#Web3Wallet Filecoin ($FIL ) is surprisingly leading the altcoin charge today as the price jumped as high as 17.2% to $5.41, marking one of the coin's most impressive daily surges in the past month. This growth has further extended the positive outlook of Filecoin in the past month, where the coin has soared as high as 32.47%.FIL 1D Chart. Source: #CoinMarketCap The Filecoin growth is backed by several other key metrics, including its trading volume. Current data points to revamped optimism among market buyers as overall trading volume in the past 24 hours has jumped 77% to $405,508,100. With this geared-up volume, it shows the FIL resurgence is backed by true market demand, thanks to the deep liquidity the protocol enjoys on the respective exchanges where it is listed.Despite previously visible setbacks, this week is a big one for Filecoin as it is set to feature in the LabWeek 2023 event. Here, the Filecoin team is set to showcase the next breakthroughs that will catapult the protocol into its next phase of evolution. Among the projected innovations set to be discussed include ZK Proofs, Decentralized Storage, Artificial Intelligence (AI) and blockchain, among others.The pivot of Filecoin into new areas like ZK Proofs and AI might explain why investors are going bullish on the protocol as they assume the future looks bright.Building on FVM momentumFilecoin is one protocol that understands what it takes to evolve with the trend. The protocol showcased this when it launched the Filecoin Virtual Machine (#FVM ) earlier this year, as it looks to get a more direct link to the Ethereum ecosystem.It remains unclear what its initial plans are for ZK Proofs and AI, but considering how these two technologies are the major buzzwords in the #web3.0 ecosystem today, getting plugged into the trend shows Filecoin is in touch with reality, and the community is excited about the possibilities ahead.#bitcoinhalving

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.

#filestorage #Filecoin #FVM

This article was republished from azcoinnews.com