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Notary Application: Fenbushi Capital #647

Closed Fenbushi-Filecoin closed 1 year ago

Fenbushi-Filecoin commented 2 years ago

Notary Application

To apply to be a Fil+ Notary, please review the Notary Overview here and then fill out the following form.

Core Information

Please respond to the questions below in paragraph form, replacing the text saying "Please answer here". Include as much detail as you can in your answer!

Long Term Network Alignment

Time Commitment

Describe the nature and duration of your affiliation with the Filecoin network. Please include relevant GitHub handles, Storage Provider IDs, significant projects or contributions (with links).

1. In 2017, a couple of partners of Fenbushi Capital participated in Filecoin’s public sale on Coinlist.
2. Fenbushi Capital is the earliest and one of a few crypto-investors in China that have been investing and supporting Filecoin miners since the beginning of 2020.  We are holding small minority equity interest in “1475 IPFS”, “Piknik” and “Seal Storage”. 
3. Fenbushi Capital has been lending its Filecoin to a few Chinese miners for mining.
4. Fenbushi Capital has been running an investment fund (with Protocol Labs being the technical advisor) dedicated for Filecoin ecosystem projects since March 2021, which manages approximately 300,000 FIL worth assets and has invested 5 projects in the Filecoin ecosystem so far.
5. Fenbushi Capital had committed 500,000 USD investments for the Singapore-based “Filecoin Frontier Accelerator” co-founded by Protocol Labs and LongHash Ventures (a portfolio company of Fenbushi Capital). A couple of partners of Fenbushi Capital were taking active part in the foregoing accelerator as named mentors. We have already invested in4 projects from “Filecoin Frontier Accelerator”. 
6. Fenbushi Capital has already invested in 2 projects from “Filecoin Launchpad” Accelerator powered by Tachyon (Tachyon by Consensys Ventures).
7. Being an existing Notary of Filecoin Plus program, Fenbushi Capital has granted relevant DataCap to 9 clients for their real data storage on Filecoin network.

Stake Exposure

Please cite total token at stake (currently available, locked as collateral, vesting over time) and any substantiating evidence (i.e., addresses on chain with their corresponding FIL amounts).

As a token of our long-term commitment to Filecoin, we chose the longest vesting period (3 years) in our subscription in 2017.  The details of Fenbushi Capital partners’ purchase in 2017.are all shown in the account on Coinlist.

As of December 7, 2020, only some 4.63% of the purchased FIL have been released and most of them are lent to various miners for staking.

How did you acquire the FIL cited above?

We participated in the public sale of FIL on Coinlist in 2017.

Industry Reputation

In-protocol Reputation

Please describe (in detail) your activity and tenure as a member of the Filecoin community. Please note (with links where possible) any contributions made to implementations of Filecoin, the spec, documentation, or to substantially help the Filecoin ecosystem grow. 

None

In-protocol Security

Please describe your contributions to the security of Filecoin and the duration over which you've made contributions. Please also include any links or references that can substantiate your contributions. 

1. In March 2021, Fenbushi Capital announced the closing of the Filecoin Ecosystem Fund managed by it (with Protocol Labs being the technical advisor). The fund was oversubscribed and the AUM thereof exceeds 300,000 FILs by the date hereof.   This fund would be dedicated to the investments in all projects related to IPFS and Filecoin ecosystem except FIL mining service providers, including:
1) Distributed storage products involving IPFS/Filecoin
2) dApps using IPFS/Filecoin as a storage solution
3) DeFi projects related to Filecoin
4) Projects deployed on the Filecoin chain, such as layer2, tooling, and future dApps

（https://fenbushi.medium.com/fenbushi-capital-closes-a-23m-funding-round-for-its-filecoin-ecosystem-fund-66e85abb2998）

2. Fenbushi Capital promoted the collaboration between Protocol Labs and LongHash Ventures in terms of the “Filecoin Frontier Accelerator”;
3. A partner of Fenbushi Capital, Ms. Rin Huang, serves as the community reviewer of Slingshot;
4. The partners of Fenbushi Capital delivered speeches at several events related to Filecoin.

Organizational Reputation

Please describe the nature of your organization, including the country of registration, size of the organization, and time since inception.

Fenbushi Capital, founded in 2015, is the first and most active blockchain-focused venture capital firm in Asia.  We have group companies registered in China, Singapore, the United States and a few tax-haven jurisdictions and maintain offices in Shanghai, New York, Atlanta and Singapore. 
Our mission is to drive healthy and sustainable growth in the global Web 3.0 ecosystem, and aims to be a long-term strategic partner to its portfolio projects.  We actively seek to build synergistic partnerships across our broad portfolio, and leverage our deep roots in Asia to build a bridge between Asia and the global blockchain community.
To date, Fenbushi Capital has supported over 100 projects on six continents across our funds, investing across all layers of the tech stack from protocol to applications, and across various blockchains and use cases.   Approximately 70% of our portfolios are outside China, thanks to our extensive global reach.  Apart from Filecoin, our representative cases include Ethereum (the earliest backer in China), Polkadot (&Parity Inc.), Dfinity, Circle Finance, Sygnum Bank, Blockstack, BloxRoute, Sia, Status, Kyber, Omisego, Certik, Nucypher, Celer, Dapper Labs and so on.  We are regularly named as one of the most active crypto investors by CBinsights.

Please share any relevant details to help substantiate information about your organization (website, named officers, links to social media profiles).

Founders: Bo Shen, Xiao Feng and Vitalk Buterin
Website: www.fenbushi.vc
Twitter: Fenbushi
Linkedin: Fenbushi
Facebook: Fenbushi
Medium: fenbushi.medium.com
WeChat: 分布式资本

Please share any relevant external information regarding your organization (e.g. news articles, social media profiles, etc.)

We have more than forty articles related to Fenbushi Capital on The Block and about 32 articles on Coindesk.  Here are some examples:
Mapping out Fenbushi Capital's portfolio (https://www.theblockcrypto.com/genesis/20194/mapping-out-fenbushi-capitals-portfolio)
Mapping out investors in the crypto ecosystem (https://www.theblockcrypto.com/genesis/17915/mapping-out-the-investors-in-the-crypto-ecosystem)
Inside the Craze for Filecoin Crypto Mining in China (https://www.coindesk.com/filecoin-mining-craze-in-china)
Moreover, the followings are the billboards of blockchain investors where Fenbushi Capital was named as one of the most active investors
Billboard of China-based investors
(https://www.cbinsights.com/research/china-blockchain-cryptocurrency-investment-trends/)
Billboard of investors worldwide
(https://www.cbinsights.com/research/bitcoin-blockchain-top-startup-investors/)

Individual Reputation

Please share links to at least 2 of your (personal) social media profiles (or accounts that you are able to use) and the approximate size of your audience (i.e., followers, subscribers) for each one.

Twitter 
https://twitter.com/fenbushi
Follower: 16.3k

Facebook
https://www.facebook.com/fenbushi/
Follower: 815

Linkedin
https://www.linkedin.com/company/fenbushi/mycompany/
Followers: 4133

Please share any additional relevant information regarding your presence (e.g. news articles, interviews, podcasts, videos, awards, etc.)

https://thecryptobasic.com/2021/07/27/vechain-news-vechain-ceo-sunny-lu-interview-by-fenbushi-capital/

https://www.theblockresearch.com/mapping-out-fenbushi-capital-portfolio-113673

Allocation Plan refer to the Rubric to see how this impacts your Notary score

Concreteness of Allocation Plan

Allocation Strategy

How do you plan on allocating the DataCap requested above? Please describe your allocation strategy with as much specificity as you can. This includes the target amount per client and rate at which you'll allocate DataCap.

The general strategy is to provide access to DataCap by types of Client and by stages, which means (i) different types of Client will be subject to respective on-boarding requirements and procedures to have access to DataCap; and (ii) the granted DataCap will be gradually available to the Client over time with a view to our continuing control of the Client’s proper spending. 
1.  Allocation by Client Types
First of all, we will allocate the available DataCap by types (business entity vs. non-profit organization) and scores of the Clients who request such allocations (“applicants”).
It is envisaged that 70% of our available DataCap will be allocated to business entity applicants while the rest 30% will be set aside for non-profit organizations that serve the public welfare of the society, inter alia, public health, education and environmental protection.  
Accordingly, different requirements and procedures will apply to these two types of applicant:
(i) Business Entity Applicants
Each business entity applicant will be rated by us in accordance with the following factors and criteria in order to be granted any amount of the DataCap:
Factors Details Rationale & Considerations Rating Weight
Business Model 1, Product model 2, Data type and size 3, State of vertical Industries To analyze how solid the upstream/downstream industries’ demands will be for the applicant’s product, and evaluate the potential size of overall data storage needed, and etc. 30%
Operating Data 1, Demographics of users 2, Users activity 3, Data usage To know the current data size and user profiles of the applicant’s product and assess its growth velocity. 50%
Technology 1. The technological level of the applicant’s business/product 2. Technological synergies with IPFS/Filecoin To assess applicant’s technological capability and resource, and analyze how its business/product would technologically synergize with or benefit from IPFS/Filecoin. 10%
Track Record and Background 1, Credential and track record of the applicant (and its top management). 2, Legal standing and history of the applicant as a business entity. 3. Branding and social reputation of the applicant To ascertain the applicant’s (i) experience in and dedication to its business; (ii) legal compliance; and (iii) reputation; furthermore, to verify the authenticity of the information provided by the applicant. 10% (but If anything illegal or fraudulent is spotted, the applicant will be disqualified outright). 

A business entity applicant who scores 60 or above will be allocated 0.1-10% of the total DataCap available to us.  Generally speaking, the higher score it gets, the more DataCap will be allocated, subject to the actual data size concerned.
(ii)    Non-Profit Organization Applicants
Unlike a business entity applicant, a non-profit organization will not be rated as above to be on board for DataCap allocation.  Instead, a non-profit organization will be allocated 0.1-5% of our available DataCap (subject to the actual data size concerned) upon duly proving its legal standing and existing data.

2.  Allocation by Stages
Furthermore, the DataCap for any applicant will only be allocated by stages (as opposed to in one batch).  
Usually only 20%-30% of the granted DataCap will be available to the relevant applicant in the first trial stage, whereupon we will keep monitoring how that applicant will spend the same to ensure its proper use.  
The applicant must meet the requirements pre-specified in our allocation decision to have the subsequent portions of the granted DataCap unlocked, which requirements are expected to include, inter alia, low concentration of miners and storage of approved data only.  Accordingly, failure to meet the aforementioned requirements will result in delay of allocation or even cancellation of the remaining DataCap. Detailed requirements for Clients can be found here: https://github.com/filecoin-project/filecoin-plus-client-onboarding/tree/main/Fenbushi%20Capital

How do you plan on securing the DataCap to ensure your organization (and its delegated members) are the ones allocating the DataCap?

We will adopt cutting-edge third-party authentication solution in this verification process to ensure duly authorized allocation of DataCap, such as using multi-signature to control the allocation process. 
To be specific, under the key management system that we currently envisage to adopt, private keys are disseminated into key shards by hardware security module (“HSM”), which isolates user CA and private keys.  Such key shards are then distributed among and respectively kept by delegated members of us (as a notary), and will have to be signed by such number of notary’s private key holders that meets the pre-designated threshold to prove the allocation decision.  All the records will be entered on the relevant blockchain to be transparent and traceable to the community and to prove the ‘verified deal’ between the DataCap applicant and us.

Client Due Diligence

How will you vet the clients that are applying for DataCap? What questions will you ask to ensure your trust is placed well and that clients can properly handle the DataCap you intend to allocate to them? 

This includes both on-boarding due diligence of Client and post-allocation vetting.
Details of the on-boarding due diligence of Client can be found here: https://github.com/filecoin-project/filecoin-plus-client-onboarding/tree/main/Fenbushi%20Capital
1.  Onboarding due diligence
First, we will collect KYC & onboarding documents to identify the client.  We may also employ a KYC Registry to consolidate all KYC data (may use third-party tooling), depending on the scale of the applications. 
Typical KYC & onboarding documents are as follows (which may vary across different jurisdictions): the Client’s name, contact details, registration number, registration date, registration certificate, scope of business, members of board and senior management and beneficial ownership structure.
2.  Post-allocation Vetting
The post-allocation vetting of Clients will be performed regularly and constantly to avoid the allocated DataCap being abused or misused.  The fundamental principle is that the Client is obliged to spend the DataCap exclusively for the approved uses (which will be specified in our allocation decision).  
To this end, at any time of the Client’s spending the DataCap, we may ask the Client to provide:
(i) a consolidated Content Identifier (“CID”) list for verified deals that includes deal CID and miner ID (showing how the allocated DataCap has been used);
(ii)    description of the data being stored and how the data has been processed; and
(iii)   instructions on data retrieval. 
Receiving the foregoing information, we will perform random-sample inspections on the verified deals sent out by the Client on chain by checking the deal CID and retrieve it from the corresponding miners to verify the data authenticity. 
In addition to the foregoing, other monitoring measures such as public monitoring, auditing (we will elaborate more on Q3 in this section).
Since the DataCap will be allocated by stages, we may penalize the Client by delaying or even cancelling the outstanding DataCap if discovering any improper or fraudulent spending the allocated DataCap.

We are going to ask the following basic questions initially:
(i) Description of principal business and the data to be stored on Filecoin (inter alia, data content and format);
(ii)    Sources of the data to be stored on Filecoin;
(iii)   The names and the nodes of the Filecoin miners to which you expect to place storage oreders in spending the allocated DataCap, as well as the estimated percentage of allocations among them;
(iv)    Whether the data to be stored on Filecoin is subject to confidentiality, trade secret, national secrets or national security.
In addition to the above questions, we also require the Clients to provide us with materials certifying or elaborating their reputations, allocation strategy and track records and so forth in order for us to assess the qualifications of prospective Clients. 
Details of the questions can be found here: https://github.com/filecoin-project/filecoin-plus-client-onboarding/tree/main/Fenbushi%20Capital
We believe that the essence of the Client onboarding process is to conduct reasonably sufficient level of scrutiny without creating onerous burden to the Clients.  Therefore, instead of imposing a full but lengthy questionnaire in the first instance, we would like to make the process more interactive and pointed – we usually come up with Client-specific questions based on the DataCap amount requested and the answers provided by the very Client, doing it back and forth for a few rounds.

What processes will you employ when granting additional DataCap to a client that has previously been verified? This includes confirming that the client is not improperly using the DataCap they were previously granted, i.e., making deals with a single SP entity.

1.  First of all, the Client’s Filecoin address is required to be disclosed for us to closely monitor after the DataCap allocation.  Moreover, we will keep our eyes open on such Client’s storage orders placed from time to time (especially for verified deals) and relevant storage providers. 
2.  As set forth above, the granted DataCap will be available to the Client by stages.  So usually we can withhold the remaining DataCap from being allocated if the Client is found over-allocating its available DataCap to any single entity.
3.  We will set up a Client rubrics mechanism that scores the Clients with varying trust.  Among others, the more diversified the Client allocates its granted DataCap, the higher scores the Client will get.  The Client may get a bonus score if deploying less than 30% DataCap to any storage provider while it will suffer a score deduction for deploying ≥70% Datacap to any storage miner for a period of time.
4.  Penalties - if a Client gets a too low score in terms of diversification of storage providers, a warning will be issued and all the other notaries will be notified of the aforementioned “Over-Concentrated Allocation”.  Further punitive actions, such as cancellation of the remaining DataCap, may be taken in response to any Client’s persistent neglection of our warning.

Bookkeeping Plan

Do you plan on conducting all your allocation decisions in public (e.g. Github repo), private (e.g. over email, Telegram, etc), or both? 

It depends on the particular Client whether we are going to conduct our decision in public or private.  Some Clients are reluctant to be too much exposed and may require us to minimize publicity.  We are generally fine either way.

Where do you plan on keeping a publicly accessible record of all your allocation decisions?

we do plan to keep all the work records in relation to our allocation decisions.  Specifically:
(i) The allocation guidelines and other supporting rules is publicly available (https://github.com/filecoin-project/filecoin-plus-client-onboarding/tree/main/Fenbushi%20Capital)
(ii)    Working paper, Client correspondences. supporting materials and decision reports that are generated or collected during our work, whether in electronic or physical copies, will be kept for at least 2 years.
(iii)   We may maintain an internal database for storing the foregoing files and will grant authorized visitors’ access to the same whenever needed.
(iv)    The application documents and supporting information submitted by the Clients will be uploaded to Github in due course on a password-protected basis while access to such uploaded files will only be granted to such community representatives as designated by the Filecoin community pursuant to relevant community governance rules.

In most cases, our work records involve significant amount of Clients’ classified information that have not entered the public domain, for which we will usually be bound by certain confidentiality obligation, whether legally or contractually.  As a result, we can only accept private audits conducted by professionals (such as lawyers or accountants admitted in relevant jurisdictions) who are appointed through Filecoin community governance procedure.  Such an audit shall cover only such particular case as specified by the community governance and shall not expand to any other case or Client.  We will provide the auditors with full access to all the relevant files kept by us, provided that (i) such auditors shall be bound by the same level of confidentiality requirement; and (ii) certain data may be withheld until necessary prior permission of the relevant Client or governmental authority is obtained.

Service Level Agreement

Engagement in Program

Which level (1-5) of service commitment are you willing to dedicate to participating in the Fil+ program? This includes making DataCap allocations (direct and/or Large Datasets), joining working groups, adding comments on discussion/issues, attendance in governance calls, messages in Slack, etc. For a full list of the service levels and time commitments please review the rubric 

Level 4

Track Record

Past allocation

Have you previously received DataCap to allocate before? If so, please link to any previous applications.

https://github.com/filecoin-project/notary-governance/issues/418

Disclosures

Do you/your organization have any relationship(s) with other existing notaries or their organizations? If yes, please list the names of the Notary individuals or organizations you may be related to.


We hold a small minority stake in each of the following notaries’ operating entities while we don’t participate in their managerial decision-making in any manner:

(1) 1475
(2) Piknik
(3) 4everland
(4) Twinquasar
(5) Bytebase
filecoin-notaries-onboarding-bot[bot] commented 2 years ago

Thanks for your request! :exclamation: We have found some problems in the information provided. We could not find the Datacap requested in the information provided

    Please, take a look at the request and edit the body of the issue providing all the required information.
Fenbushi-Filecoin commented 2 years ago

Notary Ledger Verified

Message sent to Filecoin Network

message CID: bafy2bzaceboavlikwg45yri4zrugcrrkpigrudmg5nnj3fcan2wwjkzr5d6vg

You can check the status of the message here: https://filfox.info/en/message/bafy2bzaceboavlikwg45yri4zrugcrrkpigrudmg5nnj3fcan2wwjkzr5d6vg

Kevin-FF-USA commented 1 year ago

Hi @Fenbushi-Filecoin,

Thanks for applying to become a Notary in the Fil+ program!

As we score your application, you will need to verify your contact information and affiliated organization. Since you are applying on behalf of an organization, please email NOTARYELECTION@FIL.ORG from your Organizations email account. *This cannot be from your personal account. You Must include the address of your Organization.

Subject Line: Notary Name, Application Number Email Body:

  1. Your First and Last name
  2. Your Organization
  3. Your Country of Operation
  4. Your Slack handle in filecoinproject.slack.com
  5. Link to this GitHub application

This step needs to be completed by 28NOV. Emails received after the 28th run the risk of delaying scoring and may result in your application not being completed. Once we receive verification of your email, we will then send you a token code to verify and link your SLACK account.

Should you have any questions, please post them here in the comments section of your application and tag @Kevin-FF-USA and @panges2

Thank you!

galen-mcandrew commented 1 year ago

Please see attached for initial notary scoring by governance team. Thank you for applying! 647.pdf

Kevin-FF-USA commented 1 year ago

@Fenbushi-Filecoin Thank you for applying to serve as a Notary in support of the Filecoin Plus program. After review of your application and a diligent scoring of your past and potential future contributions to the program, you have been selected to onboard as a Notary in this 4th round of elections.

In the coming days you will receive an onboarding training checklist. It will walk you through the steps to verify your ledger verification in https://plus.fil.org/ as well as outline the best practices and responsbilities for a Notary in the Program.

Next steps

  1. By 20 December - Complete the CONTACT AND DISCLOSURES form
    1. https://airtable.com/shrjx52lvefitwdq6
  2. By 30 December - Ensure that the Governance meeting time is on your calendar and make scheduling plans which allow you to commit to attending per your SLA level expectations. (L1-L5)

Please reach out to Galen, Kevin-FF, or Philop on Slack if you have any questions.