Tokencan Earl Pool — Achieve Ideals of Filecoin Decentralized Storage
Written by Steven Yee, Founder of Tokencan Exchagne
I initially intend to write about the technological advancement of IPFS and Filecoin, but if there’s no users participating in, what the use of of the technology no matter how advanced it is. Therefore, I decide to write about how to participate in Filecoin and how everyone could help Filecoin to achieve its lofty ideal of decentralized storage.
How large is the storage market across the globe? With the development of information technology, data has saw eruptive increase and it will carry on the trend. It is estimated the data storage will spike from 33 ZB in 2018 to 175 ZB in 2025. The traditional data storage and search methods now cannot meet the fast increase demand, where storage safety issues and data leaks take place frequently.
Under the backdrop, IPFS decentralized storage is born. It stores data on random nodes with smart contract ensuring data safety. It is anti-peep, low cost (idle hardware and bandwidth used) and low-carbon emission (nearest nodes preferred for storage). All these advantages enable IPFS be one of the most innovative projects followed by hundreds and thousands of users.
Filecoin, an incentive model under IPFS, aims to unleash the social power with incentives and build a decentralized network based IPFS technology, which everyone are able to join decentralized storage and the sharing economy. It encourage the mass to access FIL mining and enjoy interest and benefit from its application. As such, everyone can participate into the building of Filecoin decentralized storage network no matter how small the investment is.
Indeed, some investors started to invest Filecoin in its early stage when Filecoin was still in its development phase, but few made gains as they are whether being deceived or cheated. Even after the launch of Filecoin mainnet, many investors failed to gain yield by join Filecoin mining. Or, though yield there is, but it is unable to be withdrawn or sold. The reason is that, the operation of the filecoin mining pool they participated in is not mature! This is why we establish Filecoin EARL POOL.
Earl Pool is rolled out by Tokencan. It empowers retail users to enjoy Filecoin mining interest. Filecoin mining is no longer the right of the whales! With Earl Pool, retail users can buy Filecoin hash power at the lowest price and enjoy fair & transparent yield daily. Alongside that, Earl Pool issued FIL Pledging Product with the most fair APY. In a word, EARL POOL fulfil the promise that everyone can join Filecoin mining.
The core principle of EARL POOL is to keep balance of ROI between hash-power investment and FIL pledging. As we know, the reason that Protocol Labs devised FIL pledging and Gas fee mechanism in Filecoin mining is to curb the hash-power increase speed and, therefore, avoid large price volatility. But this hardens the efforts to balance the interests of different parties. Most of our competitors sell hash power as a whole, resulting in the high price tag of per T hash power in the market. EARL POOL sells hash power and FIL Pledging Product separately, so as to ensure the long-term stable ROI of both parties. For this, we are doing the following things:
First, Tokencan issued a transparent Filecoin mining-interest distribution system, which is integrated into Tokencan exchange APP. So every hash-power investor is able to view the daily mining yield and are free to withdraw or sell at any time. Few competitors in the market can do this.
Second, Tokencan devised “FIL Pledging Product” to ensure sufficient FIL coin to be pledged for Earl Pool. This frees Earl Pool from the price change of FIL coin upon pricing the hash power. No matter how high price the coin rises, the price of per T hash power can be the same and low. Few competitors in the market can do this.
Third, Earl Pool offer miners the right to upgrade their hash-power product. As long as the miner pays the required FIL pledging amount and Gas fee (15 FIL/ T), the miner is able to gain all the mining yield except for the 20% O&M and custodian fee in the next 5 years.
Fourth, Earl Pool rolled out hash-power “Group Purchase” model. It is simple and so welcomed by the market in that it returns sales profit to the hash-power buyers. We vividly called the “Group Purchase” model as Cell Chain: a Cell is a hash-power unit, which is 192T. The first cell in a Cell Chain is the Main Cell. The Main Cell is not limited by 192T, which is formed by crowdfunding in a limited period of time. The second Cell is created with hash-power hard cap of 192T. When 192T reached, the third Cell is created, and the surplus hash power of the second Cell will be transferred into the third Cell automatically. Then, the fourth cell, the fifth… At the moment, the standard sale price is 366 USD / T hash power. If a Cell is formed successfully, the “Group Purchase” price will be formed. That is 238 USDT / T. The difference of the standard and “Group Purchase” price (128 USDT / T) will be returned to users as the following rules. The participants of the Main Cell are able to receive 100% return (e.g. if you bought 10T, you will receive 1280 USDT return). From the second Cell, 50% will be return to the Cell participants and the other 50% to the inviters (e.g. if you bought 10T, your inviter will receive 640 USD and you will receive 640 USD return). Besides, the returns can be used to buy hash power at the “Group Purchase” price directly but no returns for this part. The “Group Purchase” model is now widely spread among all Filecoin miners groups.
Fifth, Earl Pool has established 4 nodes in Shanghai, Beijing, Dongguan and Loudi, China. It is now planning to invest 7 billion KRW to build a node in Korea. This node gonna have 200T packaging capacity per day, and a 30P storage cluster will be included. After the establishment of the node, Earl Pool will be able to build business relations with large companies and sell 10P hash power as the least unit. It aims to build the largest IPFS decentralized storage system in Korea.
Sixth, Earl Pool’s authentic data packaging was already initiated in Korea. Initially, we gonna package the mirrored data from Tokencan Exchange into Earl Pool’s node in Korea, to build an example in the packaging of authentic data. Then, we will productlize the service: under the lead of Filecoin mining, we gonna build a set of storage tools to offer data packaging services for Korean enterprises. Even, we can provide customized de-storage services for enterprises, supporting saving, acquisition and sharing services for audio, video, website, graphs, files or any electronic data. To private data, we can generate random password to encrypt them to ensure the safety. When this achieved, Earl Pool unleashes Filecoin content mining and search mining. A new era ushered in. The yield will be 10x more than the current block mining and the investors of Earl Pool will benefit the most.
The upper 6 points fully explained the following three questions: 1. why Filecoin hash power of Earl Pool can be made so low? 2. What’s the roadmap of Earl Pool in the future? 3. How Earl Pool connect Filecoin with everyone of us?
Any top-notch technology shall be put into actual use to benefit the society. IPFS/Filecoin is no exception. Let’s all participate in the marvelous practice of Filecoin and help achieve its lofty ideal of decentralized storage. Meanwhile, we can earn good return in the process.
To buy Filecoin hash power, please contact @simonzhu in telegram for details.
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