- The Fast Finality (F3) upgrade reduces Filecoin’s finalization time from 7.5 hours to just minutes, revolutionizing efficiency.
- F3 integrates the GossiPBFT protocol, enhancing Filecoin’s speed, security, and responsiveness for a broader range of applications.
The Fast Finality (F3) improvement in Filecoin is generating headlines as a game-changing change that significantly speeds up the network’s transaction finalization process. The finalization process, which formerly took approximately 7.5 hours, has now been shortened to mere minutes.
This substantial improvement is about more than simply speed; it is about improving the overall user experience and opening up new possibilities for Filecoin-based applications, smart contracts, and exchanges. With the F3 upgrade, the Filecoin ecosystem will be faster, more efficient, and capable of supporting a wider range of decentralized applications.
Fast Finality in Filecoin is here! F3 is revolutionizing the network, cutting finalization times from 7.5 hrs to minutes. This major upgrade boosts UX, enhances interoperability, & unlocks new possibilities for apps & exchanges on #Filecoin. Learn more: https://t.co/HAXhfBStlg
— Filecoin (@Filecoin) September 25, 2024
Filecoin Innovative Approach to Overcoming Latency Challenges
Despite its efficiency, Filecoin’s existing Expected Consensus (EC) mechanism has latency issues while attaining finality. The F3 upgrade addresses these issues directly through two main components: the GossiPBFT consensus protocol and the Easy Finality Calculator.
These technologies work together to reduce finalization times without requiring significant changes to the core protocol. The upgrade will be implemented in two parts, beginning with the NV23 upgrade and culminating with the NV24 upgrade later this year.
This gradual rollout guarantees a smooth transition to a more efficient network capable of handling a wide range of demanding applications.
This is not the first time Filecoin has shown its devotion to innovation. Previously, according to CNF, Filecoin has worked with Aethir to alleviate the scarcity of GPU resources, hence improving the infrastructure for AI and Web3.
The connection with Aethir has boosted GPU capabilities on the Filecoin network, resulting in more decentralized data processing and storage. This collaboration not only boosted Filecoin’s technological infrastructure, but also demonstrated its commitment to remaining at the forefront of the emerging blockchain and Web3 landscapes.
Furthermore, Filecoin has previously demonstrated its ability to handle massive amounts of data. As we previously reported, it has stores around 15 exbibytes (EiB) of data, including over 500 terabytes (TB) of US government data.
The Democracy Library made a remarkable achievement by uploading 1 petabyte (PB) of data to Filecoin, proving the network’s outstanding data storage capacity.
This result demonstrates how Filecoin is not only improving transaction speed but also its ability to manage and store massive volumes of data, making it a dependable and scalable alternative for huge institutions and enterprises.
As of writing, FIL, Filecoin’s native token, was trading at roughly $4.13, down 2.06% over the last 24 hours, but it has increased by 10.68% over the last seven days.
