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Interpretation of Filecoin’s Critical Moment Action Proposal

Validated Project

Proposal -Filecoin Critical Moment Action (to be released to the community soon)

Proposal time: January 18, 2024

The Filecoin network has reached a critical moment. Since November, the computing power scale of the whole network has grown very slowly, and the original storage nodes have been continuously lost. The expected FVM, IPC and retrieval progress of the whole network are significantly lower than expected.

At present, the upsurge of virtual assets has revived, and many new projects have landed on the exchange. Inscriptions, BRC20 and Ethereum 2.0 have become hot in succession. However, the price performance of Fil is low, the popularity of the community is lax, the year-on-year survival rate of SP continues to drop, large investors wait and see, give up, developers leave, and the allocation of various social resources turns into a trend.

If Filecoin continues to lie flat, the whole network will die soon.Everyone in the Filecoin community has cherished the blessings of technological civilization in their career, firmly believed in the power of technological progress, believed in Web3, and was determined to change the world with distributed storage. This situation is unbearable and hard to let go!2024 is the year of China’s dragon, and it should be the year of the dragon’s rise. We need to change and act! This case invites everyone to join hands again and act together to build a powerful Filecoin network and realize that beautiful and solid Web3 storage infrastructure together.

The proposal is as follows:

A. Carry out community governance reform, return the right of governance to the community, and increase the voting weight of computing power.Community is the foundation of ecological development.

For the sustainable development of filecoin ecology, the governance power should be placed more underground in the community, and the community’s strength should be brought into play, so as to gather consensus and promote the chain to develop better. The foundation of filecoin is storage computing power, and computing power participants are the backbone of the community, both the most effective evangelist and the strong promoter of the ecological construction of Filecoin chain.

Therefore, in community governance, we should listen more to the voices of the participants in the calculation and increase the voting weight of the calculation side:

1. Community voting system for major issues. Major issues related to ecology, such as the reform plan of Fil+ and the direction of technological development, are decided by community voting;

2. The working group shall be more representative, and the corresponding project representatives shall be added. For example, in the calculation-related groups, increase the calculation representatives; Ecological related groups, increase ecological representatives. Representatives shall be rotated, and representatives shall be rotated quarterly or monthly;

3. Increase the voting weight of the calculating party. When voting, not only the weight is calculated according to the number of FIL of wallet address, but also the proportion of calculation power is increased. The proportion of computing power in the voting weight is not less than 30%.

B. Network consensus

1. Official responsibility. Although the community is decentralized, the official (protocol laboratory and foundation) holds the technical direction and development energy, and is the engine of the whole network. Developing the network is the official duty. What is the official, what is the community, and what is Filecoin.

2. Compliance and network development. Compliance needs to be constantly improved, but the development of the network is the core goal. Compliance and development go hand in hand, not mutually exclusive, and compliance serves development.

3. Market value and network development. The only source of network development is to obtain more social resources. In the commercial competition environment, low market value means that the prospects are slim and the pledge is devalued, which is the killer of refusing network development. Only high market value can urge more resources to be invested. As a Web3 storage infrastructure, Fil should aim at the top ten in market value.

C. Official financial transparency and rebuilding Asia-Pacific communication

1. Financial disclosure. Full disclosure of official financial statements (semi-annually) and financial plans for the coming year;

2. Governance. The community voted to agree to the financial plan and requested authorization to audit the financial statements;

3. Audit disclosure. Set audit rules (every six months or every year) and disclose audit reports immediately;

4. Establish a permanent office in Hong Kong. Hong Kong has a tolerant policy and convenient transportation, and can connect with all Filecoin network participants in the Asia-Pacific region. It is necessary to set up a high-standard resident institution in Hong Kong, which should be equipped with decision-makers of foundations and ecological groups (with Chinese communication skills) to efficiently contact and feedback community members;

5. Optimize communication and publicity. Official representatives increase the frequency of publicity in various regions of the world. For countries and regions with concentrated resources, an exchange meeting of SP and large-value asset management institutions will be held at least once every quarter, which will unite the community and give feedback. Greater China needs to strengthen direct communication in particular.

D. Establish the principle of official currency circulation and transparent community management

1. Circulation principle. The principle of official currency holding should be clear, which should be based on supporting official financial needs. The excess should be restricted until a new circulation quota is granted after the financial plan for the next year is passed.

2. Disclosure of currency. Fully disclose the address and quantity of all official currency, and accept community supervision and understanding.

3. Holding money management. According to the financial statements and plans, formulate the official currency circulation plan; Lock management of annual planned circulating amount, monthly circulating amount and official currency balance (specific address and quantity);

4. Examination and approval of annual reduction plan. The official annual reduction plan must be approved by the community vote;

5. Disclosure of official currency management report. The official must determine the manager who holds the money, and the manager will report the quantity to be reduced, the quantity to be reduced and the quantity to be reduced every month.

E. Increase support for Defi and other ecological projects.

Defi is the soul of liquidity, especially in the filecoin ecology, which can fundamentally enhance the liquidity usage scenarios of Fil and enhance the ecological value of nodes. For other ecological projects, the government should also expand its support to promote further ecological prosperity.

1. Set up a Fil Eco-Defi support special fund, and inject no less than 1/4 of the official currency into the special support fund;

2. Make clear the list of Defi projects effectively managed by Filecoin. Participate in the investment of not less than 20% according to the Staking scale of each project, and support each Defi project service customer to expand the network;

3. Emergency deposit rescue for liquidity crisis. Defi special fund started emergency liquidity deposit rescue when liquidity warning appeared in the top ten projects on the list of Defi projects, and injected deposits to restore the normal liquidity level.

4. Establish an ecological forward-looking service team, publicly encourage and support projects with important ecological foundation or leading significance, and tilt resources in development, publicity, investment recommendation and cooperation;

5. Official holding money increases the obligation to support ecological development. The official cash investment is not less than 1/2 to support the Filecoin ecological project, and the use path and progress information of each ecological project are regularly disclosed every month.

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