also develop it into our next governance version, and then add the part of liquidity mining, which is to let everyone On the basis of a benefit from the normal joint node, we get some incentives from our platform for everyone. I think these are also due to smart contracts, so everyone has such a benefit.