16:00, 4th August, Tuesday
I.Guest Profile
Guest：Steve Tsou
RRMine Global CEO
The member of the Forbes Business Council
II.Topic
Discuss IPFS and FIL mining on the eve of the testnet
III.Outline
1.Hello Steve! Please tell us about yourself. When did you meet Bitcoin and enter the blockchain industry？
2. How do you understand mining and the so-called mining industry? What are the essential differences between them and crypto currency？
3. Mining can bring benefits, but it also brings a lot of risks. How do you deal with potential risks?
4. What is the essential difference between IPFS and HTTP for you? What is the great significance of IPFS? What is its vision?
5. What do you think are the similarities and differences between bitcoin mining and IPFS mining? What do you think of the Filecoin project？
6. Filecoin is one of the most anticipated projects in 2020. RRMine is also keeping up. Could you please introduce the layout consideration of RRMine when it launches the new IPFS product now?
7. What is the positioning and advantages of the IPFS product of RRMine？
8. What do you think is the core competitiveness of a cloud computing power platform in terms of the layout of IPFS market?
9. Do you think mining is more centralized or decentralized than before? What will happen in the future？
10. Please give some suggestions to new and old mining investors. Where are the opportunities in the future?
Content
1. Hello Steve! Please tell us about yourself. When did you meet Bitcoin and enter the blockchain industry？
2. How do you understand mining and the so-called mining industry? What are the essential differences between them and crypto currency？
For bitcoin mining, the essences of both CloudHashing and real mining rigs are futures, which is to obtain bitcoin at a lower cost；However, for FIL, the mining is more complex. In addition to a large amount of storage, it also needs corresponding CPU and GPU resources and requires higher network bandwidth and room stability. So it is more like providing cloud computing services.
We believe that CloudHashing itself can be regarded as the “secondary market” of cryptocurrency instead of directly “buying coins”, whose product unit is smaller and more standardized, with greater flexibility in the economic model. RRMine is positioned as a management and trading platform for computing power assets. It can smooth the risk curve to a certain extent by the stable and matching mechanism of a platform, as a result, it has a wider range of participating for users.
3. Mining can bring benefits, but it also brings a lot of risks. How do you deal with potential risks?
There are risks in any industry. The core of our response to risks is to have sufficient preparations in products, strategies and tactics, prediction of the market and effective hedging methods.
First of all, it needs the global deployment and large-scale anti-risk capability, which requires enterprises to have sufficient technical strength and global deployment to adapt to the rules of IPFS mainnet and its economic model.
Then, the core mining pool technology is required to ensure a stable block generation rate and stable output at unit cost of computing power.
Next, help users and platforms dilute risks as much as possible by using the product model. For example, cloud mining contract is a product model of dilution risk. Personally buying real mining rigs is to invest, which always means risks; cloud mining contract is essentially a sharing economy, that is to say, a group of people divide the computing power of a mining rig into many shares. When risks appear in the market, a platform has sufficient funds to upgrade, while the individual risk is diluted by a platform. In short, just like renting a house at a low price, one can enjoy the benefits of a resident without the risk of buying a house.
Finally, any industry has risks. As for the mining industry, it is actually an "asymmetric risk", that is, the downside risk is limited and the upside is unlimited. Corresponding to digital assets, it increases effective rationing and a scale effect is brought into play. Corresponding to the impact of the real economy such as the epidemic, its "replacement effect" is also an effective verification.
4. What is the essential difference between IPFS and HTTP for you? What is the great significance of IPFS? What is its vision？
IPFS is oriented to a global point-to-point distributed storage file system, connecting file devices, so its vision is to create a faster, safer and more open network and its goal is to supplement, or even replace, the current network protocol, HTTP.
The explanation of the technology is very abstract, so let me give you an analogy. The traditional and centralized storage, HTTP, is to build a large warehouse. As the storage increases, both the entryway and warehouse need to be expanded continuously, then the information will become more and more complex and the expansion cost will continue to increase; Distributed storage is like to building zillions of small warehouses. Customers can stock them nearby. If they need to find goods, they can tell the warehouse clerk. Moreover, the warehouse expansion is easy. Just build a few more small warehouses.
IPFS is the underlying application in the era of big data. To understand the great significance of IPFS, the first thing is to understand the significance of Filecoin. It realizes distributed storage and it has a natural landing direction, which is to upload and download safely in the decentralized network.
File storage and retrieval are the most basic functions of upper-level complex functions such as data algorithms and the digital economy.
Based on blockchain, any data access can be implemented according to the incentive protocol. At present, large file access based on distributed storage is the most basic function of the bottom layer. Many more applications are developed on IPFS, so it will challenge centralized cloud storage platforms like Alibaba cloud and AWS, which is also the greatness of IPFS.
5. What do you think are the similarities and differences between bitcoin mining and IPFS mining? What do you think of the Filecoin project？
Compared with bitcoin mining, Filecoin's mining mechanism is actually more complicated. In order to maximize the efficiency, efficient hash calculation and coding capabilities are required in addition to excellent storage and hardware. It is impossible for a single machine to complete data adding, sealing, storage, message uploading and proofing.
Filecoin is the only incentive of IPFS. In the Filecoin mining mechanism, different types of equipment focus on the tasks that one is good at and mainly using the mode of multi-cluster collaborative mining. Cluster mining refers to the cluster configuration of hardware. Many servers coordinate with each other and optimize algorithms, completing tasks together with software and hardware closely connected. Unlike traditional bitcoin mining with the individual miner, the core technology of Filecoin mining is the hardware cluster configuration ability and algorithm optimization ability. The Filecoin mining threshold is far higher than bitcoin mining.
（Cluster Deployment）
Based on the characteristics of Filecoin, the mining pool superposed by a single machine is far less efficient than an optimized cluster configuration. In addition, there is no Filecoin in the market currently, so its early mining is scarce. For ordinary investors, the best way to get involved in FIL is to buy cloud mining products of large-scale community combined with a high-quality clustered mining pool and this is the only opportunity to obtain low-cost FIL.
After the short-term accumulation of 200,000 TB storage, RRMine aims to strengthen FIL cluster mining mechanism and help the community earn more profits. At present, our official event-"Form a team to win FIL", is still in progress. Come to RRMine and start a FIL team to daily share the FIL worth 10,000 yuan!
6. Could you please introduce the layout consideration of RRMine when it launches the new IPFS product now？
RRMine has always been positioned as a decentralized computing power asset management and trading platform. We continue to pay attention to diversified computing power and any valuable computing power assets will be launched on our platform. Because what we are seeing is not just a market supported by bitcoin prices but the computing power market behind the entire digital economy.
IPFS is a web3.0 technology that is expected to replace the HTTP. Its decentralized ecosystem is also supplementing or even challenging the centralized cloud ecosystem, like AWS and Alibaba Cloud. Therefore, RRMine has to enter IPFS market, for which we started laying out a year ago.Considering the timing of entry, we need to help users filter out uncertain risks, so we choose the window period of mainnet launching and start to offer IPFS storage products at this time.
7. What is the positioning and advantages of the IPFS product of RRMine？
IPFS has a very strong Internet attribute. In fact, it is a web3.0 Internet product. Compared with Internet web2.0, it provides a low cost, safe, private and tamper-resistant innovation value. It also has the characteristics of the blockchain economy benefit distribution. Therefore, when RRMine entered IPFS market, it is first operated as an Internet project. The nature of the Internet is “cloud”, which is digital, virtual and intelligent. We optimize the allocation of resources, such as launching the cloud mining plan or contract. We do not sell systems alone, nor do we sell mining rigs, but dilute the risky part in a shared way by “cloud” and provide a relatively small risky part to users so that their return on investment is high and the risk is low.
Athena Pool, RRMine’s partner, is the global leading provider of Filecoin cluster mining solution and distributed storage service. It cooperates with benchmark supply chains of Dell and H3C, which provide a lot of support with the professional and top-level operation and maintenance service. At present, we have started the construction of the second batch of mining farms in Australia, Europe and America. Therefore, our effective storage, block generation efficiency and storage capacity growth rate are leading the world.
RRMine is so optimistic about its bottom layer technology and we also recognize the prospects of FIL. In the future, we will continue to launch computing power trading, its data uploading and derivative service of Filecoin storage ecosystem.
8. What do you think is the core competitiveness of a cloud computing power platform in terms of the layout of IPFS market？
As for IPFS mining, I think there are four core competitiveness: technology, scale, operation and maintenance capabilities, as well as ecological construction capabilities.
We can see that in the long history of bitcoin, its mining rigs have gone through the historical process of GPU, CPU, FPGA and ASIC, which is accompanied by the continuous iteration of chip technology and the birth of mining giants like Bitmain. It is the same with IPFS, which is a technology-driven distributed storage project. The block generation efficiency and unit storage output depend on the software algorithm. The core technology needs to be continuously optimized and iterated. Take the recent FIL testnet Calibration reset for example. After FIL introduced the economic model, the official code has significant change and companies with insufficient research and development capabilities cannot keep up with the speed of the iteration network. However, on the day of resetting on August 1st, RRMine took the lead to generate blocks and topped the rankings, second only to the official account. Therefore, the technical code must also be faster in the face of official optimization.
Secondly, the ability of scalization. Our large-scale deployment will reduce the average cost and the procurement cost will be different. Low cost means higher profit margins and stronger competitiveness.
Thirdly, operation and maintenance capabilities. Unlike a single-machine cluster of Bitcoin mining farms, Filecoin requires more efficient hash computing power and coding ability, which can not be done with a single machine. The process of adding, proofing, packaging, sealing, proofing and uploading messages to the blockchain is disassembled one by one when miners use complex solution to optimize every step, from the hardware configuration to the algorithm. That is, to complete the mining process by multiple machines collaboration. This requires extremely high operation and maintenance capabilities, as well as the stability of the mining pool cluster.
From the calibration test network, we can also see that RRMine has participated in almost every block generation. That is stability.
Fourth, ecological construction capabilities. Filecoin emphasizes effective storage capacity, which determines miners’ probability and revenue. It is not a simple stacking machine but needs a lot of ecological applications to support so that the same investment can mine more FIL.
The combination of the four aspects is the flywheel effect. Larger companies, such as Amazon and Huawei, are all flywheels that are linked one by one. The flywheel effect is an opportunity for enterprises with ecological construction ability to further innovate in the blue ocean market from the competitive market. This kind of blue ocean market also gives ecological participants a long-term value investment opportunity, which is also a real dividend in the field of the digital economy. In our view, the innovative ecosystem characteristics of this digital economy are open source, open, compatible and win-win.
9. Do you think mining is more centralized or decentralized than before? What will happen in the future？
Mining is indeed more centralized than before and it also verifies the platformization and capitalization viewpoints mentioned above, which is an inevitable trend. But this kind of centralization is after decentralization and I call it "weak centralization". This is centralized relative to individuals, while it is a more healthy and sound decentralization regarding the entire network. It can be defined as jointed individuals in the form of a tribal federation, which also reflects the characteristics of blockchain and is more in line with the development trend of real human society.
10. Please give some suggestions to new and old mining investors. Where are the opportunities in the future？
The essence of mining is computing power, which itself is a high-quality asset and also the most innovative core productivity as the "new energy" in the digital economy world. With the rapid development of new-generation information technologies such as 5G, big data and cloud computing, the huge demand for computing power will further increase. New infrastructure and new computing will be together and a computing power revolution is imperative.
Therefore, as a new infrastructure industry in the new market, computing power will play the role of "engine" in the digital economy and will grow rapidly. This is a vast blue ocean market, which can accommodate multi-dimensional competition. Both enterprises and individuals can develop their strengths in capital, technology, supply chain, resources, market and other aspects according to their own advantages, playing a role in the appropriate track to join the trend of the time.
