Today, March 14th, 2023, the Filecoin Virtual Machine (FVM) went live. As Filecoin is the main focus of DLTx, we wanted to unpack this news and explain some of the benefits this will have for the company and our partners.
Firstly, the Filecoin protocol is a blockchain network that enables a decentralized marketplace for data storage and retrieval¹. In simple terms, Filecoin is to Web3 what Amazon Web Services is to Cloud.
The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts on the Filecoin network that brings user programmability to Filecoin¹². FVM aims to support multiple programming languages and virtual machines, including the Ethereum Virtual Machine (EVM)². By adding the EVM, FVM allows developers to deploy Ethereum-compatible smart contracts on Filecoin and leverage its open data economy³.
FVM’s integration of EVM will allow DLTx to:
- Expand its customer base to include Ethereum developers who want to use Filecoin as a data layer
- Enhance its service offerings to provide more flexible and programmable data storage solutions
- Leverage Filecoin’s network effects and incentives to lower its operational costs and increase its revenue streams
By adding the EVM, FVM enables developers to use the same tools and languages they are familiar with on Ethereum to deploy smart contracts on Filecoin. This means that DLTx can attract more customers who want to use Filecoin as a data layer for their Ethereum applications. For example, DLTx could offer services such as:
- Data storage and retrieval for decentralized applications (DApps) that run on Ethereum
- Data backup and recovery for Ethereum smart contracts and their users
- Data verification and validation for Ethereum transactions and events
This is a significant milestone for the Filecoin community and opens up a broad new set of capabilities for enterprises and users alike.
We have already seen a number of liquid staking pools get ready to launch, providing more options for FIL lending, which is key to the growth of the network.
DLTx is particularly excited about FVM as it marks the true start of the application layer for Filecoin. This means that it will be easy for developers to build numerous tools and services that integrate and enhance the user experience and functionality of Filecoin.
(1) Filecoin Virtual Machine. https://fvm.filecoin.io/
(2) Introducing the Filecoin Virtual Machine. https://filecoin.io/blog/posts/introducing-the-filecoin-virtual-machine/
(3) The Filecoin Virtual Machine Explained. https://filecoin.io/blog/posts/the-filecoin-virtual-machine-explained/