Cryptocurrencies

Filecoin Network Upgrade Goes Live, Miners Claim 25% Block Rewards

Juan Benet, Filecoin founder (Credit: CoinDesk archives)

Filecoin’s latest network upgrade, which allows miners to claim some block rewards without waiting on a vesting schedule, has just gone live.

  • Miners who migrated their software to Lotus 1.1.0 before the decentralized file storage network’s block height reached 170,000 late on Thursday were able to grab their miner rewards, as reported by The Block.
  • The upgrade comes with the FIP-004 proposal – an implementation that increases a miner’s ability to reinvest the network’s FIL token by making 25% of mining rewards available with no vesting.
  • Previously, block rewards were doled out over a 180-day period; now, FIP-004 miners are able to receive 25% right away with the other 75% to be vested over the next six months.
  • The upgrade also included a new network version, reducing the need to rerun flaky tests and adding additional logging to reduce syncing issues.

See also: Filecoin Launch Finally Brings $200M ICO to Fruition

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Cryptocurrencies Videos

CoinDesk

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

Learn More