Filecoin Plus Analysis: What is the 10x Effective Computing Power?

This article was originally written by IPFS Force Zone

Protocol Labs has been emphasizing the storage of valuable data since the Filecoin testnet stage, and has also proposed that Filecoin miners who store valuable data will receive a higher weight of effective computing power. Filecoin Plus (Verified Client Program) is an important proposal for the storage of valuable data. The proposal describes that miner nodes store the data of verified customers, and this part of the data will present 10 times the effective computing power.

The implementation of Filecoin Plus mainly involves five roles:

Community governance: shaping specific rules and processes;
Root key holder: the signer of the multi-signature on-chain, with the power to grant and remove notaries;
Notary: Allocate DataCap to qualified customers according to the rules to subsidize the network’s valuable data storage;
Client: An active participant in the network who applies for DataCap quota from a notary and allocates DataCap to storage miners in the process of storage transactions.

In my opinion, DataCap can be simply understood as a mark. Data transactions marked with this mark can allow storage miners to obtain 10 times the effective computing power, but this mark has a limit.

The interaction process between various role participants in Filecoin Plus (non-exhaustive)

The launch of Filecoin Plus aims to incentivize miners to store valuable data, and the basic structure is now roughly formed. However, how to formulate a set of fair and just rules is the key to the real implementation of Filecoin Plus and achieve positive results. At 1:00 a.m. on November 11, 2020, Beijing time, Protocol Labs held an online meeting on Filecoin Plus , mainly discussing the approval rules for notary applications.

Regarding the approval of notary applications, a comprehensive assessment will be conducted based on multiple dimensions such as the applicant's FIL holdings and holding time, industry reputation, geographical distribution, etc. Notaries are also divided into five levels, L1-L5, and the corresponding DataCap quotas are as follows:

For more specific descriptions of Filecoin Plus notaries, see : https://github.com/filecoin-project/notary-governance/tree/main/notaries/templates

Filecoin Plus is still in the Beta stage, and the first nominated notary is generated by the Filecoin Foundation. The overall process is still under testing. In order to reflect fairness, the Filecoin Foundation will no longer distribute DataCap after the test, unless it reapplies according to the rules.

Although Filecoin Plus is conducive to the commercialization of Filecoin, its current rules still have some areas that need to be clarified and optimized. For example: applicants for notaries need to hold at least 100,000 FIL and hold them for at least 6 months. Given the current low circulation of FIL, the price of FIL may be pushed up, thereby increasing the threshold for prospective miners to continue to increase their computing power; the criteria for judging industry reputation may be subjective; Asia accounts for a considerable proportion of Filecoin ecosystem participants, and may be at a disadvantage in the allocation of "geographically distributed" DataCap, etc.

Filecoin Plus is still under development, and we hope that the improvement of the rules will maximize the interests of all parties and achieve a balance. Another point to note is that although miners can obtain 10 times the effective computing power through Filecoin Plus, the risk of pre-staking and penalty of FIL will also increase 10 times.

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Filecoin Plus Analysis: What is the 10x Effective Computing Power?

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