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From YouTube: Filecoin Economy Deep Dive - ZX Zhang
Description
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A
A
We
are
eight
weeks
into
mainnet
and
we've
seen
immense
growth
throughout
the
whole
ecosystem.
We
have
lots
of
miners
joining
the
network,
and
then
we
have
new
applications
and
incubation
program
accelerator
building
in
the
ecosystem,
with
more
like
short
services
and
more
financial
services
and
smart
contracts.
A
They're
related
they're
related
to
file
coin,
and
there
are
many,
many
more
ecosystem
partners
and
building
activities
happening
across
the
ecosystem
and
and
today
the
goal
today
is
to
share
more
of
the
building
blocks
of
the
economy,
so
that
we
have
better
understanding
of
how
things
works,
and
then
we
can
inspire
greater
building
opportunities
and
and
more
activities
on
the
falcon
network.
A
So
here's
the
agenda
for
today
so
to
start
off
the
global
data
sphere
will
actually
3x
in
the
next
four
years
with
the
new
technologies
like
vr,
more
streaming,
services
and
internet
of
things.
A
Humans
are
generating
massive
amounts
of
data
every
single
day,
but
the
problem
is
also
obvious
that
we
are
storing
less
and
less
a
percentage
of
total
data
that
we
generate,
and
there
are
multiple
reasons
for
that,
and
and
as
an
overview
of
this
data
market,
most
data
career
that
is
not
stored
and
data
usually
store
far
away
from
the
users
in
like
data
centers,
and
all
these
data
sits
on
a
spectrum
of
access.
Not
all
of
them
will
be
accessed
frequently,
and
sometimes
it
gets
expensive
to
keep
all
this
data
around.
A
So
lots
of
data
that
we
generate,
like
the
memory
of
the
of
mankind,
has
to
be
discarded
and
the
top
five
storage
providers
control
majority
of
the
market
and
for
new
entrants
to
compete
or
to
enter
this
market.
They
have
to
compete
on
reputation,
infrastructure,
network
effects
and
many
many
more
so
without
a
sync,
without
a
platform
to
coordinate
resources
and
allow
people
to
collaborate.
A
It's
really
difficult
for
anyone,
who's
capable
of
providing
cloud
storage
services
to
come
in,
and
this
is
where
the
falcon
protocol
comes
in
as
a
way
to
enable
as
a
protocol,
to
enable
participants
to
provide
valuable
storage,
goods
and
services
to
the
to
the
greater
world,
and
given
that
even
it's
just
like
airbnb,
allow
homeowners
to
compete
with
hotels.
A
Falcons
protocol
allow
like
storage
operators
to
compete
with
like
traditional
cloud
services
and
many
many
more,
and
I
would
like
to
take
a
moment
to
just
compare
airbnb
hosting
with
falcon
mining.
So
in
airbnb
as
a
host,
we
contribute
housing
resources
and
on
file
point
storage
resources
is
contributed
and
but
there's
also
some.
There
are
also
some
differences
in
airbnb.
A
But
there
are
also
some
commonalities
as
well
in
on
airbnb
hosts
shared
that
brand
identity
and
similarly
on
falcon,
that's
why
we
have
like
penalty
when,
when
the
storage
is
unreliable,
because
it's
directly
damaging
the
brand
identity
of
alcoin
and
similarly
there's
also
some
collateral
requirement,
which
is
just
like
on
airbnb,
when
you
offer,
when
you
offer
resources
or
like
a
house,
there
might
be
some
deposit,
and
another
important
thing
to
call
out
just
like
on
airbnb
hosts
are
not
always
only
compete
on
cost
and
it's
if
they
rather
instead
writer,
they
compete
on
differentiated
services
and
that
they
can
offer
to
the
client.
A
Similarly,
on
filecoin,
it's
not
it's
all.
It's
not
going
to
be
a
direct
combination
of
costs,
either.
There's
differentiated
services
and
different
building
blocks
that
people
can
compose
to
offer
a
unique
experience
for
the
users
and
on
airbnb.
If
there's
any
dispute,
if
we
have
to
go
through
legal
recourse,
but
on
valcoin
we
use
crypto
economic
mechanisms
as
a
way
to
align
participant
incentive,
because
it's
a
truly
decentralized
network.
A
So
with
that
framing
in
mind,
I'm
very
excited
to
share
that.
From
my
point
of
view,
we
are
really
ushering
a
new
era
of
mining.
It's
a
new
era
for
mining,
for
cryptocurrency
and
for
the
blockchain.
We
are
here
to
make
blockchain
useful.
We
allow
participants
to
offer
flexible
options
and
leverage
local
optimization
to
actually
deliver
that
that
unmet
demand,
and
we
also
use
blockchain
to
empower
businesses
to
offer
like
lower
cost
storage,
even
differentiated
services
such
that
businesses
can
do
more.
A
With
this,
like
large
supply
of
storage
and
another
important
thing
to
call
out
is
participants
get
to
evolve
with
the
network,
because
the
falcon
network
falcon
economy
is
a
living
organism
and
like
it
would,
it
will
evolve
and
change
over
time
and
participants
up
are
growing
and
evolving
together
with
the
with
the
ecosystem.
A
So
next
I
will
talk
about.
We've
been
talking
a
lot
about
falcon
economy.
So
what
exactly?
That
is,
so,
let's
take
a
moment
to
to
to
just
go
over
what
the?
What
is
the
falcon
economy.
There
are
many
lenses
that
we
can
look
at
falcon
economy.
So,
first
of
all,
it's
like
it's
a
blockchain
able
economy,
so
we
have
to
underlying
blockchain
layer
that
provides
the
consensus
that
allows
us
to
verifiability
and
the
basis
of
you
don't
really
need
you.
A
Don't
really
need
someone
permission
to
provide
storage
to
the
network
and
to
the
clients,
and
then
we
have
the
business
layer
where
the
economy
can
be
developed
and
enabled
by
the
blockchain
layer.
Another
framing
that
is
useful.
Is
it's
in
some
way.
It's
like
an
island
economy
where,
on
the
island
we
have
researchers,
developers,
miners
token
holders,
clients
coming
together
to
put
raw
materials
into
valuable
storage,
related
goods
and
services,
and
we
export
that
to
the
outside
world.
A
So
we
have
potential
clients,
potential
participants
ready
to
participate
in
the
falcon
island
economy
and
the
falcon
token
is
the
native
currency
of
this
economy
and,
as
mentioned
earlier,
it's
also
a
platform.
We
have
demand
for
storage
and
we
have
supply
for
storage
and
how
can
we
efficiently
allocate
resources
and
managing
risk
to
match
to
match
the
supply
and
demand?
And
last
but
not
least,
it's
also
important
to
highlight
it
is
a
token
economy.
So
all
producers-
consumers,
are
all
token
holders
in
the
network.
So
we
share.
A
And
the
overarching
goal
for
all
participants
in
the
network
is
how
do
we
work
together
more
efficiently
to
produce
good
and
services
in
a
more
productive
way?
So
these
are
another
view
of
the
different
participants
in
the
economy
and
a
big
crypto
economic
design
challenge
is
many
times
many
times
this
many
times.
A
This
group
may
have
like
conflicting
interests
or
like
different
horizons,
different
expectations,
and
how
do
we
align
everyone
score
and
incentives
such
that
we
are
aligned
to
make
the
falcon
network
successful
and
and
just
a
reminder,
it's
very
common
for
an
entity
or
individual
to
play.
Multiple
roles
in
this
like
stakeholder
group
framing,
and
we
are
seeing
increasing
blending
of
rows
as
we
have
more
miners
becoming
developers,
building
services
and
applications
on
filecoin
to
make
the
experience
better,
we
have
miners
going
out
reaching
out
recruiting
clients
and
bring
them
into
the
ecosystem.
A
We
also
have
token
holders
investing
in
minors
investing
in
developers
to
help
make
the
economy
more
successful
and,
more
importantly,
it's
important
to
highlight
miners
are
also
one
of
the
largest
group
of
token
holders
in
the
ecosystem.
A
A
A
This
is
supply,
so
we're
seeing
lots
of
activity
today,
a
minor
acquired,
token,
put
into
storage
and
then
come
commit
to
the
network
demonstrating
demonstrating
their
capacity
and
the
ability
to
maintain
that
capacity,
and
next,
once
minor
reach
minimum
minor
size,
they
will
start
earning
block
reward
from
the
blockchain
and
blood
reward
is
sort
of
like
a
subsidy
that
we
they
want
to
stuff
that
we,
the
protocol,
wants
to
subsidize
reliable
and
useful
storage,
reliable
and
useful.
A
We
might
come
back
to
this
concept
later
on
and
then
this
is,
as
minor,
builds
up
the
supply
and
builds
up
the
reputation
for
being
reliable.
Then
then,
when,
when
demand
comes
to
the
market,
miners
can
look
at
the
demand.
Miners
can
look
at
their
supply,
make
deals
with
the
clients
and
then,
from
the
client
point
of
view
they
can
negotiate
these
deals
in
in
any
currency
that
they
want
and
right
before
they
enter
into
the
deal.
A
They
can
swap
it
with
the
token
holder
or
exchanges
into
file
coin
and
enter
into
the
deal
on
file
coin
and
then,
once
the
deal
is
reached,
mine
will
upgrade
their
capacity
and
start
earning
deal
payments
and
when,
when
the
sector
is
not
stable,
minor
have
to
declare
faults
and
there
will
be
a
penalty
from
the
protocol
of
the
protocol,
because
any
unreliable
storage
is
a
direct
damage
to
the
sharepoint
shared
brand
identity
of
falcon,
and
that
needs
to
be
punished
and
and
miners
can
recover
that
and
keep
on
earning
reward
and
deal
payment.
A
So
we
mentioned
secretary
and
deal.
I
think
it's
also
important
to
just
highlight
these
are
the
basic
units
of
storage
on
filecoin.
So
what
is
exactly
is
a
sector.
A
sector
is
basically
some
unit
of
space
and
time
that
miner
is
promising
to
the
network
that
they
would
store
is
a
promise
to
the
narrator
is
also
a
promise
to
the
client
in
some
ways.
It's
like
a
shipping
container
with
like
defined
unit
of
space
and
time
so
miners
say.
Okay,
I
want
to
commit
some
space
for
some
time.
A
Then
they
put
the
data
and
some
falcon
in
as
collateral,
and
then
they
would
process
it
seal
it
and
then
they'll
continuously
prove
that
to
the
chain
and
then,
when
the
sector
expires,
miners
can
get
back
the
initial
pledge
that
they
put
down
into
the
sector,
but
when
the
sector
is
terminated
or
it's
at
fault,
there
will
be
penalty
coming
out
from
from
the
initial
pledge
that
miners
put
in
and
deals
are
basically
direct,
two
ways:
contract
with
the
my
between
the
miners
and
the
clients
and
and
contracts.
A
So
so
this
diagram
basically
illustrates
how
like
sector
as
a
basic
container
basic
building
block
like
some
kind
of
a
container
and
their
miners
can
put
deals
inside
this
container,
which
is
reflected
in
the
in
the
content
of
the
sector
and
because
different
different
sectors
may
have
different
constituents
within
the
sector.
So
not
all
sectors
are
not
equal.
Not
all
sectors
are
equal.
A
So
therefore,
there's
a
concept
called
called
sector
quality
where
the
protocol
can
over
incentivize
certain
kinds
of
sectors
and
because
there
is
no
direct
way
to
distinguish
what
is
useful
client
data
and
what
is
any
kind
of
data
on
file
coin.
On
the
protocol
level,
therefore,
we
we
here
we
will
talk
more
about
falcon
plus
later,
where
protocol
creatively
and
pragmatically
leverage
a
layer
of
social
trust.
A
So
it's
like
falcon
plus
social
trust
to
be
able
to
incentivize
more
useful
storage
on
filecoin,
and
it's
also
worthy
of
highlighting
this
basic
building
blocks
allows
lots
of
emergence
to
appear
on
the
network.
So
we
said
committed
capacity
right
now.
Most
of
that
is
it's
a
randomness
generated
by
a
minor,
but
it
doesn't
have
to
be
that
way.
For
example,
if
I'm
a
miner,
I
have
some
utility
for
storing
my
own
data.
A
There
are
also
other
storage
features
that
are
supported
by
file
client,
which
include
redundancy
fast,
retrieval
encryption,
offline
data
transfer,
as
data
volume
gets
large.
It
gets
expensive
to
transfer
everything
over
the
wire,
but
this
some
of
this
is
pushed
to
not
at
the
base
protocol
level,
but
you
can
build
that
on
top
of
the
falcon
protocol.
A
Next
we
mentioned
about
falcon
plus.
Very
briefly,
I
think
I
want
to
we
want
to
like
go
down
deeper
here
to
talk
about
the
power
the
storage
clients
have
on
the
falcon
network,
so
remember
in
earlier
slide
earlier
in
the
slide
earlier,
we
said,
not
all
sectors
are
equal,
so
sector,
storing,
falcon
plus
deals
will
earn
10x
off
the
power
and
hence
10x
the
share
of
the
reward.
A
This
gives
this
put
the
power
in
the
hands
of
clients
where
clients
now
have
very
high
negotiating
power
to
request
different
features
from
miners
on
firepoint
and
as
an
illustration
of
how
this
process
works,
without
without
the
falcon
plus,
miners
may
not
have
a
very
strong
incentive
to
take
real
demand.
A
Real
real
deals
from
clients,
but
with
this
with
this
falcon
plus
mechanism,
clients
can
apply
to
a
network
of
notaries
to
request
for
a
data
cap
like
a
one-time
credit
card
and
notaries
can
basically
approve
these
requests
following
some
community-driven
governance
principle,
which
we'll
touch
on
in
a
moment,
and
then
clients
can
deploy
the
data
cap
to
store
data
with
miners
and
miners
who
sort
of
data
will
earn
a
10x
in
their
revenue.
A
Of
course,
there
will
be,
there
will
be
other
checks
and
balances
in
the
details,
but
this
put
power
in
token
production
in
the
hands
of
the
client,
so
that,
as
mentioned
earlier
block
rewards
is
meant
to
be
in
an
incentivized,
reliable
and
useful
story.
This
is
how
that
this
is
how
that
this
is
how
the
protocol
in
vision
be
incented
to
flow
into
storage
demand
on
valcoin,
and
this
is
the
and
it's
also
worth
calling
out.
I
think,
for
falcon
plus
really
is
at
the
forefront
of
decentralized
governance.
A
So
we
first
set
up
the
principles
through
the
fib,
which
these
are
the
principles
of
falcon
plus
and
then
there's
a
separate,
separate
principles
are
meant
to
be
high
level
high
level
principles
that
the
community
can
easily
agree
upon
and
then
there's
a
repository
where
the
community
can
iterate
on
the
specific
processes
of
how
the
mechanism
and
operation
can
reflect
its
principles
and-
and
that
will
happen
at
a
much
faster
rate
and
then,
after
that
there
will
be
a
diverse
market.
As
we
mentioned
earlier,
different
behavior
can
emerge
on
this
market
and
different
product.
A
Differentiation
and
services
can
happen
because
of
falcon
class
and
just
a
quick
overview
of
the
of
the
of
the
repository
where
most
of
the
most
of
the
governance
happens.
So
we
start
to
see
like
token
holders
applying
to
be
notaries.
Researchers
becoming
notaries
to
and
by
the
way
being,
a
notary
has
no
explicit
financial
incentive.
People
are
becoming
notary
to
help
make
the
network
more
useful
and
successful,
and
then
we
also
see
miners
building
applications
minor,
bringing
in
clients
from
diff
from
all
walks
of
life,
to
make
falcon
more
useful
and
increase.
A
And
lastly,
we
talked
next.
We
talked.
We
have
been
talking
a
lot
about
storage
on
file
client,
but
it's
also
important
to
call
out
retrieval
and
content
delivery.
So,
right
now
the
retrieve
all
the
basic
building
blocks
exist
on
filecoin
right
data.
It
can
be
addressed
by
their
content.
Hashes,
you
can
find
the
miners
with
the
data.
A
The
clients
and
miners
can
negotiate
the
retrieval
and
establish
a
payment
channel
for
that
to
work
and
we're
starting
to
see
people
building
applications
on
filecoin
and
enabling
retrieval
and
well
becoming
a
falcon
plus
clients
to
get
extra
subsidy
for
providing
these
additional
services
and
in
the
future.
A
And
next
we
talked
about
last.
We
talked
about
emerging
business
opportunities
on
filecoin,
to
just
recap:
right
now,
we're
seeing
a
thriving
ecosystem,
but
many
many
more
are
still
coming
into
the
falcon
network
and
coming
into
the
falcon
economy,
and
it's
important
to
remind
ourselves
where
we
are
just
in
terms
of
like
the
general
stages
of
the
economy.
A
We
are
around
right
here
well
now,
where
we
are
mostly
in
a
capacity
building
phase
optimizing
product
having
secure
proof,
we
have
some
basic
retrieval
building
blocks
going
and
we
talked
about
minting
in
the
next
talk
where
most
of
the
subsidy
comes
from
this
notion
of
simple
minting
and
we
have
some
level
of
quality
service
enforced
by
the
protocol.
We
don't
expect
to
see
much
demand,
but
this
would
this,
but
this
is
expected
to
grow
over
time
as
the
chain
becomes
more
scalable.
A
So
there
are
some
emerging
business
opportunities
that
we
already
start
to
envision
and
observe,
and
I
think
we
hear
more
from
different
speakers
throughout
the
rest
of
the
day.
I
think
one
important
one
is
financial
services
right,
like
providing
loans
and
reducing
volatility,
risk
for
both
miners
and
clients
and
payment
bridges.
I
think
we
mentioned
earlier
when
a
client
before
clients
enter
into
a
deal.
They
can
sort
of
negotiate
the
deals
in
any
currency
they
like,
but
right
before
they
enter
into
the
contract.
A
With
the
miners,
there
could
be
a
payment
bridge
that
converted
into
foul
point
insurance
and
then
very
important
discovery
platform
reputation
system,
because
at
the
end
of
the
day,
it's
a
platform,
economy,
supply
and
demand
needs
to
meet,
and
then
they
need
some
way
of
meeting
their
supply
and
demand.
A
There's
going
to
be
a
talk
on
this
later
today,
different
database
overlays
to
improve
the
ux
and
and
specific
use
cases
enabled
by
cloud
businesses
and,
as
we
mentioned
earlier,
like
the
basic
building
blocks
of
sectors
and
deals
enable
the
emergence
to
occur
on
the
falcon
network.
That's
why,
from
the
protocol
standpoint,
it
doesn't
matter
as
much
whether
this
use
case
is
swept
too
or
we're
going
to
talk
about
three
use
cases,
because
they're
all
supported
by
the
protocol,
it's
in
the
hands
of
the
ecosystem
to
be
creative
and
built
on
the
falcon
network.
A
So
there's
also
rev3
use
business
opportunities.
Dfi
cross-train
interrupt,
maybe
like
a
smart
contract
and
manage
finance
doing
hedging
for
minor.
There
could
be
data
curation
with
the
content
address
web.
We
might
hear
some
of
that
from
later
talks
today
there
could
be
self-hosting
public
data,
getting
very
close
to
the
idea
of
a
data
commons
and,
as
mentioned
earlier,
smart
contract
can
own
deploy
and
trade
storage
and
lots
of
these
building
blocks.
A
So,
given
all
that,
I
hope
I
gave
a
good
overview
of
the
while
the
basic
building
blocks
in
falcoin
and
how
things
work
and
the
falco
network
is
really
live,
and
the
future
of
filecoin
is
now
in
the
hands
of
all
its
participants.