UncleMine SECOND IMO is Coming!

UncleMine
7 min readFeb 28, 2023

Overall Preview of the Mining Industry

In the crypto industry, miners are a particular group, the underlying security guarantee of the blockchain. They are one of the most influential groups in the crypto industry, representing the barometer of the crypto market. Along with a series of developments, such as the specialization of mining machines, emerging of mining enterprises, and the financialization of computing power, continuous momentum has been brought to the mining industry, allowing this track to develop a large-scale commercial landscape gradually.

After the Merge of Ethereum, mining machines will not disappear out of thin air, and more new opportunities and usage scenarios will emerge for the released computing power. With the continuous expansion of the encryption mining industry, many countries and regions actively embrace the change. Russia, for example, is preparing to add more power plants to cater to mining demand. The potential of the mining industry cannot be underestimated.

Development of Filecoin Ecosystem

Filecoin is primarily geared toward providing cold storage solutions to enterprises and developers. Its competitive pricing and ease of access make Web2 clients seeking cost-effective alternatives for storing large amounts of archival data appealing. Use cases include UC Berkeley collaborating with Seal Storage for storing physics research, and Eweison, China’s fastest-growing host of digital content, uses Filecoin for data preservation.

Over 600 known projects are being developed on Filecoin, IPFS, and the Protocol Labs Network ecosystem. The ecosystem is channeled toward onboarding a large variety of use cases: data infrastructure, media streaming, metaverse and gaming. Most applications and protocols that leverage Filecoin offer services focused on data services. By introducing the Filecoin Virtual Machine (FVM), Filecoin aims to allow for external integrations of smart contract applications. The ability to build native applications atop the Filecoin network and externally integrate with them widens the scope of its potential network activity and application ecosystem.

Web3 will be the hottest Battleground of the blockchain industry for a long time, and data is the core asset of web3, thence distributed storage for data is vital. The web3 storage-type ecological public chain will also become the main line, and Binance has also entered the distributed storage track. Filecoin, as a senior project in this track, the future development potential is also immeasurable.In addition, ChatGPT, which recently attracted widespread attention from the capital market with over 100 million users in two months, offers more opportunities for Filecoin. OpenAI provides a large amount of training data to the natural language processing (NLP) models. The success of AI depends on large datasets, and the demand for storing data is huge. Other AI communities also adopt decentralized technology and Filecoin to preserve their datasets, choosing to “preserve humanity’s most important datasets on the Filecoin network.” Future AI relies on large-scale distributed storage like Filecoin.

In the current blockchain landscape, zk is one of the most cutting-edge and optimal solutions for blockchain scaling and privacy technology. Zero-knowledge proofs have long been part of the Filecoin network and will continue to be a key part of the network’s future evolution. With the increase of data stored, maintained, and accessed on Filecoin, the ecosystem must continue providing efficient, cost-effective, and secure verification solutions. Zero-knowledge is a game-changer for the Filecoin network, reducing complex verification processes to fractions of their original size without compromising security, trust, or confidence.

Bridging the progress from 2022 to 2023, Filecoin continues to improve its minimal viable product (MVP) for its compute-over-data product. The first step for integrating the FVM into filecoin for Q1’23 will be integrating EVM compatibility. Other improvements will include L2 capabilities, hierarchical consensus, and Sealing as a Service. Through the FVM incentivized buildernet and testnet, Filecoin hopes to build new and strengthen existing partnerships to better foster product growth within the data infrastructure community.

UncleMine SECOND IMO is Coming!

As the signal revealed in Arthur Hayes’ recent blog post: Bull is back!

Just in time for the market recovering, UncleMine is launching our SECOND IMO! Bringing users a user-friendly and high APY product right in time!

As mentioned above, the mining industry has unlimited prospects, but its large-scale integration model, makes it costly for individuals to participate. UncleMine’s IMO is an effective solution to this problem. In IMO, fundraisers need to stake their own computing power assets as a premise for financing, and investors get the right to receive the future income of a specific mining asset. The mining assets, whether it is physical computing power or virtual computing power on the chain, are verifiable after verification by UncleMine Oracle and cannot be forged, and the relevant proofs are continuously stored on the chain, which can be verified by anyone at any time. This ensures that investors can invest in mining assets without trust, participate in the investment in the underlying facilities of the blockchain, and obtain stable income.

Users who have participated in the first IMO of UncleMine must have already known the strong points of UncleMine IMO: easy to participate, the revenue is USDC, no threshold, high APY.

The Second IMO still keeps the advantages of the first IMO, and on this basis expands the computing power shared with users, allowing more users to participate in and share benefits. Compared with the first IMO, UncleMine has reached an agreement with miners to exempt the previous 5% subsidy to miners, and all the corresponding mining rewards will be distributed in the UM-UMF2 LP pool this time! Users’ income has increased significantly. The node of this IMO is one of the top Filecoin miners. The Second IMO only represents part of the computing power of the nodes, thus the security level has also been improved.

The Second IMO also continues to expand the usage scenarios of UM. Users need to use UM to buy UMF2 and need UM to form LP to obtain the revenue of the Second IMO. IMOs continue to empower UM tokens.

The token UMF from the first IMO will be recycled in the SECOND IMO!

Interested? Reads on!

Details on UncleMine IMO 2

UncleMine will be launching a SECOND IMO for Filecoin Storage Power on March 1st, 2023, at 8:00 UTC. IMO’s Mining Asset token UMF2 represents the future yield of 9PiB of storage computing power in the Filecoin network for the next 240 days. The mining assets of this IMO are provided by Filecoin node f01825301.

Current Filecoin storage power selling on the market has no liquidity. Investors can only keep their miner running for the whole life cycle of the storage power to complete their investment, which can be as long as 2 years. Moreover, the current price of Filecoin storage power units on the market is much higher than UMF2, making UMF2 extremely cost-effective. In addition to being cost-effective, UMF2 has a liquidity pool on the chain, giving investors more flexibility in their choices.

What is UMF2

UMF2 is the fungible token sold on UncleMine’s Second IMO.

The total supply of UMF2 is 100,000. The token’s value and staking rewards are backed by future revenue from 9PiB Filecoin mining nodes.

UMF2 can be traded on decentralized exchanges such as Raydium. UMF2 holders stake UMF2-UM LP tokens on UncleMine to obtain corresponding mining rewards in the form of USDC.

How to participate

The total amount of UMF2 tokens is 100,000, and the price per token varies according to the price of FIL. Investors can participate in IMO on the official UncleMine platform.

1. Get UMF2 (Links will be shared when launching)

Get UMF2 from the official UncleMine website.

Get UMF2 on Raydium with UM .

The price on UncleMine’s official website of UMF2 tokens is the initial price, and the price on Raydium is the market price.

2. Staking for Revenue

UMF2 token holders provide liquidity in the UMF2-UM trading pool on Raydium, and stake the corresponding LP tokens to UncleMine’s the Second IMO LP staking pool. Please note that only when you staked LP tokens into the Second IMO LP pool can share the mining rewards.

100% of the IMO daily income will be allocated to UMF2-UM LP stakers.

Since there is no widely accepted wrapped FIL token in the Solana network, we will convert the mining revenue into USDC so investors can claim their daily yield.

Plans for UMF Token

UncleMine’s first IMO token UMF can be used to exchange for new UMF2 LPs.

Details are as follows:

UMF token holders transfer the UM-UMF LP into the UM-UMF LP pool in exchange for UMF2-UM LP, and then stake UMF2- UM LP to stake in the UM-UMF2 pool for mining revenue.

There are LPs of 2,000 UMF2 corresponding UM in the UMF-UM LP pool for recycling, which will be distributed linearly within 100 days.

If you are unwilling to participate in this recycling, you can also trade UMF in the market, such as Raydium. But please note that this recycling is the final usage scenario of UMF tokens in the UncleMine ecosystem.

The market is picking up and Filecoin is rising strongly, followed by increased mining rewards. Although the UncleMine team has done a lot of research on different mining assets and contacted miners during the previous bear market, at this time we believe that issuing Filecoin IMO can bring more benefits to users. Let’s countdown to the launch of the Second IMO!

Tutorials:

UncleMine Second IMO Tutorial

UMF Recycle Tutorial

About UncleMine

UncleMine is the first fundraising, DeFi & DAO platform backed by verifiable mining assets. UncleMine introduces physical and virtual mining assets into the on-chain ecosystem by zero-knowledge-based VMA Oracle, enabling the infrastructure resources to circulate in the Defi world.

Resources:

* Website: https://unclemine.org/

* Medium: https://medium.com/@UncleMine

* Twitter: https://twitter.com/uncleminenews

Community:

* Discord: https://discord.gg/ScuJCZtDHs

* English: https://t.me/UncleMine

* Korean: https://t.me/UncleMineKR

* Turkish: https://t.me/unclemineTR

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UncleMine

A decentralized & verifiable network brings arbitrary computing power to smart contract. https://unclemine.org/ Telegram: t.me/unclemineEN