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What does fil mining mean (fil mining technology)?

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What does fil mining mean? In the Filecoin network, mining is a way to obtain r

What does fil mining mean (fil mining technology)?

What does fil mining mean? In the Filecoin network, mining is a way to obtain rewards through storage transactions. The native currency of FileCoin, FIL, is called “Fil”, with a total issuance of 100 million (currently circulating around 100,000). When a user wants to perform a specific type of operation, they need to submit a block to the mainnet, which includes the current global unique address, effective computing power multiplied by token value, and according to certain rules, transfer this number into the corresponding wallet. This fund can be used to purchase corresponding hard drives and storage space information.

So, how to participate in the Filecoin network? Let’s take a look at the introduction of Filecoin:

Filecoin is a distributed file system. Anyone can publish content, services, or use it as a carrier here, and can also contribute code to this project or application.

fil mining technology

Editor’s note: This article is from IPFS Original Power Zone (ID: IPF-eva), authored by Tony, authorized by Star Daily.

With more and more projects starting to use Fil mining technology to store data and participate in mining through collateral, this is a category of encrypted assets that is very suitable for blockchain for Filecoin. Currently, the circulation of FIL on Ethereum is about 500 million. The technical solution for Fil mining is based on the following three characteristics:

1. Synchronize the information in the system to the local through the verification of main chain nodes and network participants;

2. When a node completes a task, it will generate a valid proof, and the work can only be executed after it is confirmed to be valid;

3. The account needs to submit a public key containing all transaction information;

4. If a verification process does not conform to the specifications, the system will be unable to process the related transactions, resulting in “loss” issues;

5. Once a user successfully completes an operation, they can restore normal operation or continue to receive rewards. 2. “Loss” refers to when a user fails to write private documents due to input errors, the account will automatically provide files or other things to pay to another person (usually in some cases); at the same time, if the individual misses the receiving address due to sending mail, it may cause losses.

Due to the above two reasons, the operation of the entire system is severely affected. In order to ensure the stability and efficiency of the system, the official uses a method called “time lock” to ensure the security of user funds. However, this method does not solve the problem, and some developers only understand it as a smart contract.

Although this design allows many early FIL holders to obtain benefits from their positions, it does not mean that all tokens belong to this system. For example, Filecoin founder JuanBenet once announced that Filecoin will launch decentralized storage services in the next three years and said, “Filecoin is an open-source protocol. We hope to become the world’s first truly decentralized storage platform.” However, according to official descriptions, “The goal of Filecoin is to benchmark the speed and capacity of the Internet”, so it is necessary to consider the current limitations and factors that the performance of the Bitcoin network is insufficient to support these scalability computing capabilities.

Reportedly, the Filecoin team plans to launch the testnet at the end of this month. The second round of public testing of Filecoin will begin on July 15th. After the mainnet is launched, the main chain nodes and clients will be upgraded. “After the mainnet is launched, the main chain will be fully open and immutable.”

However, the Filecoin Foundation also stated that during a period in the future,

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