KEY TAKEAWAYS
- Filecoin Network is recognized by Fast Company for its significant impact on internet infrastructure and decentralized AI.
- The NV24 upgrade enhances Filecoin’s security, developer functionality, and economic stability with new features like EIP-5656 support.
- Filecoin’s Fast Finality (F3) upgrade will drastically reduce finality times, improving transaction speed and storage provider onboarding.
- The transition to Storacha and the launch of DeStor SDK mark advancements in decentralized storage, enhancing data accessibility and developer integration.
Fast Company has featured the Filecoin Network in its fourth annual Next Big Things in Tech list. This recognition highlights emerging technologies that significantly impact various industries, including education, sustainability, robotics, and artificial intelligence. Filecoin was acknowledged as a crucial component of internet infrastructure, particularly in powering decentralized artificial intelligence.
The Filecoin Network’s NV24 upgrade introduces essential enhancements aimed at improving security, developer functionality, and economic stability. Key updates include setting a lower bound for sector initial pledges, which ensures consistent collateral to secure the network’s consensus and maintain stability in token circulation. Developer improvements feature expanded support for advanced Ethereum features like EIP-5656 and access to historical randomness, facilitating the creation of more efficient and secure smart contracts on the Filecoin Ethereum Virtual Machine (FEVM).
Innovative Approaches and Upcoming Upgrades
Gitcoin and Filecoin are piloting a futarchy-inspired approach to public goods funding with a prediction market for RetroPGF Round 2. This mechanism allows community members to bet on the success of projects, providing valuable insights to badgeholders voting on funding allocations. By focusing on the top and bottom 10% of proposals, the experiment aims to highlight high-impact initiatives while minimizing low-value investments.
The Fast Finality (F3) upgrade is set to revolutionize Filecoin’s consensus layer by reducing finality times from 900 epochs to just 2. This enhancement is expected to improve transaction speed, streamline storage provider onboarding, and enable more efficient light clients. The F3 upgrade is nearing its mainnet launch, with the NV25 upgrade starting with Calibration in December and full activation on Mainnet by January 2025. The community can track progress and contribute to testing through dedicated dashboards and Slack channels.
Transition to Storacha and Developer Tools
The transition from web3.storage to Storacha marks a significant advancement in decentralized storage. Storacha offers faster data retrievals powered by decentralized hot storage nodes, incentivized node participation, and seamless integration between Filecoin and IPFS. This upgrade ensures data remains decentralized, fully owned by users, and more accessible than ever.
DeStor, a leader in decentralized storage solutions, is launching DeStor SDK to empower developers to embed decentralized storage functionality directly into their applications. This tool provides a streamlined means for developers to leverage decentralized storage, transforming traditional data management approaches.
For more information on these developments, visit the Filecoin blog here.
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