FIP0056 Update: Proposal Rejected Following Community Feedback and Deliberation

Over the past several months, the Filecoin community has been actively deliberating FIP0056. This FIP is the second iteration of a proposed Sector Duration Multiplier (SDM), which would deliver additional block rewards to storage providers who elect to commit storage resources to the network for a longer period of time.

Proponents have argued that such a policy makes network incentives more sustainable and long-term oriented, while opponents have argued that such a policy would increase collateral requirements and destabilize existing business development efforts.

In order to reach consensus on this FIP, Filecoin Core Devs were asked to contribute to a process of hybrid soft consensus. Filecoin Foundation facilitated this process, in which network stewards were convened to assess whether there was sufficient community consensus for accepting or rejecting the FIP.

Ultimately, the FIP was rejected; Core Devs assessed community feedback and found there was not agreement across the community to implement the FIP.

For more information, you can watch the deliberation conducted by Core Devs HERE. You can also review detailed meeting notes HERE.

Since FIP0056 has been rejected, it is not eligible for inclusion in any future network upgrades. In addition, Filecoin Foundation will be working in the immediate term with the Filecoin community to improve governance practices to reflect lessons learned from the FIP0056 process.