Filecoin (FIL) Network to Experience 450x Speed Increase with F3 Implementation
Terrill Dicki Sep 26, 2024 07:18
Filecoin (FIL)'s Fast Finality (F3) is set to revolutionize the network by reducing finalization times by 450x, enhancing user experience and opening new opportunities.
Filecoin (FIL) is set to undergo a major transformation with the introduction of Fast Finality (F3), a new upgrade aimed at drastically reducing the finalization time on the network. According to Filecoin, F3 will accelerate finality by 450 times, taking the time from 7.5 hours down to mere minutes.
How it Works
The Filecoin network currently uses Expected Consensus (EC) to agree on transactions, which includes a structure that can suffer from network latency issues. Unlike other blockchains, Filecoin operates on a chain of groups of blocks called tipsets, rather than individual blocks. This approach increases efficiency and throughput by including all valid blocks in each round, but it can still take a long time to achieve finality.
To address these challenges, F3 introduces two incremental steps. First, the Easy Finality Calculator tool optimizes finality times by dynamically assessing the confidence level in the current chain state. Second, F3 integrates a new consensus protocol called GossiPBFT, which combines the availability and throughput properties of EC with significantly faster finality.
Why It Matters
F3 represents one of the biggest storage-retrieval lifecycle improvements for Filecoin, allowing new on-chain storage contracts from other networks to interface more efficiently. This upgrade is expected to create a more responsive environment for developers, enabling the creation of various applications that require low latency, such as Interplanetary Consensus (IPC), smart contracts, and chain bridges. Additionally, GossiPBFT provides extra layers of resilience against stronger attacks and adversaries, making the network more secure.
What’s Next?
The NV23 upgrade has already enabled passive testing of F3 on the Filecoin network, with a full implementation expected in the NV24 upgrade later this year. This marks a significant step forward in reducing finality latency and enhancing the usability of the Filecoin network, particularly for applications that demand quick and reliable finality.
F3 is poised to make Filecoin faster, more secure, and accessible to a broader range of applications, cementing its position as a leading decentralized solution for the data economy.
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