Blockchain giant Filecoin has launched on mainnet, the Filecoin Virtual Machine, a new upgrade that will allow the network to support smart contracts and user programmability.
According to the announcement made on March 14th, the Filecoin Virtual Machine mainnet launch is geared towards unlocking the enormous potential of an open data economy. Described as “a landmark milestone in Filecoin’s larger roadmap”, the new launch will bring open access and public verifiability, to the three key arms of the data economy which are, (storage, computing, and content delivery.
Aside from bringing closer a more resilient, accessible, and decentralized cloud, the launch of FVM will also bring opportunities to reward indvivdual contributors to Filcoin’s data economy which includes a plethora of thousands of developers, storage providers, entrepreneurs, and other network participants from all over the world.
The launch of Filecoin Virtual Machine also comes with the opportunity of bringing web3 closer to the Filecoin ecosystem: as FVM is very Ethereum Virtual Machine compatible, and has been integrated by several projects.
Jared Grey, CEO of Sushi, one of the projects that had integrated the FVM at its launch, expressed his excitement over the integration, and plans to say it will “leverage its powerful smart contract capabilities to enhance the user experience on Sushiswap.” Grey also stated that “with the FVM, we can unlock new frontiers for decentralized finance and offer our users even more innovative and efficient solutions. We’re excited to continue collaborating with the Filecoin Network and building the future of Web3 together.”
Filecoin predicts that the types of products and services whose creation is possible with FVM, “represent opportunities to grow and capture sizable existing, nascent or entirely new markets worth trillions of dollars”