Filecoin Redefines Activation of F3 with an Exclusive Smart Contract

Filecoin, an open-source and decentralized blockchain-based network for storage, has announced a landmark development. As per Filecoin, the platform is boosting the Fast Finality (F3) project’s activation on the mainnet via a smart contract. The platform has recently revealed this development on its official social media account.

Filecoin Streamlines Fast Finality by Using Smart Contract

Filecoin pointed out that an exclusive approach to speed up F3’s activation delegates power to a smart contract. This approach reportedly focuses on streamlining the procedure along with guaranteeing network stability and security. A key challenge in F3’s deployment has been the dependence thereof on ecosystem upgrades.

At the start, the activation strategy required 2 distinctive upgrades. One of them would offer essential improvements such as chain hashing, and message compression. Additionally, the 2nd upgrade would conclusive the parameters as well as activate F3. Nonetheless, the F3 activation would have been delayed by this dual upgrade until this year’s middle. On the other hand, based on the substantial performance improvements, F3 delivers usability, finality, and speed.

Filecoin has platform has proposed a unique mechanism that takes into account power delegation to a smart contract. This deals with parameter adjustments, letting parameter changes take place after passive testing rounds. Hence, this eliminates the requirement for a 2nd network upgrade. Therefore, the platform can activate and implement F3 following a consensus on the ideal settings.

Initiative Guarantees F3 Activation along with Maintaining Stability and Integrity

According to Filecoin, the delegation of power to a smart contract to increase F3 activation offers several benefits. One of them is a well-ordered parameter setting with the requirement for a consensus between 3 key Filecoin implementations.

They include Venus, Forest, and Lotus. Apart from that, the exclusive plan also ensures time-bound authority and transparency. Keeping this in view, the firm increases the speed of F3 activation while sustaining the platform’s stability and integrity.