Filecoin is regarded as a distributed data storage and retrieval network which is making the web safer and more efficient with a decentralized data storage marketplace, protocol, and cryptocurrency. Through thousands of storage providers around the world, it provides the world with more than 18 EiB of distributed data storage capacity.
Storage capacity is just the beginning. Skyr, the recently launched Filecoin v16 network upgrade, means a huge milestone of launching the Filecoin Virtual Machine (FVM), which is designed to deliver on-chain programmability to the Filecoin network.
Through FVM, Developers cannot only build with Filecoin but also build on Filecoin as a platform. When this process is totally complete, builders will be able to compute and analyze data stored on Filecoin! Besides, The FVM virtual machine can be used to create a new class of Web3 DApps, many of which have the ability to improve the functionality of the network. Those creations will allow you to deploy your own smart contracts (in the Filecoin ecosystem, smart contracts are called actors), which can perform on-chain calculations on the state data in the Filecoin network. This is indeed a very powerful feature, facilitating many downstream use cases and applications on-chain and off-chain.
Therefore, to some extent, FVM unlocks infinite possibilities, from programmable storage primitives to decentralized autonomous organizations (DAOs). So, what does this mean? Why is it important? What possibilities does it unlock?
For these questions, Molly, the development, and research leader of Protocol Labs, explained to everyone about the general situation of FVM. Through FVM, the Filecoin network also gains computing power on top of existing storage capabilities. It is expected to run two types of calculations on the Filecoin network: state calculations on the chain, and data calculations off the chain. The on-chain scenarios that Filecoin really wants to see include data DAO, liquidity staking, decentralized computing and so on.
Molly also expanded on certain scenarios at the meeting. For example, purpose-limited mortgages to storage providers are possible. In this process, the market will give the storage provider a reputation score to judge whether the storage provider is a good loan object. Filecoin investors are borrowers in this closed loop.
With the help of FVM’s smart contract, they pledge or borrow assets from the DeFi platform to obtain currency-based returns. On the other end, miners obtain FIL assets by pledging assets or platform tokens as margin and use to put into production. This whole process is open and transparent.
The application scenario is very good for Filecoin investors. Members of the Filecoin community are already excited about the projects these new capabilities can build. Everyone can earn more coins with the coins in their hands. Filet, a decentralized mining power platform, is currently deployed in BSC and HECO networks. With the arrival of FVM, this platform can officially run smart contracts on the Filecoin chain to serve all Filecoin holders.
With the launching of FVM, Filet will continue to provide all Filecoin holders with a better platform and endeavor to improve the whole ecosystem.
Filet is a Filecoin mining power tokenization protocol that deployed on BSC and HECO network. It tokenizes Filecoin mining power and introduces it into the DeFi ecosystem to provide FIL holders with high-growth FIL staking services. The mining power and assets are completely open and transparent.
Filet is backed by one of the largest storage providers in North America. The project is open source and audited by Certik. It is safe and secure to stake in Filet.