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fix(content): network baseline growth correction #1245

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fix(content): network baseline growth correction #1245

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d23a2b4
fixing numbers for network growth in baseline minting
yiannisbot Nov 13, 2020
b08c4e4
Update _index.md
yiannisbot Nov 13, 2020
ab7ce42
Merge branch 'master' into minting-baseline-correction
ianconsolata Sep 27, 2023
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2 changes: 1 addition & 1 deletion content/systems/filecoin_token/minting_model/_index.md
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Expand Up @@ -18,7 +18,7 @@ To encourage consistent storage onboarding and investment in long-term storage,

Specifically, a hybrid exponential minting mechanism is introduced with a proportion of the reward coming from simple exponential decay, “Simple Minting” and the other proportion from network baseline, “Baseline Minting”. The total reward per epoch will be the sum of the two rewards. Mining Filecoin should be even more profitable with this mechanism. Simple minting allocation disproportionately rewards early miners and provides counter pressure to shocks. Baseline minting allocation mints more tokens when more value for the network has been created. More tokens are minted to facilitate greater trade when the network can unlock a greater potential. This should lead to increased creation of value for the network and lower risk of minting filecoin too quickly.

The protocol allocates 30% of Storage Mining Allocation in Simple Minting and the remaining 70% in Baseline Minting. 30% of Simple Minting can provide counter forces in the event of shocks. Baseline capacity can start from a smaller percentage of worldʼs storage today, grow at a rapid rate, and catch up to a higher but still reasonable percentage of worldʼs storage in the future. As such, the network baseline will start from 1EiB (which is less than 0.01% of the worldʼs storage today) and grow at an annual rate of 200% (higher than the usual world storage annual growth rate at 40%). The community can come together to slow down the rate of growth when the network is providing 1-10% of the worldʼs storage.
The protocol allocates 30% of Storage Mining Allocation in Simple Minting and the remaining 70% in Baseline Minting. 30% of Simple Minting can provide counter forces in the event of shocks. Baseline capacity can start from a smaller percentage of worldʼs storage today, grow at a rapid rate, and catch up to a higher but still reasonable percentage of worldʼs storage in the future. The network baseline will start from **2.5EiB**, or **2.88888888EB**, (which is less than 0.01% of the worldʼs storage today) and grow at an annual rate of 100% (higher than the usual world storage annual growth rate at 40%). The community can come together to slow down the rate of growth when the network is providing 1-10% of the worldʼs storage.

There are many features that will make passing the baseline more efficient and economical and unleash a greater share of baseline minting. The community can come together to collectively achieve these goals:

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