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Launch your own virtual machine
Filecoin (FIL), a decentralized storage network, announced on the 14th that it has launched its own virtual machine, the Filecoin Virtual Machine (FVM), on its mainnet.
He explained that with this, Filecoin’s blockchain will be compatible with smart contracts, greatly unlocking the potential of an open data economy. FVM is compatible with the crypto asset (virtual currency) Ethereum (ETH).
Today, the Filecoin community is proud to announce the successful launch of the #FVMAs of 3.14PM UTC, the Filecoin blockchain now supports smart contracts & user programmability, unlocking the enormous potential of an open data economy. Learn more: https://t.co/m2vWwkq7uA pic.twitter.com/RfeYFYGNA9
— Filecoin (@Filecoin) March 14, 2023
What is a virtual machine
A “virtual computer” created within a single physical computer. Refers to a simulated computer environment that is reproduced using software. For example, use a virtual machine when you want to run Windows OS in a macOS computer.
Cryptocurrency Glossary
Filecoin is an L1 blockchain that supports the data economy. The announcement argued that the launch of FVM could elevate its status as an L1 blockchain. At present, many Web3 projects have announced that they will support FVM in order to improve their services.
Since it is a storage network, it has the advantage of being able to use smart contracts for data storage of NFTs (non-fungible tokens), but FVM has a wide range of use cases such as finance, cross-chain transactions, and ID management. FVM enables connectivity with major chains like Ethereum and Polygon (MATIC).
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For example, users who use dApps from other chains can easily access Filecoin services such as data storage or pay for Filecoin services. It will also be easier for DeFi (decentralized finance) financial apps to access FIL tokens.
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Jared Gray, CEO of DeFi project “Sushi”, which supports FVM, commented as follows.
We are happy to utilize FVM’s smart contract features to improve the user experience of Sushiswap.
FVM will unlock new areas of DeFi and provide users with innovative and efficient solutions.
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Other use cases
The availability of FVM smart contracts is expected to bring new possibilities not only for decentralized data management but also for settlement and asset management.
Specific use cases where such expectations are raised are areas such as video production, live stream storage, SNS data storage, and games. It is also possible to monetize the provision of data to AI development.
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Brian Bondy, co-founder of Brave Software, which develops the Brave browser for Filecoin, said FVM would bring new possibilities to the decentralized web.
The post Decentralized storage “Filecoin” launches Ethereum compatible virtual machine appeared first on Our Bitcoin News.
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