I think it must be a long game here, build “value” first, then see FIAT bridges (even via crypto) to allow cash out? Yea, brave move and one to watch. (I like brave)
They copy speed of blocks from Bitcoin so to mine some Chia you have only 144 chances every day. With 330PiB Netspace there is chance to farm a block(64chia) every 2 years with your 100TiB farm. The Chia should be worth at least $50 if you would try it for profit with your brand new HDDs. I do not see why this Proof of Space and Time should be more decentralized option than PoW.
Token sale started with 21M Chia tokens for total of $53M( but not 100% sure).
Anyway if you are already Chia farmer, than there is superb easy to be big Safe network farmer at the same time. Safe network will use slowly your space and chia will use all space left, it looks like that they are not worried of some Sybil attacks, because you can add more space instantly at anytime.
Edit4: They changed the farming rules by add more blocks every day. With block every 19sec. there is 4608blocks a day and 2Chia as reward. Also you can join one of the farming pool.
In the latest numbers, Chia has reported that the cryptocurrency storage capacity hit a peak of 1.14 Exabytes or 1143 Petabytes at the end of April. This is an insane 5.7x increase from the total 120 PB storage capacity that the system had during the start of April.
Privacy. Security. Freedom
Chia token XCH (IOU) trading on MXC exchange, but it is only pre-sale token not real one
Current XCH/USDT @ 1340$
Gate exchange at a same time have price 739$.
The real chia should start trading on another exchange Today.
It is more than 200x return for institutional investors and almost all coins are pre-mined.
After 20 years it will be 50/50.
It means no.9 on CMC with $27 833M market cap.
And just 2 days later there is 1.654EiB almost +50%
What is this data though, and what is it being used for? I’d be very interested to know.
Or is this a pump and dump scheme, one step removed?
It is interesting how easily millions of dollars can be found for such schemes. What can they do with a real usable product like the Safe Network if they decide to use such a scheme?
Privacy. Security. Freedom
The farming means, that you have to proof with plots, that you have space on your HDD. Plots are not easy to make, so that is why the SSD are needed. Once the work is done you just wait with all plots to get some reward. More plots means bigger chance for reward and that is all. People thinking it might be Bitcoin pretender so they farm as much as can, as there is lack of SSD and HDD on a market. For us it is great community which can start farming also SNT.
The problem these schemes and their investors face is demand, both for the product from users, and the coin from others seeing there is value there and speculating on potential growth.
Without the latter the coin will not have value when investors sell, without the demand for the product who would invest?
They seem very much higher risk than Safe Network now, looking from the outside.
They need for adoption fleed the market with XCH(Chia), while for the price it is quite rare to have some with farmed only 400k+ Chia.
What’s the difference between BURST https://www.burst-coin.org/ and Chia?
It does not have perfect marketing team and innovator behind?
Am I correct in assuming that all of these pay tokens to those providing space - whether they are holding any data (let alone valid data) or not? Seems to be the case.
Safe will be very different in this regard as if you don’t have valid data you don’t earn. Valid data will come through real network growth in user-base.
These others just look like ponzi’s to me - they are growing to unsustainable levels – at some point the music will stop playing and there won’t be any chairs.
This is the same argument people use against Bitcoin since day one. Your observation makes sense and is logical, but problem with global economy today is it doesnt follow logic (Dogecoin says hi ).
The economics of Ponzi schemes are entirely logical (and have predictable outcomes), it’s the humans behaviours and decisions that drive victims into such schemes that are not.
There are two things here I suppose, a ponzi is an intentional scam - I don’t know that any of these are, I was just using the term in hyberbolic fashion. The second is that there is a difference between rapid growth and an unsustainable level.
Bitcoin isn’t a ponzi (in terms of unsustainable growth) I think as it has more and more use-cases as a store of value and as money (via layer-two). A lot of institutional investors are now involved and the list grows everyday - these are not organizations that are looking to trade bitcoin - they are looking for a store of value against the declining value of fiat.
There is no need for other coins as store of value or as money unless they are bringing something game changing to the table - as the network effect once it has taken hold is difficult to alter.
So back to my original proposition - these storage coins are growing at an unsustainable pace as the farmers are getting paid somehow for the use of their hardware - but at some point, unless there is a reason for people to keep giving these farmers money for nothing (as the the market-cap is being diluted here), only a fool or someone seeking a tax write-off would keep hodling these coins - as they will lose money once new money stops coming into the picture.
Bitcoin has it’s ups and downs, so in a sense the same, but it’s network effect is going to keep it going for a lot longer than any of these others I think.
What’s interesting about Safe Network is that the network doesn’t have this farmer subsidy - to store data you have to pay and farmers aren’t paid unless they store data (see edit below … it’s still a matter of degree though) - so farmers aren’t just pouring in to harvest free coin and then turning around to sell it on the market - they have to actually earn it on SN. This is my complaint with some of these other storage offerings that are having hyper-fake-growth - it gives the impression to crypto-investors that something is really happening here - when it’s just two sides both attempting to fleece the other. So I reiterate that it won’t end well.
Edit: I suppose it’s true that Safe Network does have a subsidy, but in any case, SN farmers are holding data and the network will limit growth and hence limit the subsidy … something of real value (people’s data) is thus tied up in the network. I’m sure these others are holding some real data too, but I can’t fathom that it’s much as compared to the amount of farm-space-storage they have connected.
First I have heard of this
You have … the subsidy is the 85% that will be leaked out over time - much of which I presume will go to farmers.
Filecoin at 5 EiB today
0-1 EiB after 87 days
1-2 EiB after 58 days
2-3 EiB after 45 days
3-4 EiB after 35 days
4-5 EiB after 26 days
Total data stored is 12.85 PiB which is a utilization rate of about 0.25%
Storage cost is $0.000757 USD for 1 GiB for 1 year
1 FIL = $151.26
Seems detached from reality.
They definitely work hard to create apps to use all this free space. It will be interesting to see how the next 3-5 years will develop:
A look back at the startups that presented on Filecoin Frontier Accelerator demo day.
The Filecoin Frontier Accelerator is a 3 month startup accelerator program powered by LongHash Ventures. During the program, teams received hands-on venture support, world-class mentors, dedicated resources from the Filecoin team, and a $20,000 grant to continue building.
On April 23, the 11 teams that completed Accelerator II presented their projects as part of Demo Day. The teams stretch across NFTs, Media, DeFi, Consumer Tech, Medicine, and more. Check out the full event on LongHash’s YouTube and jump into our summary below:
Curio is a curated NFT marketplace focused on helping brands monetize their intellectual property through non-fungible tokens.
Curio solves for:
Companies need a way to digitize IP — Curio serves as a vehicle to monetize opportunities of intellectual property for major music and media companies.
No more piece-mealing — Curio provides an end-to-end minting, trading, and integration process and captures value throughout the NFT lifecycle, including through transaction fees on secondary marketplaces.
To get in touch with the Curio team, please contact firstname.lastname@example.org .
Vera AI is building privacy-preserving DiD and decentralized applications for the metaverse, Web3.0, and VR/AR.
Vera AI solves for:
AR/VR users don’t fully own their identities — Vera AI anchors real world identities into the virtual world to establish reputation and trust, and also uses zero knowledge technology to ensure privacy.
No consistent ID layer for multiple virtual environments — Vera AI’s solution is compatible with Web2, Web3, and AR/VR, ensuring consistent identity interoperability across ecosystems.
To get in touch with the Vera AI team, please contact email@example.com .
Numbers Protocol is bringing trust into photo ownership through a capture, seal, and trace platform utilizing Web3 technology.
Numbers Protocol solves for:
Photos can be easily modified — Numbers Protocol’s Capture App turns images into assets as NFTs and uses Filecoin for storage to ensure impermanence.
Photos can be easily shared without credit or license — Numbers Protocol’s Capture App makes sharing traceable, so assets are used with the right credits or licenses.
To get in touch with the Numbers Protocol team, please contact firstname.lastname@example.org .
Flame is a decentralized NFT meeting platform that allows creators to convert and mint assets like podcasts, writing, and art into NFTs with one click.
Flame solves for:
Ad-Based models are impersonal — Flame gives creators new ways to monetize their work with a moderate fan base beyond standard advertising.
Content can be lost or changed — Flame stores creator content in a decentralized way with Filecoin so that it isn’t modified, destroyed, or removed.
To get in touch with the Flame team, please contact email@example.com .
Myel offers a decentralized Content Delivery Network, or CDN, for Web3 applications to retrieve content faster from Filecoin via a secondary retrieval market.
Myel solves for:
Moving beyond cold storage — Filecoin needs a secondary retrieval market so content can be retrieved faster. There is currently no decentralized CDN for Web3 applications, and most rely on Web2 CDNs, which can be central points of failure.
Lack of payment options — Myel users can pay for CDN services directly in FIL and combine storage deals.
To get in touch with the Myel team, please contact firstname.lastname@example.org .
Huddle 01 is a new way to meet remotely for the education industry, carefully engineered to avoid video & audio lags, loading time, and voice breakup.
Huddle 01 solves for:
Missing classroom experience — Huddle 01 offers features like an attendance tracker, rewards for students, collaborative note making and other opportunities to make classes engaging.
High storage costs — Educators generally have to record all the sessions they take. The size of these recordings can be expensive and unsustainable to store. Huddle 01 uses Filecoin for cheaper storage.
To get in touch with the Huddle 01 team, please contact email@example.com .
OP Games is creating communities and sharing ownership through a suite of tools built for game developers.
OP Games solves for:
Monetization for games is primarily ad-driven today — OP Games offers an SDK for game developers with multiple monetization options for export.
Games are owned by companies, not developers and communities — OP Games allows developers to turn their games into NFTs and fractionalize the NFT, turning their gamer community into owners of the game.
To get in touch with the OP Games team, please contact firstname.lastname@example.org .
Ownership Labs is an open data marketplace for trading the computing rights of private data.
Ownership Labs solves for:
Convenient services mean no data ownership — Ownership Labs provides templates for data owners to define how their data can be computed. Instead of giving away their data, users can retain control and monetize it if they wish.
Storage of user data is insecure — Ownership Labs uses IPFS and Filecoin to store the computing metadata.
To get in touch with the Ownership Labs team, please contact email@example.com .
NonEntropy Tech is an on-chain education platform that incentivizes content creation with an online education platform in China’s consumer to consumer tutor market .
NonEntropy solves for:
High costs to store and deliver content — NonEntropy Tech uses Filecoin for storage, making the process cheaper and easier to deliver in a decentralized way.
Educational revenue models are outdated — NonEntropy Tech earns revenue three ways: through a fee from tutors who charge learners, through an advertising fee from advertisers, and through a service fee from anyone who casts or exchanges NFT content.
To get in touch with the NonEntropy team, please contact firstname.lastname@example.org .
Sinso Technology is a medical imaging data aggregator which enables telemedicine and AI diagnosis.
Sinso Technology solves for:
Chinese patients cannot access medical services — Sinso allows quick and easy access to medical professionals, thus spending more time getting care and diagnosis.
Managing medical information is difficult — Sinso applies an NFT solution to medical data, allowing patients to easily and securely send and receive medical information. It also allows the opportunity to monetize medical information while retaining security.
To get in touch with the Sinso Technology team, please contact email@example.com .
Atomica is an algorithmic, autonomous protocol built for developers and capital providers to pool, buy and sell DeFi risks.
Atomica solves for:
- DeFi insurance is expensive — Premium prices are set by demand and supply, not by humans.
- DeFi insurance is often available — Teams can launch insurance products in under an hour on Atomica, rather than waiting months for new product releases.
To get in touch with the Atomica team, please contact firstname.lastname@example.org .
Congratulations to the 11 teams for successfully completing the accelerator! Filecoin is proud to collaborate with LongHash to continue building out the foundational technologies, projects, and protocols that are accelerating the Web3 ecosystem. Stay on top of Filecoin news for more information about these teams in the future, by subscribing to the Filecoin newsletter.
Privacy. Security. Freedom