The Filecoin Virtual Machine, a mediator for executing smart contracts on the Filecoin network, is now live on the mainnet. The machine injects smart contracts and user programmability to the Filecoin blockchain. Similarly, these additions serve as the basis of unlocking the vast potential of the open data economy.
With the launch of the Filecoin Virtual Machine, developers would be able to generate and deploy custom made code on the blockchain. Similarly, this would enable them to connect, augment, and innovate around the building blocks of the Filecoin economy.
The features offered by the Filecoin Virtual Machine would improve the utility and the value of the Filecoin network. The economy of more than 3800 systems worldwide contributes over 13 Eib of storage capacity to the network. Similarly, these systems secure hundreds of TiB of client related data, with more than 130M FIL locked of collateral. FVL enables developers to craft new applications, and also brings the power of smart contracts to large data.
FIL Picks Pace Amid FVM’s Launch
The introduction of the Filecoin Virtual machine is one primary step on Filecoin’s roadmap. The CEO and Founder of Protocol Labs, Juan Benet stated,
“FVM is a major step forward for blockchains and Web3 — it enables developers to build new kinds of applications, bringing the powers of smart contracts to large scale data.”
With the news FVM’s launch, the price of the native coin, FIL, witnessed significant increase. The coin increased by 14% to approximately $7.22. However, at the time of writing, the coin is currently up by 8.97%, and is trading for $6.92. Similarly, the total market cap of the coin is currently $2.7 billion.
The Opportunities Offered by the Filecoin Virtual Machine
The Filecoin Virtual Machine is bound to create a number of opportunities revolving around Data DAOs, DeFi, layer 2 networks, and many more. Similarly, it would enable developers to create a new category of custom applications, markets, and organizations built around data stored on Filecoin. Some additional opportunities offered by FVM have been mentioned as follows.
- Data Onboarding and Management: Filecoin Virtual Network paves the way for the new models of data management. Some of them include automating storage deals to preserve data, establish data DAOs, and verify the integrity of data.
- Decentralized Finance: Coupled with additional services, these are bound to grant access to collateral for storage providers. Similarly, it would create new opportunities for crypto holders to participate greatly in the Filecoin ecosystem.
- Data Curation: These can simply be defined as tools that facilitate collective creation, curation, and much more. Furthermore, this also includes the monetization of some of the most valuable assets.
- Cross-Chain Integration: With this opportunity, it would become possible for cross-chain bridges to integrate with other ecosystems.
