Is FVM Making Filecoin the Bitcoin on IPFS?

Published in

CoinLucky

3 min readApr 2, 2022

On March 31st, Filecoin officially announced Filecoin Virtual Machine (FVM) is now at its “0.5 milestone”. FVM is WASM-based and its EVM compatibility introduces smart contract programmability for Filecoin network. With the help of FVM, Filecoin network will be capable of decentralized computing on its stored data.

A development roadmap has been revealed — FVM implementation is divided into several stages. Protocol fork was planned to be introduced in Q1 2022. There are a few preparational changes planned before developer programmability, including Gas mechanism and structural adjustment. Programmability is planned to be shipped in Q2 2022. In the same period, system actor redesign and deeper-level protocol modification are going to take place to allow easier programming against system actors.

1. What is FVM?

Simply speaking, FVM is a public blockchain similar to Ethereum and BSC. It’s compatible with EVM so that various Ethereum applications can be grafted directly to Filecoin ecosystem.

FVM chain will bring new dimensions to Filecoin network: decentralized ledger, smart contract, IPFS data storage and Web 3.0 ecosystem.

2. What problems does FVM solve?

On-chain data storage is a big “underlying” problem with blockchains: an enormous amount of blockchain data is stored on the Amazon cloud. The infrastructure of the decentralized world is, in fact, highly dependent on traditional centralized storage services.

The integration of Filecoin network and FVM will expand decentralized storage’s influence and promote Filecoin network scalability at the same time.

3. What advantages does FVM have?

Filecoin’s core business is blockchain storage, its unique L0 protocols can build better ecosystems on all layers. Filecoin storage layer and FVM contract layer combined — the integration of smart contracts and Proof of Storage is the core advantage of FVM blockchain. FVM blockchain has almost no competitors in the field of blockchain storage.

Is Filecoin a good investment?

In short, Filecoin network acts as a powerful decentralized storage platform for verifiable storage and access to NFTs, public product datasets, web3 assets, metaverse assets and so on. Due to the rise of NFT and Metaverse, an influx of data can come at any moment, thus giving Filecoin huge development potential in the future.

Filecoin price is at a trough. But as FVM Milestone 1 is coming closer, Filecoin price is destined to pump. It’s perhaps the best opportunity to invest in Filecoin now. If you don’t own any Filecoin, you can invest in Filecoin cloud mining at LuckyHash. Easily mining cryptocurrency on phone pledge-free with extremely low investment barriers. Up to 90% APY at your fingertips.

Source

https://filecoin.io/blog/posts/introducing-the-filecoin-virtual-machine/

https://filecoin.io/blog/posts/fvm-milestone-0.5-is-complete/

Disclaimer: The views expressed in the blog belong to the content creators and not the organization, its affiliates, or employees. This content may include guest opinions.

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