The Filecoin Virtual Machine (FVM) officially launched today, and Livepeer is excited to be an official partner in this important step for the web3 ecosystem.
Video represents over 80% of internet bandwidth and over 12% of cloud storage usage, and the launch of the FVM opens up the opportunity for Livepeer to credibly provide a compelling video archival and storage solution via Filecoin to developers. For the first time, social app developers can retrieve on-chain guarantees that their video assets have been permanently stored on a decentralized network. This is an important primitive that builds trust with end-users who value transparent content ownership and control.
With the FVM smart contract platform, Filecoin now becomes easily programmable. This brings exciting new opportunities for video streaming, and opens up the data economy to permissionless innovation. Smart contract operated decentralized organizations will help individuals to collaboratively create video content, curate video content, and capture value without middlemen. New business models will emerge that better align video creators with their fans. We may start to have credible alternatives to today’s attention economy, monopolized by a few large corporations with conflicting interests to their customers.
The Filecoin network contains over 14 exbibytes exabytes of storage space. Filecoin’s low cost storage, combined with the FVM enabled data permanence, mean that Livepeer can now offer live stream recording archival at an affordable price to its universe of live stream users that stream millions of minutes of video that represents TBs of data storage potential per week.
For developers of social and creator focused video applications looking to get started with leveraging these video archival capabilities, check out this template application showing the Livepeer + FVM integration, or join our community of web3 video builders to share your ideas and get support https://discord.gg/livepeer. For more information on FVM and opportunities to build, check out https://fvm.dev.
