Filecoin Virtual Machine Brings Smart Contracts to the Network

On Tuesday, March 14, the decentralized storage platform Filecoin announced the launch of the Filecoin Virtual Machine (FVM) on the mainnet blockchain. The launch of FVM will add smart contracts and user programmability to the Filecoin blockchain.

The excitement of FVM arrival has already boosted the trading activity for the Fielcoin (FIL) crypto. In the last 24 hours, the FIL price surged all the way to $7.47. As of press time, Filecoin (FIL) is trading 10.67% up at a price of $6.97 and a market cap of $2.8 billion.

Using the Filecoin Virtual Machine (FVM), developers can write and deploy custom code to run on the Filecoin blockchain. This would unlock the enormous potential of an open data economy. As a result, developers will now be able to connect, augment, and innovate around key factors such as “storage, retrieval, and computation of content-addressed data at scale”.

The introduction of user programmability with FVM is a major advancement in unlocking the capabilities of decentralized storage. Speaking on the development, Juan Bennet, CEO and founder of Protocol Labs, said:

“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.”

Filecoin Virtual Machine Features

The interesting new features of the Filecoin Virtual Machine will improve the utility and value of the Filecoin network. It will further help Filecoin in democratizing the services of centralized cloud into open access markets.

Filecoin noted that FVM will create boundless opportunities for Data DAOs, decentralized finance (DeFi), perpetual storage, and other Layer 2 networks. Besides, it will also help developers to create new categories of markets, custom apps, and organizations built around the data storage solutions of Filecoin.

Some of the key examples of leveraging FVM include Data Onboarding and Management as well as Network Participant Discovery and Reputation. Additionally, Defi, data curation, cross-chain interoperability and integration are also key factors.

The launch of FVM also brings additional integrations from Web3 platforms such as Sushi, Celer, Brave, Axelar, and others. Filecoin stated that more than 150 applications are already building with FVM’s perpetual storage and other capabilities on the Hyperspace testnet.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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