The team members of Filecoin take an immense amount of pride in making their official announcement of having launched their Filecoin Virtual machine (FVM). As of now, the Filecoin blockchain happens to be backing smart contracts, along with user programmability. This is being done through the Filecoin Virtual machine and opening the doors for a massive number of capabilities in terms of an open data economy. This happens to be a landmark deliverance.
The goal of the entity is to be able to introduce open availability and public authentication linked with three prime facets related to the data economy, them being storage, computing, as well as content delivery. With the FVM, it will provide builders control of when and how the data is positioned, governed, and monetized on open markets. It also happens to be the last phase and will be providing enormous computation, as well as the boosting of web-scale apps to the biggest decentralized storage network globally.
The FVM provides the option of owning and rewarding separate contributions made to the data economy in more ways than one. This is in connection with the builders, storage providers, entrepreneurs, as well as various network participants globally. Waterlily helps in the creation of images by copying selective artists and utilizes tokens in order to reward the builders of the actual AI training data. The FVM also helps in making the Filecoin ecosystem more accessible for the remaining Web3. In the case of the CEO of Sushi, Jared Grey, he is extremely pleased to have incorporated FVM for the utilization of its strong, smart contract abilities for improving user experience on Sushiswap.
Filecoin has delivered its FVM with the help of certain factors. The first of them is the Filecoin EVM runtime, followed by the Ethereum address support. Then there is the Ethereum account support, along with the Ethereum transaction and signature support. The last two happen to be JSON-RPC and the actor events. FVM and Filecoin network will be providing opportunities for the building of applications. In the case of Longhash and Graph Paper Capital, they have delivered FVM-specific accelerator programs.
The FVM will also benefit storage providers on the network who have been instrumental in making Filecoin the biggest open-access storage network globally. The FVM provides the option for builders to be able to work on new solutions for assisting storage providers in getting linked with FIL for collateral. It also provides the opportunity for users to be able to store one time, with repair and replication bots controlling repeated storage deal creation jobs. Data DAOs can utilize perpetual storage with the help of an FVM actor for the coordination and governing of the uploading of data to the DAO.
The FVM further provides the option of incorporating prime Web3 chains like Polygon, Ethereum, and others, for the purpose of cross-chain messaging, as well as liquidity, through Celer, Axelar, and others. As per the Co-Founder of Axelar, Sergey Gorbunov, the Axelar-Filecoin incorporation is one of the very first use cases in terms of interoperability. It will also be beneficial for video creator groups, as well as livestream storage, social data preservation, and portability, along with a whole lot of others.
