Filecoin Fil+ Day - Austin '22, 16 Jun 2022

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From YouTube: Fil+ (Filecoin Plus) System Overview 2022

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We're going to cover kind of a high level like systems overview.. This is sort of a primer for like,. What is filecoin plus?.

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This is probably going to be totally redundant for a lot of you that are in the room and in attendance, but we're just gonna run through like what exactly are the programs and process that we use??

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Who are the different people?? What is datacap?, how does it work?, what are the like high level economics?, and then what are some of the different tools we use?

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so launching into it,, starting at like mile high overview.

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In case you did not know the filecoin network, like at its broad strokes,, not filecoin, plus..

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The whole network is really attempting to create a marketplace for decentralized storage..

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Like the very short answer: elevator pitch, right?, you have clients,, they are people with data., you have storage providers., they are people who are adding the physical capacity to the network and you have service providers.

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and those are people that are building some kind of service.

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Throughout this process. and a number of you in the room and on zoom, are service providers, it can mean a lot of different things., so we can distill this down into like those three different roles..

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Why do we do this? On a blockchain?, again,, very high level.? We have a decentralized ledger of truth..

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We have a place where anyone in the community can go and say like,, "all right,. I have made a deal.

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At some point in time between some set of actors.

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For some amount of money, for some size, for some duration.".

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And like that is a source of truth that we'll all look at and say, "in this marketplace.

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That is something we all agree to.".

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Why do it on a blockchain as well? so that we can have these proofs.? So some examples are facetime and replication..

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These are ways for us to say: a storage provider can prove.

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That they still have the data and that it has not changed.

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You are a client and you care about, "I'm, making this data available, I'm putting it on the network,. Is it still there??

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Has anyone edited it, have a blockchain to improve?".

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The data itself is not on chain..

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This is like an interesting thing to like call out. Some people forget that data is not on the chain itself.

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Which leads to some costs of like,?

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How do you actually seal the deals?, so again, we're still talking mile high of the entire network. network, gets chunked into sectors, storage providers pack deals into those sectors and seal it.

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Takes compute time,, it costs money.

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They have to actually get the physical data., sometimes they're, mailing a hard drive., sometimes they're standing up infrastructure on site with a client..

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So there's a lot of things that go into the economics for making this work for a storage, provider.

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There are also other risks of the collateral that they have to put up. if they get slashed for some reason of having to go offline.

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For something or other,, but then the benefits like with all these risks,, why do it,? Why is it a good business model?? Is you get deal prices so you charge for both the storage as a service.?

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You also can do retrieval deals and make money on retrieving that data to other people.

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And then the big one is block rewards., so you are making money over time in these block. Rewards.

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And that is a complicated calculation, but if fundamentally (indistinct). how much power,, how much data are you putting on the network.

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Will impact how many rewards you are likely to get.

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We'll go into that little more., so filecoin, plus or fil+.

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We really want to try and remind everybody and say this again and again,: we like to write it as big f little. I little l plus,.

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Or spelled out as filecoin plus., we try and avoid capital f-I-l plus,.

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Capital f-I-l is the thing that you can go buy on an exchange that is different than the thing that is the program., so try and avoid that.. We try and avoid like the fil plus written as like f-I-l plus,. It just doesn't look as good.

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and then we also try and avoid filecoin and the plus sign..

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So if you can help us with our brand.

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And go towards that filecoin, plus or fil+.

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Basically, we add a layer of social trust to the network.

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To incentivize useful storage, again starting high elevator pitch,.

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Social trust,, useful storage.

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We want to get useful data on the network to do that. We have this datacap pipeline that leads into all of our technological dependencies..

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Those are the programs for grammatically. How do we do our job??

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We do it through a community of people., that's the process.. How do we get a balance of diversity of actors.

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With efficient decision making?, we want to have people that represent all the different interests.. We want storage providers., we want clients,, we want service providers.

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We want all of them to be notaries.. We want all of them to come to our governance calls..

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We want all of them to compete with one another and have those voices heard,, because if we only had one type.

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Of entity in our governance structure,, we would then prioritize that one type of entity.

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Potentially, at the cost of someone else's interests., so we have to balance that, though, with efficient decision making.. So while there is disagreement,, we try and have processes to still move forward.

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So we don't necessarily always have to have 100% unanimous decision. Making, 'cause. We probably never get anything done,, but we want to balance those different voices in the room.

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All right short, answer, notaries perform some form of diligence, some kind of kyc,.

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Know your client, know your customer to verify that client.

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Is this a real client with valid data??

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That is a high broad question that we want the notaries to ask.. Each notary is empowered to help define that for themselves.

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What is valid., a notary has different standards that they can look to.

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But fundamentally, each notary gets to determine.

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How they make that decision., when they have determined that a client is real with valid data, they send them datacap to their client address. from their client address,. That client will burn that datacap in a deal.

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With a storage, provider. storage providers then get a quality adjusted power increase.

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Which means more block rewards., it's like light speed going through this datacap itself,.

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Is a novel resource within the network.

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as I said, it goes from notaries to trustworthy, clients.

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The clients use it in addition to fil, makes deals.

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It's consumed., it's a single use, credit.. It doesn't currently have any sort of cyclical flow back.

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There could be a (indistinct) at some time in the future to think about changing that., but as it is right now,, it only flows. One way.

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And it cannot be transferred from client address to client address., and this is like critical from the safety of like "I am verifying a person.. This person is not then easily able to go. Have a secondary market where they're selling off the datacap, because they on chain can't transfer it from client address to another client.".

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The storage providers get the block rewards for serving deals made with datacap.

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We have this lovely graphic to try and help tease out.

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Who the different people are that are involved in this.

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notaries sitting right there in the middle., the notary community will apply basically to say: "I would like to be a notary., I'm a person, who's raising my hand, saying,, 'I wanna participate.'". They send that to the broader community..

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When we do these elections,, which we just finished our third round,, the elections process will determine who gets to become a notary.. They send those to the root key holders..

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The root key holders are a shadowy cabal.

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Of decision makers at the foundation and pl and some other external entities, ethereum foundation,.

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And other places who are just helping audit and manage the decisions of the community governance.

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So they approve those requests and execute the approval of that datacap.

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Notaries, then send datacap down to clients.

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Clients send datacap down to storage providers.

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(indistinct), so why do storage providers care?, like we've, talked a little bit about they get more block rewards.. There is also this additional thing of. Most storage providers are already doing the work to commit capacity to the network.

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they're already taking space in their physical, hard drive.

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They're already doing the compute time to seal it,, to put it on the network and get that committed capacity, block reward.

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Why not add deals into that work.

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And get a slight incremental bump in potentially deal price, as well as some additional benefits?, so the incremental work can be offset by these rewards or other deal. Prices.

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There's also this potential that your liability.

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As a storage provider can be decreased if you are working with verified clients compared to working with someone who shows up to you and says, like, "I am so and so galen.

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I promise I've got 50 pips of really good data.

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You should work with me.". The storage provider then has to do the kyc themselves to say, "do. I trust this person?. How much do I know them?? Do they actually have 50 pips??

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What kind of data is it?" if they're working with a person who says, "I have 50 pips and I've got datacap.", the storage provider can say,.

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"Someone else has already done some of this diligence there's already an audit trail.. I can just go look at that: existing audit trail.

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and then the big one is verified. Data has power., so basically datacap economics,, very, very complicated thing.

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Every 30 seconds, there is a new block, reward.

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Those block rewards are kind of like lottery drawings.

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Multiple people, every 30 seconds will win a lottery.

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The number of tickets that you have in the lottery is determined by your power on the network..

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This changes over time as more and more people.

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Buy more tickets in every drawing.

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Your number of tickets that you have in relation to everyone else is going to change.

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by doing verified deals. You get a 10 x.

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Quality adjusted power increase., you are getting more lottery tickets for every 32nd lottery, drawing, 10 x, more tickets.

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That's fundamental. the block word changes.. The tip sets change., but the biggest factor as to like how do you calculate your long term gains?

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Is that more and more people are doing more and more datacap deals..

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So your relative weight across the entire network.

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Will change over time. and that will determine proportionally how many of these block rewards might (indistinct)?

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so short answer. Storage providers are currently willing to provide zero, fil/free storage.

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For verified data, because the incentives outweigh the costs.

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The incentives being that nx quality, adjusted power and useful data being better than blank or risky unverified data.

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The costs being how to actually get the data the compute time required the collateral cost.

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But theoretically, this is going to change as the marketplace. Grows. as there are more and more deals coming to the network, the marketplace will adjust to say "from zero fil. I am now gonna start charging.

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Some amount of fil for verified data,, but if it's verified data,, that's guaranteed to be a certain size,.

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I'll still do zero fil,", but the storage providers are able to negotiate these terms,.

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Kinda the point of this decentralized market.

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All right,, if you are a client and you're like, "this all sounds really interesting,. How do I get datacap??

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Where do I get started?? We currently have three pathways that are based on the amount of data that you have.

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so datacap being volumetric,. It is if you've got 32 gigs.

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Of data,, you need 32 gigs of datacap to do that. Deal.

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So those two are associated.

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so that 32gib, that's kind of enough to do a first deal,.

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Get your feet: wet, play around, experiment..

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We have an auto verifier that just says, "do you have a github account?. How old is it?.

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Have you requested datacap before?", it's an auto verification, kyc process..

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It works in under a minute to award datacap to worthy people..

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We would love to have some people in the community propose other auto verifiers., maybe there's some other form of automated kyc that we could do that feels safe enough to try..

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Maybe it goes up from 32 gigs to one tib.

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And that's safe enough for where we're on the network. so,, that is a notary who has written this application.

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As to how they will make decision.

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the next level down is that general verification by the notaries. filecoin foundation foundation has a notary. picnic? Has a notary, there's a group of notaries on the call.

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In the other room. those people work usually in the zero to 50 tib range.

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And they have their own set of questions that they ask to perform diligence. it's based on region, type of data,, who you're applying to.

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They have kind of their own rubric., then there's the very large data set.. So if you are onboarding something in the pib scale of data.

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You will work with a cohort of notaries, you're, applying to the entire notary pool to say,.

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"I would love a whole bunch of datacap for this really good, interesting pib data set.".

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Those are our three main pathways.. We work mostly on github..

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We have three repos that we use. you can check out these links, later. there's our app,, the fil+ registry app..

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This is primarily used by notaries and root key holders to actually award the datacap.

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It has some ledger: dependencies.

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again, we're working on adding more support, expanding kind of our tool, coverage., and then we have now one main stats dashboard that deep and I collaborate with,, which is the interplanetary. But then there are at least three other community sourced dashboards,, which we love..

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We love seeing more and more people in the community taking this blockchain data that is available to all of us.

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That we all agree is a source of truth and building a dashboard. Saying, "what are the metrics that I care about?. What do I want this dashboard to look like??

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What is the top level that we think is really interesting?" so there're at least three more of those, we're working on getting more apis to those,, getting more people able to like, engage and pull slides.