Filecoin Streamlines Fast Finality (F3) by Using Smart Contract

Filecoin, an open-source and decentralized blockchain-based network for storage, has announced a landmark development.

Filecoin, a decentralized blockchain network for storage, has announced a new development. According to Filecoin, the platform is accelerating the activation of the Fast Finality (F3) project on the mainnet through a smart contract. The platform recently shared this development via its official social media handle.

Filecoin is introducing a new way to activate F3 faster. Instead of relying on extra network upgrades, a smart contract will allow the network to set final parameters quickly, ensuring security and efficiency.

Filecoin Streamlines Fast Finality Activation Using Smart Contract

Filecoin noted that a unique approach to speeding up F3 activation delegates authority to a smart contract. This approach reportedly aims to streamline the process while ensuring network stability and security. A primary challenge in deploying F3 has been its reliance on ecosystem upgrades.

Initially, the activation strategy involved two separate upgrades. One of them would feature essential updates like chain hashing and message compression. In turn, the second upgrade would finalize the parameters and activate F3. However, this dual upgrade would have delayed F3 activation until mid-this year. Yet, F3 delivers usability, finality, and speed, among other crucial performance enhancements.

The Filecoin platform has proposed a unique mechanism that involves delegating power to a smart contract. This handles parameter adjustments, allowing parameter changes to occur after passive testing rounds. Hence, it removes the need for a second network upgrade. As a result, the platform can activate and deploy F3 after reaching a consensus on the optimal settings.

Initiative Ensures F3 Activation While Maintaining Stability and Integrity

As per Filecoin, the delegation of authority to a smart contract to expedite F3 activation provides several benefits. One of them is a streamlined parameter setting that requires consensus among three primary Filecoin implementations. They include Venus, Forest, and Lotus. Moreover, the unique plan also ensures time-bound authority and transparency. In turn, the company enhances the speed of F3 activation while maintaining the platform’s stability and integrity.