6Block Launching Pledge-free Filecoin Loans and a $500K Filecoin Developer Fund

Natalie-6block
3 min readNov 11, 2020

6Block Website|6Block Twitter | Filfox.info|Filfox Twitter

The Filecoin mainnet has been launched for nearly a month, and the average daily growth rate of the network’s storage power is much lower than that of the Space Race period. Currently, the effective storage power in the Filecoin network is 871.64 PiB, and there are 676 active miners. Since the launch of the mainnet, the daily average network growth has been less than 10PiB, dropped 30% compared to the fastest growth stage during the Space Race.

Filfox.info

Pledge-free Loans to 6Block Clients

The long testing phases have helped miners to optimize their algorithms and finetune the hardware. Theoretically, the network should see a higher growth rate. What causes the flattening? A major reason is the Pledge Collateral. We have explained this in multiple previous articles. Pledge Collateral refers to the fact that when miners seal a new sector, the miner must lock 0.2 FIL for the whole lifespan of this sector, which is by default 540 days. Take 6Block; for example, suppose each worker seals a minimum of 2T each day, which requires 12.5 FIL for Pledge Collateral. With a spot price of ~ $30/FIL, each miner needs to invest $375 for sealing alone—no doubt, this is a great cost for miners.

New miners who want to join the network can only choose to buy coins from the current market price or borrow coins from various institutions. Either way, miners need to face the illiquidity of funds, FIL price volatility, and lack of lending sources.

To support the development of Filecoin, 6Block is now launching a pledge-free loan with a total of 50,000 FIL to its clients. The loan is:

  1. Pledge-free: using the newly purchased workers as the benchmark, each work can borrow up to one-month Pledge Collateral, pledge-free;
  2. Low-interest rate: the loan uses a fixed interest rate, with a monthly interest rate at 6.67%, and the interest is settled monthly in FIL;
  3. Reasonable term: The maximum term of borrowing is 6 months, which can help the miners reach a positive cash flow.

This will solve the Pledge Collateral headache for 6Block clients; no more worrying about the FIL price volatility or illiquid assets. Miners can withdraw or reinvest the mining profit. The pledge-free lending plan will be implemented on a first-come, first-served basis and given priority to clients who have purchased mining clusters. For more information, please contact the business WeChat account of the pomegranate pool: vipservice6block, or scan the QR code below.

A $500 K Filecoin Developer Fund

At the same time, to further support the ecosystem development of Filecoin, 6Block will soon launch a Filecoin developer fund with a total amount of up to 500,000 US dollars to help Filecoin developers develop application tools and other applications. For more details, please visit 6block official website: 6block.com.

Filfox Filecoin Wallet Coming Soon!

Filfox will soon launch the mobile Filecoin Wallet in both Android and iOS versions. For more information, please visit the Filfox browser: filfox.info.

--

--

Natalie-6block

6Block is a mining pools focusing on Handshake and Filecoin.