Countdown to Filecoin Mainnet Liftoff: 12Ships Has Completed Hardware Upgrade for Mainnet

Filecoin Mainnet Liftoff Event: from October 19–23 celebrating Filecoin’s mainnet launch

Filecoin project was founded in 2017 with total fundraising of 257 million US dollars, which is one of the largest ICOs in the history of blockchain and also the long-anticipated superstar project in the industry. Mining hardware, as an essential tool for obtaining the token FIL, has also been hyped up for a long time. There are so much clutters and frauds in Filecoin mining marketing.

As it entered the final rehearsal stage before the mainnet launch, Filecoin official blog announced on Sep 27 that the Filecoin mainnet will officially begin at epoch 148888, which is expected to land around Oct 15. It will begin a period of monitoring and problem solving to ensure the network is normal (working as expected) after the transition. The miners around the world are well-prepared, cheering up for the arrival of the mainnet.

The 12Ships technical team began in August to R&D and test Filecoin mining hardware configuration and software solutions.

“We purchased four 14T Western Digital enterprise-class HDD in September, to augment the storage capacity,” said Duncan Chen, the Chief Hardware Architect of 12Ships, “The team has completed further hardware configuration upgrades and is currently testing cluster mining on the 8-bay server with good performance. The software upgrades are also under way.”

Figure 1: Testing the Filecoin cluster mining on an 8-bay server.

About Filecoin Token Allocation

A maximum of 2,000,000,000 Filecoin will ever be created, referred to as FIL_BASE. Of the Filecoin genesis block allocation, 10% of FIL_BASE were allocated for fundraising, of which 7.5% were sold in the 2017 token sale, and the 2.5% remaining were allocated for ecosystem development, future fundraising, and/or other uses described in 2017. 15% of FIL_BASE were allocated to Protocol Labs (including 4.5% for the Protocol Labs team & contributors), and 5% were allocated to the Filecoin Foundation.

55% of FIL_BASE is allocated to storage mining. 15% of FIL_BASE (21.4% of mining rewards) have been set aside as a Mining Reserve. It will be up to the community to determine in the future how to distribute those tokens, through Filecoin improvement proposals (FIPs) or similar decentralized decision-making processes. That means a total of 70% of all tokens were allocated to miners, as mining rewards, for providing data storage service, maintaining the blockchain, distributing data, running contracts, and more. There are multiple types of mining that these rewards will support over time. A pie chart reflecting the allocations is shown in Figure 2.

Figure 2: Filecoin token allocation.

The team and the foundation have a total of 20% within a vesting period of 6 years. The investors (10%) have various vesting periods between 6 months and 3 years. Therefore, the early circulating tokens will mainly be obtained by mining. Unlike PoW mining, Filecoin miners are supposed to provide not only computing power but also storage capacity. Miners are rewarded for the size of their storage capacity, and the more effective storage capacity, the more computing power, the more likely they are to generate blocks and win the rewards.

In the next article, We will elaborate the configuration logic and advantages of 12Ships’s hardware resolution. So stay tuned!

About 12Ships

12Ships makes your journey to the blockchain investment as easy as possible by providing a profitable and reliable mining infrastructure. 12Ships was launched to realize the paradigm of the Fourth Industrial Revolution through blockchain. We have developed both the high-performance hardware needed to keep the data recorded in the blockchain reliable and the software needed for its operations. This is the future that 12Ships will realize to turn this platform and service into a new business that is capable of expanding.

For more information, find us in the communities!

12Ships makes your journey to the blockchain investment as easy as possible by providing a profitable and reliable mining infrastructure.