The Filecoin community recently unveiled the release of the Filecoin Virtual Machine (FVM) as the Filecoin blockchain presently appears to support smart contracts and user programmability via the Filecoin Virtual Machine, creating access to the great promise of an open data economy.
This launch is a significant step forward in Filecoin’s larger plan to bring open access and public verifiability to the three key arms of the data economy: storage, computing, and content distribution.
When phones became “smarter,” the ability to create and install apps propelled them far beyond their pre-installed capabilities.
Smartphones came to take over the world by allowing for greater innovation and control. Similarly, FVM empowers developers to direct where, when, and how data is positioned, ruled, and monetized on open markets.
The introduction of FVM marks the culmination of the Filecoin Masterplan, which intends to deliver large-scale processing and the ability to power web-scale apps to the world’s greatest decentralized storage network.
Furthermore, the introduction of FVM cements Filecoin’s position as the Layer-1 blockchain particularly positioned to enable an open data economy.
Several major web3 projects have made known their intentions to use, assist, or integrate with FVM to upgrade their services.
Carving out the open data economy for Web3
FVM will not only bring a more strong, more accessible, and more decentralized cloud closer, but it will also bring thousands of developers, storage providers, entrepreneurs, and other network participants around the world to the ever-imagined.
It provides an opportunity to own and reward individual contributions to the data economy in a way that neither could.
For example, Waterlily, a prompt-based AI tool that generates artist-style images, uses tokens to directly reward the creators of the original AI training data.
Waterlily is one of over 150 teams that started deploying FVM-based products and services on the Filecoin mainnet earlier after test, iterating, and enhancing the testnet over the past few months.
The ability to launch DataDAOs, dApps, and more using FVM, many of which could not have been built before, has empowered his 16,000+ developers in the Filecoin ecosystem.
The FVM also connects the rest of web3 to the Filecoin ecosystem: the first runtime to launch on the FVM is the well-known Ethereum Virtual Machine (EVM).
The FVM-enabled products and services represent chances to build and capture huge existing, emerging, or wholly new markets valued at trillions of dollars.
Finally, the FVM and Filecoin networks may allow the establishment of apps, marketplaces, and organizations that may outperform the scale and range of services provided by centralized cloud providers and those that operate on top.
Investors are enthused about this opportunity and have set aside millions of dollars to assist incubate businesses in the Filecoin ecosystem that attempt to profit from it. Longhash and Graph Paper Capital, for instance, have previously started FVM-specific accelerator programs.
The FVM also seeks to expand growth options for the network’s Storage Providers (SPs), who contribute over 13 EiB of storage space, making Filecoin the world’s largest open-access storage network.
Since inception, storage providers have obtained hundreds of TiB of customers’ data with more than 130M FIL locked as collateral, while continually collecting block rewards and money from storage arrangements.
Soon after the introduction of FVM, decentralized financial services provided by developers may make it easier for tokenholders to lease FIL, a fundamental component of the Filecoin storage network, to storage providers in order to increase storage capacity and utilization.
In total, third-party developers (such as Glif, FILL Pool, Filet Finance, and others) intend to make more than 5 million FIL available to Storage Providers via DeFi services via pilot programs in the coming months.
The FVM is being used by key actors in web3 and beyond for lending, perpetual storage, cross-chain, identity, and other purposes.
FVM is transforming how we connect with the web3 environment and sparking new solutions from notable web3 projects stemming from FVM-driven leasing services to continuous storage solutions, developer tooling, DeFi, cross-chain solutions, and far more. These are:
- DeFi Lending Protocols
- Perpetual Storage and Data DAOs
- Cross-chain Solutions
- DeSci, Video, Gaming, & more
The Filecoin ecosystem is thrilled to share this significant achievement with the entire community. We would want to thank everyone who has contributed time and efforts to the development of this open-source technology over the last few months.
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