RRMine Global CEO Steve Tsou Was Invited to Attend the Da Yawan International Blockchain Week & Accepted An Interview with Cointelegraph China
From August 5 to August 7, 2020, Cointelegraph China, cooperated with RRMine, held a conference of “Da Yawan · International Blockchain Week” in Hainan, China. With the Vision of “One World, One Vision, One Dream”, this conference focuses on global blockchain trending topics and builds a communication bridge across the global blockchain industry. More than 100 news media all over the world, blockchain giants at home and abroad, investment leaders, mining pioneers, industry’s top research institutions, and other prominent guests were gathered at the venue to discuss the future development of blockchain industry. More than 20 topics, including investment, Fintech, DeFi, mining, public chain, IPFS, Filecoin, cloud computing, were discussed during the event.
RRMine Global CEO Steve Tsou was invited to attend the Da Yawan International Blockchain Week and accepted an interview with Cointelegraph China on opportunities and risks faced by the mining industry and IPFS’s diversified market ecology.
IPFS/FIL Mining’s Core Technology Is Cluster Mining
Steve says, compared to Bitcoin mining, Filecoin’s mining mechanism is more complex, miners will not only need a decent data storage capacity but also a more efficient hash computing power ability and programming skills to participate in the mining of Filecoin. One mining unit is unlikely to complete data addition, storage, verify, and upload all by itself.
Filecoin is the only incentive layer in IPFS. In the FIL mining mechanism, different types of equipment focus on the task they are best at, and the work is mainly conducted based on the mode of “Multi-machine cooperative mining”. Cluster mining refers to the cluster configuration of units, which are closely connected by software and hardware, layered architecture, coordinating with each other, and complete the mining task jointly through optimization algorithm. Therefore, different from Bitcoin’s mining, Filecoin mining’s core technology will test the cluster configuration ability and algorithm optimization ability of the miners. The mining requirement is much higher than that of Bitcoin. Cloud computing power mining is the only low-cost opinion to mine FIL.
The Filecoin’s Early Mining Has a High Participation Value
According to Steve, Filecoin, as the second most popular project after Bitcoin, is now far more popular than Ethereum. Four factors make the FIL early mining extremely valuable.
First of all, as an emerging concept, most people are slow to react. In the current environment, a lot of people are still waiting. In addition, the epidemic this year has a great impact on the global supply chain, so there are relatively few participants. Secondly, according to the release model, the early release of FIL will be relatively large, and the amount of currency in the first half-year period is the most scarce in the market. Moreover, Filecoin economic model and mortgage mechanism determined the scarcity of early market circulation. Finally, as a famous project that has been under development for more than 3 years, Filecoin has a good community presence all over the world. The value and popularity of the project itself are very high. If the main network runs well after its initial launch, more funds will rush into this market.
Four Requirements To Enter IPFS Market
Steve pointed out that to enter the IPFS market and start FIL mining, one will need to fulfill four requirements — technology, scale, operation and maintenance capability, and ecological construction capability. He said that in the history of Bitcoin mining, the mining unit has gone through the historical process of CPU, GPU, FPGA, and ASIC, accompanied by the continuous iteration of processing chip technology, giving birth to such a mining giant as Bitmain. As a technology-driven distributed storage project, IPFS also depends on the advanced software algorithm for effective block production and high coin production per unit of computing power, which requires constant optimization of core technologies.
The second is the scale. A larger-scale will reduce the average cost. Lower cost means higher profit and stronger competitiveness in the same market.
The third is operation and maintenance capability. Filecoin mining requires efficient hash computing and programming skills, while it is impossible for a single machine to quickly complete data addition, storage, verify, and upload. Miners will adopt a more complex cluster scheme to disassemble the mining process, optimize every step from hardware configuration to algorithm as far as possible, and complete the whole mining process with multiple machines. This requires a very high operation and maintenance capability, which brings stability to the whole mining cluster.
The fourth is the ecological construction capability. Filecoin’s computing power emphasizes the “effective storage capacity”, and the size of the effective storage capacity determines the block production probability and income of the miner. This requires more than simply stacking machines, but more ecological applications support to mine more FIL.
The combination of the four factors has a “flywheel effect”. Great enterprises such as Amazon and Huawei are driven by the “flywheel”. The flywheel effect means the enterprises which have the ability to construct ecology will have the opportunity to further innovate the “blue ocean market” from the competitive incentive market, which will also allow the participants to get the “profit from technology” in the digital economy.
Three Measures to Deal With Industry Risks
Steve emphasized that there are risks in all industries, and the most important thing to keep in mind when dealing with risks is to have sufficient good products, strategic and tactical preparations, to predict the market in advance, and effective means of risk hedging.
The first is the global deployment and large-scale anti-risk capability. This requires the enterprise to have sufficient technical strength and global deployment capability to adapt to the IPFS mainnet rules, as well as the economic model. The second is to have the core technology to ensure the stable block production rate per unit of computing power. The third is to use products to help users and platforms spread the risk as much as possible. Take cloud computing power products, for example, which are essentially a sharing economy, where individual risks are diluted in the form of platforms. In short, for the mining industry, it is more of an “asymmetric risk”, that is, the downside risk is limited and the upside growth is infinite.
RRMine Sees the IPFS Market As an Internet Business
IPFS has strong Internet characteristics and is a Web3.0 product. Compared with Web2.0, IPFS provides innovative values such as “low cost, security, privacy, and non-tampering”, but it also possesses the characteristics of the blockchain’s benefit distribution model. RRMine enters into the IPFS market and operates it as an Internet project. The essence of the Internet is “cloud” — digital, virtualized, and intelligent products. It is to optimize the allocation of resources, so it launches cloud computing power and cloud mining products. In the way of “cloud”, the risky business such as computing power is diluted by sharing, and the relatively low-risk operations, such as storage, are provided to users to ensure a high return on investment and low risk for users.
RRMine’s cooperation partner, Athena Mine is a leading global Filecoin cluster mining solution and distributed storage service provider, it has many industry-leading companies, such as Dell and H3C, integrated into its supply chain, as for now, it already began to develop and construct mining infrastructure in Australia, Europe, and America. After multiple rounds of tests conducted to test Athena’s effective storage capacity, block production efficiency, and computing power growth rate, it is confident to say that Athena’s services are among the top in the world.
Continue To Focus On The Diversification of Computing Power, And to Launch More “Computing Power Derivative Services”
RRMine is a decentralized computing power management and trading platform and continues to focus on diversifying computing power. For RRMine, the future of computing power industry is not only the market supported by BTC price but also the computing power market behind the world of the digital economy.
IPFS is expected to replace HTTP as a creation of Internet Web3.0 technology, and decentralized cloud is also complementing and even challenging centralized cloud, such as Amazon Cloud Service and Aliyun. RRMine started to work toward such a goal since last year. We chose the IPFS mainnet launch as an opportunity to launch our IPFS computing power product to help users avoid uncertainty and risks.
RRMine is optimistic about the underlying technology of IPFS, and also recognizes the future of FIL. In the future, it will launch services based on Filcoin ecology such as computing power trading and recording trading data on-chain.
Company: SuperB Grace Ltd
Website: www.rrmine.com
Contact: Reei Wang
Email: pr@superbgrace.com
City: Hong Kong
