Filecoin Virtual Machine Development Receives Boost from LongHashX Accelerator

Key takeaways

• LongHash Ventures has launched two new incubation programs for development teams who are creating FVM-compatible dApps
• LongHashX Accelerator will accept 5 VC-ready projects, while LongHashX Fellowship will accept up to 25 early-stage FVM projects
• Applications are now being accepted for each LongHashX cohort

Filecoin (FIL) has joined forces with LongHashX, an incubation service provided by LongHash Ventures. The new program, which will support development teams who are building blockchain projects using Filecoin Virtual Machine (FVM), will accept teams across two cohorts starting from 1st October 2023.

Filecoin Virtual Machine went live on mainnet in March 2023, offering a Filecoin-specific programming framework that brings the network closer to “a more resilient, accessible, and decentralized cloud.” The development marked a move away from Ethereum Virtual Machine (EVM), which Filecoin had previously used for the creation of smart contracts.

To support the development of new FVM dApps in the Filecoin ecosystem, LongHashX has launched two incubation services including its flagship program, LongHashX Accelerator. Starting 1st October 2023, LongHashX will support up to 30 development teams across the two cohorts, with 5 of these slots being made available for Accelerator.

Who can access the LongHashX Accelerator program?

LongHashX has stated that it wants to support development teams who are building dApps across several key blockchain sectors, including AI, DeFi, and decentralized social, with the main prerequisite being that each applicant needs to be building using Filecoin Virtual Machine.

LongHashX is open to supporting teams that are building platforms outside of those mentionedl, as long as the team is building something exciting. In short, LongHashX will support any custom use case for blockchain technology despite having a strong preference for AI, DeFi, and decentralized social.

Applications are now open for the LongHashX Accelerator program. Incubation is open to teams who are ready for venture capital, with the program including a 12-week-long ‘Web3 Native Curriculum’ that is designed to help founders on the journey from the initial ideation phases to product launch.

What does LongHashX offer to successful applicants?

There are two main programs being launched for FVM projects by LongHashX. The first, LongHashX Accelerator, will provide a range of incubation services for projects who are closer to their official launch date. The second, LongHashX Fellowship, is designed to serve projects during earlier stages of development.

Web3 Native Curriculum

Each cohort will access a 12-week curriculum that will help founders become fundraising-ready. The curriculum has 3 main stages: Product Design & Strategy, Go-To Market, and Fundraising.

From the initial phase, founders will be given comprehensive support for defining product-market fit, along with an in-depth review of the FVM ecosystem and artificial intelligence tools.

The Go-To Market phase will cover best practices for companies in the crypto industry, including building a community, forming project partnerships, designing sustainable tokenomics, becoming fully decentralized, and ensuring the security of smart contracts.

The final phase, Fundraising, will help prepare founders for pitching their FVM dApp to venture capitalists. This phase will involve crafting the perfect pitch deck, preparing for demo day and all legal considerations for Web3-based companies.

Accelerator

In addition to the 12-week curriculum, LongHashX Accelerator projects will receive $200,000 worth of investment from the program. This is the standard amount, while the best-performing projects are eligible for further investment once the official demo day has passed.

Accelerator founders will also gain access to a network of investors, developers and other Web3 founders who can provide weekly support and professional advice where necessary.

Fellowship

For projects who are accepted into the LongHashX Fellowship program, there are some key differences besides gaining access to the 12-week curriculum. Fellowship members will not be eligible for investment as standard, but will be given priority access when applying to investment ecosystems such as Protocol Labs.

Fellowship founders can also access a community of Web3 professionals, who are on-hand during office hours to provide advice and support where necessary. This can include consulting from blockchain developers that are already familiar with FVM.

I’m a developer… Where can I apply?

If you’re a blockchain developer seeking to build a new FVM-based dApp for the Filecoin ecosystem, LongHashX is currently accepting applications via the FVM Genesis Accelerator website.

While the deadline for applications runs up until the next cohort begins on 1st October 2023, the LongHashX team has encouraged all applicants to get in touch as early as possible, as there are only a limited number of spaces available for each program.

FIL price prediction

The current price of FIL is $4.14, up 39% YTD. The CoinCodex price prediction algorithm expects FIL to reach $4.78 over the coming 30-day period — a 15.24% price increase in total.

To learn more about the Filecoin ecosystem, you can check out our article where we discuss how to mine Filecoin here.