Home Altcoins News Filecoin (FIL) WinningPoST Block Rewards Storage Fees Verified Clients and More

Filecoin (FIL) WinningPoST Block Rewards Storage Fees Verified Clients and More

Filecoin Fil

Filecoin expressed, Filecoin is a large community of developers, miners, and users all coming together to collaborate and build something greater than themselves. Engage with the active Filecoin community members on Slack. Users can create an account in Slack and engage with the community.

Those who are curious about the Filecoin mining rewards and how they work will be able to get the details about the storage rewards, block fees, and more.

In Filecoin, miners can earn different kinds of rewards by contributing to the network. They earn one or both fees depending upon what they contribute, like storage fees and block rewards.

Every miner has a set of pledged sectors, which are further partitioned into subsets.  There is one subset for each window. Every miner should submit a PoST, also known as Proof-of-Space time, for their respective subset.  If the miner is inactive, they will attract a fault fee.  Thus, these PoST window checks are performed at 24-hour intervals across the network to ensure that miners continue to host their required sectors as normal.

After a deal has been reached, clients pay storage fees in exchange for storing data. These fees are further deposited into the withdrawal wallet of the respective miner. These fees are briefly locked up after they are received.

When a miner contributes to a new block, large sums called block rewards are given. These are FIL which the network prints as an incentive to the miners who are advancing the chain and also as an inflationary measure. All the active miners on the network have the opportunity to earn a block reward.  Their chance of winning a block reward is directly proportional to the amount of storage space that is getting contributed to the network.

WinningPoST is the right to mine a new block. Epochs in the Filecoin network refers to time.  The blockchain heights relate to the elapsed epochs. With every new epoch, a small number of storage miners are chosen to mine new blocks. Apart from the block rewards, every miner will also be able to collect the associated fees for storage.

To further each better incentive, the storage of “useful” data over simple capacity commitments, storage miners will get the additional opportunity of completing special deals provided by verified clients.

There are also Retrieval fees which are paid incrementally by making use of payment channels as the retrieval deals are fulfilled by sending portions of data to the client.  This happens off-chain.

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Steven Anderson

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