| fip | title | author | discussions-to | status | type | category | created |
|---|---|---|---|---|---|---|---|
0096 |
Convert fundraising remainder address(es) to keyless account actor(s) |
Fatman13 (@fatman13) |
Draft |
Technical |
Core |
2024-07-10 |
Similar to #901, covert fundraising remainder address f0122 type from a multisig to account that is keyless (like f099).
At the moment, the actor holding the fundraising remainder is a multisig actor. All signers are account actors, secured by corresponding wallet keys. This setup leaves the ownership and control over the fundraising remainder to signers of the multisig actor, which undermines the decentralized governance principle over network funds, and creates potential security leaks. Although the amount in the fundraising remainder account is feable to institute any meaningful Sybil attack, breaching of spec still greatly undermines the security of a decentralized network by dimishing the network's credibility and unevenly favoring one party of the network participants, which both inflict profound long-term damage to the network.
This FIP proposes to alter the type of the fundraising remainder actor from the aforementioned multisig to a keyless account actor, and further transfer the ownership, control and governance of the funds reserved from the signers of the multisig back to the network's participants via community governance.
Like how mining reserve is made into a keyless account and ready to be potentially burned, fundraising remainder address(es) is also in the linger troubled by similar dilemma described in motivation section of #901. We compiled the following 4 motivations for the proposal...
Mining reserve in the Filecoin spec is described as the following...
It will be up to the community to determine in the future how to distribute those tokens, through Filecoin improvement proposals (FIPs) or similar decentralized decision-making processes. -- excerpts from #901
fundraising remainder in the Filecoin spec is described as the following...
Of the Filecoin genesis block allocation, 10% of FIL_BASE were allocated for fundraising, of which 7.5% were sold in the 2017 token sale, and the 2.5% remaining were allocated for ecosystem development and potential future fundraising.
Though paragraph about fundraising remainder didn't specifically articulate "up to the community to determine" as in mining reserve, by virtue of us being a crypto / blockchain community it can be assumed by default it is up to the community, ie FIP process, when no governance body was mentioned to oversight the distribution.
It is worth noting that when the spec was written and when the network was first launched, the FIP process was not yet well-designed or matured to support network governance, and significant improvements have been made since then. -- excerpts from #901
Similar to the point #901 made, this proposal is to amend the inadequacy that network in its early days has neglected.
This also creates a security black hole in the network where if 2 out of the 3 signer keys of f090 are compromised by malicious actors, they may cause serious economic damage to the Filecoin network. -- excerpts from #901
Although the amount remaining in the fundraising remainder address(es) would not likely to cause serious economic damage as mining reserve would, there are still security concerns over whether governance could amend its mistake made in the past.
In addition, having the reserve holds in a multisig also means changes toward the mining reserve..., may need to be managed by the msig signers via signed transactions which is a huge operational overhead (and again against the principle). -- excerpts from #901
fundraising remainder address(es) face identical operation challenges as mining reserve too. One thing to note is that through investigation by one of the community contributors some (most) of the funds originally allocated to this address have already been moved, and this FIP doesn't propose to do anything about them.
Convert fundraising remainder actor type from a multisig to account type. The new account actor should be keyless, like f099.
pub struct State {
pub address: Address,
}The new fundraising remainder actor will contain a self-reference to its ID address in the address field.
The choice of making fundraising remainder actor to be a keyless account type is to ensure that no single actor/entity owns the control over fundraising remainder. The use of fundraising remainder will be proposed and governed by the FIP process, and further adopted by the network via network upgrades.
This change is not backwards compatible. Upon the activation of this FIP in a network upgrade:
- the actor type of fundraising remainder will be migrated from multisig to account.
- the existing signers of the fundraising remainder multisig will no longer be able to perform operations on the actor
- Get actor cid of fundraising remainder should return actor code cid of an
account
This proposal improves the network security by removing the ownership and control of whatever it is the remaining of the 2.5% of the total network token supply in f0122 from individuals and putting it under the control of network participants via the appropriate governance processes. Again, the proposal acknowledges that the security threats from Sybil attack perspective is slim, but not following spec is considered a much bigger threat as attackers don't really need to buy out the network, just the governance.
This proposal places governance of the fundraising remainder funds entirely in hands of the network participants rather than key owners, thus providing greater transparency and assurance of community consultation and deliberation in appropriate future disbursement of the funds. And thus, the proposal sends out a strong signal that this is a network where spec is respected by words and by code, and restores some of the credibility lossed for failing to comply with the spec.
TODO
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