Filecash
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Filecash

Filecash — From 0 to 1: Consensus mechanism improvements (4)

From 0 to 1 Series: A Comprehensive Understanding of Filecash

Multi-game roles are beneficial to the healthy development of the ecosystem.

Filecash’s smarter innovation lies in the addition of BFT+POS nodes to its consensus mechanism, which forms a multi-gaming role in the entire Filecash internal ecosystem and promotes the healthy development of the Filecash ecosystem.

Developing a consensus mechanism is one of the key aspects of any blockchain. The current mainstream consensus mechanisms include POW (Proof of Work), POS (Proof of Stake), and DPOS (Delegated Proof of Stake), pBFT (Practical Byzantium Fault Tolerance), POC (Proof of Concept) and so on. Blockchain solves the problem of trust between people. Consensus is the basis of trust. When people reach a certain consensus, there is trust.

The current mainstream consensus mechanisms each have their own advantages and disadvantages. POW is safe and reliable, but TPS is slow, and energy consumption is huge; POS has high efficiency and low energy consumption but is insecure and too centralized; DPOS transfers are fast but too centralized; The innovation of the consensus mechanism is an exploration of a new milestone in the blockchain industry. Every consensus innovation will be disruptive and bring earth-shattering changes to the industry.

Filecoin’s consensus mechanism has opened a new milestone. Filecoin adopts a hybrid consensus mechanism — Proof of Replication (PoRep) + Proof of Space-Time (PoSt) + Expected Consensus (EC).

Let’s first understand what is Proof of Replication, Proof of Space-Time, and Expected Consensus.

Proof of Replication:

Proof of Replication (PoRep) is an interactive proof system, a new proof of PoS storage (Proof-of-Storage). In this system, the storage provider needs to provide a publicly verifiable proof to show that it actually has the content they are storing and are not cheating. The copy allocates unique space resources, and the stored data is retrievable. To put it simply, it is to prove that a single copy of the data has been successfully created in a specific sector.

Proof of Space-Time:

Proof-of-Space-Time (PoSt) means that users check whether the storage provider has stored data for a certain period of time. Proof-of-Spacetime (PoSt) proposes the data structure of the proof-chain. The proof-chain Link some challenges and proofs to form. The time period is added to the proof chain, so that the proof of the data stored by the miners within a period of time is obtained, which is Proof of Space-Time (PoSt).

PoSt can prove that miners have stored specific data during this period of time, and anchor these proof chains with timestamps, so that even if the verifier is not online, the space-time proof can be used to verify the proof at a certain time in the future. The miner generates a proof chain, and PoSt will be submitted to the chain to generate new data blocks.

Expected consensus:

Expected Consensus (EC) is to elect one or more miners in each round to create a new block. The probability of a miner winning the election is proportional to the current effective storage (computing power) of the miner. Filecoin converts the current storage ratio of miners in the network to the storage ratio of the entire network into voting power of the miner (voting power of the miner).

The hybrid mechanism created by Filecoin fundamentally defines Filecoin as a reasonably efficient and decentralized system, and reflects the fairness, confidentiality, and public verifiability of Filecoin. However, just like any consensus mechanism such as POW and POS, there are two sides. Even Protocol Labs is still exploring a consensus mechanism to make Filecoin better, and even offers a reward of 200,000 US dollars for those who propose better algorithms.

What is the problem with the Filecoin consensus algorithm? On the one hand, the game attributes within the Filecoin ecosystem are too singular. There are only token holders and miners. The game between the two parties will inevitably cause one of the parties to increase in weight and the other to decrease, resulting in an unfair balance, which is not conducive to the healthy development of the ecosystem. Secondly, the consensus is expected to have certain flaws. If a new miner is not elected to produce a new block in each round of block output, it will inevitably lead to a delay in the entire network. During the election, multiple miners will be produced, and the messages in each miner’s output block are basically the same, which forms block waste.

Filecash proposes a hybrid consensus mechanism that is more suitable for the healthy development of the ecology. It adopts the PoRep+PoSt+BFT+POS hybrid model, and introduces the concepts of Byzantine fault tolerance and POS equity proof nodes. In this way, there are three ecosystem roles of miners, nodes, and token holders.

  • Miners: obtain computing power by providing storage services, and select nodes through computing power voting (weights are the same for large and small miners)
  • Nodes: voted by miners, responsible for packaging messages and generating blocks, and obtaining a certain percentage of commissions
  • Holders: Decide whether the block producer will receive block rewards

In the Filecash ecosystem, miners are no longer responsible for message packaging, and are instead packaged by POS nodes. The nodes are voted by miners. In terms of voting weight, large and small miners have the same power. It is no longer the situation where big FIL miners selfishly vote each other. The FIC network provides a platform for small miners to communicate and form alliances.

More importantly, nodes play a supporting role in currency prices, and currency holders act as network participants and core stakeholders. There is enough power to check and balance the unfriendly behaviors of nodes. Token holders have voting power to determine the revenue of POS nodes. If any nodes exhibit unfriendly behaviour, the vote of the token holders can cause the node to lose most of its income. Even if the node has a large amount of computing power to vote and has the right to package, it still cannot effectively obtain income. The game relationship of “voting to generate nodes and holders of coins decides to issue rewards” prevents large miners from packaging and producing blocks privately.

Filecash also includes the node voting mechanism of BFT logic, which increases the cost of controlling the network to 60% of the cost of the network and 60% of the currency rights.

In Filecash, miners, currency holders, and nodes are all stakeholders of the network. Maintaining the stable operation and healthy development of the network is the consistent interest of the three parties. The mutual equilibrium relationship of the three makes the network ecosystem tend to be balanced and stable. The currency price is effectively supported, and the ecosystem and network will develop more healthily and comprehensively! Compared with the expected consensus of Filecoin, the power of miners has been weakened and the rights of token holders have increased. The innovation of Filecash’s consensus mechanism can better realize the fairness and community governance of the entire network!

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