First draft of FIP-0081 initial pledge baseline #860
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| In summary, the sector initial pledge construction has a desirable property of exponentially decreasing | ||
| as network QAP lags behind the baseline function, | ||
| but an undesirable property of tending network collateral to zero as the baseline function grows. |
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I feel like this as been stated clearly multiple times in this section, I don't think we necessary have to repeat it again here.
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The proposal overall LGTM; have some suggestion then I will put an editorial ✅ . Peer:: I think this FIP is calling out a security concern from an oversight in todays pledge function. The proposed solution seems reasonable and simple enough. |
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Co-authored-by: Kaitlin Beegle <[email protected]>
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FIPS/fip-xxxx-pledge-baseline.md
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| ## Change Motivation | ||
| This sector initial pledge is intended to “incentivize the fulfillment of a sector's promised lifetime | ||
| and provide sufficient network consensus security”. |
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| and provide sufficient network consensus security”. | |
| and provide sufficient network consensus security”. |
Co-authored-by: Kaitlin Beegle <[email protected]>
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Discussion: #847
The exponential baseline function in the denominator of the sector initial consensus pledge function eventually
drives sector pledge requirements and total network collateral to zero, unless the network maintains an exponential rate of growth indefinitely. Tending toward zero network collateral would undermine both network consensus security and
circulating supply stability and hence SP operational returns. Decreasing pledge requirements with slow growth is a desirable property, but decreasing all the way to zero isn’t.
This proposal splits the sector initial consensus pledge function into two parts, following the two part minting model. A “simple” 30% of the pledge requirement is independent of the baseline function, while “baseline” 70% retains the current calculation. This results in sector initial consensus pledge requirements falling towards 30% of the amount they would have been when network QAP is larger than the baseline function, instead of toward zero.