On March 14th, Filecoin, the decentralized data storage platform, launched its Filecoin Virtual Machine (FVM) on its mainnet. This means that developers can now create decentralized applications using smart contracts on the Filecoin network.
The launch of the FVM is a major step for Filecoin towards its goal of creating a decentralized data economy. By enabling user programmability, the FVM unlocks the potential of an open data economy and allows developers to monetize data on open markets.
The FVM launch is the final step in Filecoin’s Masterplan, which aims to bring large-scale computation and the ability to power web-scale applications to the world’s largest decentralized storage network. The FVM also strengthens Filecoin’s position as a Layer-1 blockchain, uniquely positioned to power an open data economy. Many leading web3 projects have already announced their plans to integrate with the FVM to upgrade their services.
The launch of FVM-powered DataDAOs, dApps, and more has energized the 16,000+ developers in the Filecoin ecosystem. Over 150 teams began deploying FVM-powered products and services to the Filecoin mainnet on the launch day. Waterlily, a prompt-based AI tool that generates images in the style of specific artists, is one such example. It uses tokens to directly reward the creator of the original AI training data.
The FVM not only brings closer a more resilient, accessible, and decentralized cloud but also opportunities to own and reward individual contributions to the data economy in previously unimaginable ways for thousands of developers, storage providers, entrepreneurs, and other network participants from all over the world. Investors are excited about this potential and have earmarked millions of dollars in capital to help incubate businesses in the Filecoin ecosystem that seek to capitalize on these opportunities. For example, Longhash and Graph Paper Capital have already launched FVM-specific accelerator programs.
The launch of the FVM has also unlocked more growth opportunities for storage providers (SPs) on the network, who contribute over 13 EiB of storage capacity and make Filecoin the largest open-access storage network on the planet. Following the launch of FVM, decentralized financial services built by developers may make it easier for FIL, an essential component of the Filecoin storage network, to be leased by token holders to storage providers to facilitate increasing storage capacity and usage.
The FVM launch is a landmark milestone in Filecoin’s roadmap towards creating an open data economy. With the ability to create decentralized applications using smart contracts on the Filecoin network, developers can orchestrate where, when, and how data gets placed, governed, and monetized on open markets. The launch of FVM has energized the Filecoin community and brought it closer to its goal of creating a decentralized data economy.
The FVM will also allow integrations with leading web3 chains such as Polygon, Ethereum, and more for cross-chain messaging, and liquidity via Celer, Axelar, and others. This will enable users to add powerful data capabilities to any chain, such as verifiable data storage and decentralized compute via smart contract calls.
Smart contracts combined with content-addressed and verifiably persistent storage open boundless possibilities for decentralized data management, payments, and stewardship. With the FVM launch, new paradigms for FVM-powered services for video creator communities and livestream storage, social data preservation and portability, real-time gaming, and many more are now possible.
Furthermore, FVM is set to address the shortcomings of current NFTs. Currently, NFTs are often criticized for not storing token images on the blockchain. Bresser stated that applications built on Filecoin will solve this issue.
“I believe that FVM has great potential for the development of NFTs. NFTs on FVM can not only represent ownership rights, but also ensure that their images will be stored and exist for hundreds of years,” said Bresser.
According to AZCoin News, the FVM upgrade was announced a month ago. However, the price of FIL, the project’s coin, continues to surge ahead of the FVM network launch. Over the past 30 days, FIL has increased by more than 35% and is currently trading at $6.69 USD, according to CoinMarketCap.
This article was republished from azcoinnews.com
