Decentralized storage platform Filecoin has launched the Filecoin Virtual Machine (FVM), which enables it to support smart contracts.
The platform, together with the Filecoin Virtual Machine, aims to encourage the creation of more tools on the network. With this development, Filecoin will become its own thriving ecosystem that offers easier token trading, supports the creation of decentralized social media.
Lukkas Bresser Highlights the Benefits of FVM
Lukkas Bresser, responsible for ecosystem growth at Protocol Labs, said: “FVM increases the utility of Filecoin and positions it as a layer-1 blockchain to power Filecoin’s open data economy.” In the continuation of his speech, Bresser said that this step is a critical move to transform cloud services into open markets.
The Filecoin Virtual Machine will give the Filecoin network the same capabilities as Ethereum and allow anyone to build decentralized applications on the network. It will also be able to support bridges to other blockchains and be closer to the rest of the crypto ecosystem. Bresser noted that SushiSwap, Axelar and Celer are integrated with Filecoin.
Referring to what users can do on the network, Bresser also said that with Filecoin applications, money can be made from data sets. Bresser stated that multiple parties can create training data on an artificial intelligence model and upload it to Filecoin.
Not forgetting to mention NFTs, Bresser said: “I believe FVM has the potential to allow the creation of NFTs that not only confirm ownership but also verifiable show that the file has been stored for hundreds of years.”
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