To encourage consistent storage support and long-term storage investment, rather than just quick sealing, Filecoin introduced the concept of network benchmarks.
This preserves the shape of the original exponential decay model but softens it during the first few days of network setup. Once the network reaches baseline, the cumulative block rewards issued are the same as the simple exponential decay model, but at smaller network sizes, part of the block rewards will be delayed. The overall result is that Filecoin rewards miners more closely align with the utility they and the network as a whole provide to customers.
So, now that the network benchmark has been added, what exactly does a Filecoin mining token issuance look like?
Filecoin's distribution mechanism is halved every 6 years, which means that the incentive portion of the miners generates half of the remaining total tokens every 6 years.
According to the results of the second phase of the current network test, the release of mining tokens is divided into two parts: the network simple supply part; the network baseline supply part, and the profit distribution ratio between the two is 3:7.
Simple supply part:
That is the 6-year halving period. According to the official public formula, the total number of tokens mined by miners is V=2✖109✖70%✖(100%-1/2T/6)
Where T=n/365, n is the number of days. Since the pure supply part accounts for 30% of the release ratio, the pure supply part is 2✖109✖70%✖(100%-1/2T/6)✖30%
Network baseline configuration section:
Its main purpose is to prevent miners from leaving the network early and delay the release of some block rewards to protect the network. Therefore, the network requires the computing power of the entire network to reach 1EB to ensure the return to normal mining income. This part of the income accounts for 70%.
Because the network baseline is set relatively large, it is difficult to achieve in the short term; and when it does not reach 1EB, the mining part is temporarily difficult to calculate. Therefore, regardless of the income during the network baseline intervention period, the value added after subsequent rules are clarified will be too large.
Then, without considering the network benchmark income, and only considering the mining point income of the simple supply department of mining, the daily income of miners is as follows:
Daily supply from miners who follow simple rules. It can be seen from the above formula that the amount of FIL that can be released in the block on the nth day V days = 30% ✖{2✖109✖70%✖(100%-1/2T(n days)/ 6)-2 ✖109 ✖70% ✖(100%-1/2T(n-1day)/6)}
After the formula is revised, the daily mining speed of FIL on the entire network is approximately equal to V day = 30%✖443037✖0.999685n
We all know that the tokens issued by FIL are mainly divided into the sum of tokens issued by mining, foundations, investors, and development teams. According to the official theory, without considering the actual network conditions, we can know that the theoretical issuance of FIL = 30% × the amount released by the miner income foundation, the amount released by investors, and the amount released by the development team are:
30%✖2✖109✖70%✖(100%-1/2T/6)2✖109✖15%✖(T/6)2✖109✖5%✖(T/6) 2✖109✖10% ✖（T/3）
Before calculating the FIL market circulation, let us calculate the total mortgage amount of the FIL network.
It can be seen from the mortgage regulations that the total pledge of the entire network = the total computing power pledge of the entire network, the total storage pledge of the entire network, and market mortgage = circulating FIL × (computing power pledge ratio storage mortgage rate) market mortgage.
Among them, storage pledge is mainly used in the storage market, and pledge is used for chain maintenance; computing power pledge is a pledge provided by miners when they promise network available space during mining. The proportions of storage pledge computing power pledge and storage pledge are 30% and 30% respectively. 5%. Market mortgages are mainly Tokens that are fully released during Filecoin network tasks, and are currently tentatively set at 0.
The real circulation of FIL should be the theoretical circulation of FIL minus the total amount of pledges on the entire network, then the real circulation of FIL = the theoretical circulation of FIL - the total amount of pledges on the entire network, that is: {30% ✖2✖109✖70 %✖( 100%-1/2T/6) 2✖109✖15%✖(T/6) 2✖109✖5%✖(T/6) 2✖109✖10%✖( T/3)}✖ (1-Hash power pledge rate-Per capita pledge rate)
That is, the theoretical circulation of FIL✖65%
After that, we introduced a freezing period of N days, linearly releasing M antennas, and accumulated the daily linear release amount, plus the amount released by the foundation, team and investors, and those that have not yet ended the freezing period are not counted. The actual circulation of FIL = the sum of daily linear release, foundation release, investor release, and development team release
Assume N=20 days, M=180 days, take the first year as the calculation unit, 365 days in a year, and substitute time T. The first year of intervention did not account for baseline variables. After the rules are clarified and this parameter is added, the circulation volume will be larger than the result below.
The actual circulation in the first year was 116 million.
FIL actual circulation = 65%✖30%✖2✖109✖70%✖(100%-1/21/6) 65%✖2✖109✖15%✖(1/6)65%✖2✖109✖ 5%✖(1/6)65%✖2✖109✖10%✖(1/3)≈116 million pieces
Taking into account the mortgage rate and the possibility of mortgage forfeiture, the actual issuance amount is approximately equal to 108 million coins. In other words, the actual circulating FIL tokens are about 6.9% less than expected.
In fact, the amount of Filecoin required for circulation is fixed. Combined with the fact that the actual circulation of Filecoin has dropped by about 6.9%, the changed unit price of Filecoin = the number of Filecoins required for circulation/{actual circulation of Filecoin × (1-6.9%)} = (1 7.4%) × the original unit price of Filecoin, then the unit price of Filecoin It may rise by around 7.4%.
