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

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