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Filecoin, are we heading towards the fork?

A group of Chinese miners threatens a split

Filecoin it just made its debut on the mainnet, but is already in danger of being forked. Threatening him are Chinese miners, headed by Weiping Han, number one of MIX Group. The company president of mining Filecoin aired this hypothesis during a press conference held in Xiamen. During which he then added that he had the support not only of many Filecoin miners, but also of Jun Du, co-founder of Huobi and founder of Node Capital. A threat therefore not to be taken lightly.

Filecoin - Filecoin, are we heading towards the fork?

What is Filecoin and how it works

Filecoin represents a highly anticipated project. As the rest of i 205 million raised in the Initial Coin Offering phase (ICO), which took place three years ago.
In practice it would be a centralized Dropbox, with the miners who can earn tokens, called FIL, by renting unused space on their computers to users. The stored data is in turn protected by encryption and distributed online in blocks that would otherwise be incomprehensible.

What is the reason for the protests?

Why did the Chinese miners come to threaten the Filecoin fork? Officially the reason would be to be found in the delays that are affecting the project. Which was to debut in March, with the launch of the blockchain then postponed.
Furthermore, the miners complained that the Filecoin working group has never given answers to the concerns expressed by the community and an apparent centralization in its governance. The fulcrum of the protest, however, is to be found precisely in the reward system devised, which seems very unfavorable for miners.

Filecoin: the Protocol Labs document

To demonstrate the reasons of those who protest is in particular a document written by the researchers of Protocol Labs and published the past 27 August. On the basis of which the pre-established economic model could even involve the elimination of 80% of the miners. Most of which are in fact located within the Chinese territory.
The reason for this statement is to be found in the initial guarantee that must be provided by the miners. Which would be equivalent to 20 days of reward per block and the possibility of collecting only 30% of the tokens due for the lent activity, with the remainder that would then be allocated over the next six months. A system that would be impossible for many to manage.
Finally, a sanctions mechanism for miners who make technical mistakes or fail to complete processes such as submitting certification of their archiving commitment.

Filecoin: the problems are not new

It should also be added that for Filecoin the problems are nothing new. Just think that an anonymous fork, Filecoin Vision, has already been launched on Github, based on rules that are exactly the opposite of those of the original project.
According to experts, however, for now, these are skirmishes, which could be resolved with an agreement between the parties. It remains to be seen whether Filecoin's working group is willing to sit down at the negotiating table. If this does not happen, the fork proposed by Weiping Han could become a rather annoying reality. All that remains is to wait for the subsequent developments and, above all, the debut of the token, for which there are still no certain dates.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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