A guide to Joint Mining
In this post, we’d like to briefly introduce SAO network, offer a guide to the Joint Mining App, and discuss some of the recently announced opportunities that are open to all.
SAO Network
SAO Network is a user-oriented protocol that allows users to easily use storage middlewares developed basing on the distributed peer-to-peer storage networks, including but not limited to IPFS/Filecoin network. Developed and managed by the core team(Hedra Labs), SAO network provides a platform for joint mining, data storage and information(stored on Filecoin) searching. For more details, please visit sao.network.
SAO Storage Joint Mining
Hedra Labs, the core team of SAO Netword, aims to upgrade the concept of cloud mining to “joint mining” and develop a series of “joint mining” products，which allows users to stake FIL (a cryptocurrency that powers the Filecoin network) to obtain a proportional amount shares of storage *power* and earn FIL as *block rewards.* We also call it *stake-to-earn*. Although Hedra Labs will take charge of miners covering the procurement and configuration of equipment, the development and operations of software, mining products of SAO network are operated by Storage DAO.As a result, each client has an associated power value in the network that is proportional to the amount of space contributed and determines the chances to win the right to add a block to an epoch (a specific point on the chain).
To further incentivize the storage of “useful” data over simple capacity commitments, storage miners have additional opportunities to compete for special deals offered by verified clients. Such clients are certified with respect to their intent to offer deals involving the storage of meaningful data, and the power a storage miner earns for these deals is augmented by a multiplier. The total amount of power a given storage miner has, after accounting for this multiplier, is known as quality-adjusted power. Moreover, the Filecoin miners will receive 10x boost to the quality-adjusted power of Filecoin mining through the Filecoin Plus Program.
In total, there are four periods of a mining product’s lifetime, that is, public offering period, power growing period, power plateau period, power declining perio. Reward varies in different periods due to ranging amount of blocks produced and different power value. Filecoin storage miner’s power, which corresponds to the likelihood that a storage miner will be elected to mine a block, is roughly proportional to the amount of storage they have sealed on behalf of the network.
The First Joint Mining Product — Aries
Aries is one of the key products of SAO “joint mining” series, which makes it easy for anyone interested in mining to deposit. In the meantime, however, before join mining, there are some basic information you need to know about Aries. Aries has been launched on April 6 and is running on public offering period when users can get extra rewards as early bird bonus after depositing Filecoin tokens (FIL).
The chart below reveals details about Aries:
Mining Steps
As stated above, there are not long time left for you to join Aries mining and get early bird bonus. So what are the right steps for mining?
- Step 1: Prepare a Filecoin wallet. The imToken wallet and Trust Wallet are recommended.
- Step 2: Click a mining product at open status to get more details about the product.
- Step 3: Click “Join” to connect a wallet to create your own Mining Account. Any of MetaMask or WalletConnect could be feasible.
- Step 4: Please link a Filecoin wallet address to the Etherum address according to the popup messages.
- Step 5: Deposit FIL to the receiving address. Please double check the address before deposit for the sake of safety.
- Step 6: Click “Mining Dashboard” when you want to know more mining details, such as mining figures, computer power and mining rewards.
⚠Note: Please do not link or transfer with any account in exchanges because FIL transfer into your Mining Account will be returned back to the deposit wallet address. Otherwise, you may lose all rewards and pledges.
Summary
Hedra Labs has made their determination to upgrade cloud mining to joint mining with their continuous effort so that an easy-to-join mining pool could be available for anyone that is interested in mining. However, blockchains are complicated systems of software with a lot of moving pieces, and building a successful blockchain from scratch is a tremendous undertaking. So please always read the mining instructions and product introduction carefully before you start the staking, or you may LOSE ALL REWARDS and pledges if you DO NOT deposit FIL in the right way.
Beyond joint mining, users could also store data and search useful information stored on Filecoin but processed and managed by SAO network. More details could be found on the website (sao.network).
In the end, we would like to express our great gratitude to your support and trust and wish you a pleasant journey on SAO network！
Follow us to know more about Web3 storage!
- Contact Email: contact@sao.network
- Website: sao.network
- Twitter: https://twitter.com/SAONetwork
- Blog: https://medium.com/@saonetwork
- Github: https://github.com/SaoNetwork
- Community: https://discord.gg/q58XsnQqQF
