Filecoin Set to Launch Filecoin Virtual Machine (FVM)
We all have at one point in this twenty-one century either directly or indirectly, intentionally or unintentionally used cloud services. Google, Amazon, cloud, Dropbox, etcetera etcetera. However, there is something the crypto space doesn’t really like “Centralization” which is a known reality of the above-mentioned cloud service providers.
What is Filecoin
Filecoin is a peer-to-peer network that stores files, in a decentralized storage system, with an aim to “store humanity’s most important information.” and ensure data are stored reliably over time.
Filecoin is not a new player in the crypto space, the project raised $205 million in an initial coin offering (ICO) in 2017. Now they are about to launch the Filecoin Virtual Machine (FVM) which some blockchain experts and enthusiasts whispered, could be a major challenger for the king of smart contract throne that has largely been monopolised by the Ethereum Virtual Machine (EVM).
Here are some facts you need to know about file coin; as at the time this article will be published;
There are currently 550 and more organizations building on the Filecoin network,
Filecoin total network power is capped at a massive 19.1Eib, 3,758 network storage provider system,
13,200 and more GitHub contributors with over 2,960 new projects on the network thus far,
Filecoin (FIL) is the native currency of her ecosystem, FIL reached an all-time high of $237.24 on April 1st 2021, from an all-time low of $1.83 according to data available on the coin market cap. Since then, the price-soaring monster has been a shadow of itself. Currently trading at 4.48 at the time of writing, the FVM launch could be the trigger that awakes the sleeping giant. disclaimer disclaimer disclaimer, not financial advice,
What is FVM?
The Filecoin Virtual Machine (FVM) is a runtime environment for smart contracts (actors) on the Filecoin network. FVM brings user programmability to Filecoin, unleashing the enormous potential of an open data economy.
The FVM set sight to unlock countless opportunities, not limited; ranging from Decentralised Autonomous Organizations to perpetual storage, to financial services for miners (e.g. collateral lending, liquid staking, insurance protocols) so many too numerous to mention.
Furthermore, we are just a few days away from the grand-breaking Filecoin Virtual Mchine launch, on the Filecoin main net. On March 14th 2023.
Many builders in the crypto space have written the march 14 launch date in stone, the reason being that the file network team has put together what I called an “Open call to action” the filecoin team called it “Space Warp”. It is an opportunity for people to bring their grand ideas to reality.
Space Warp is a jam-packed program leading up to the launch of Filecoin’s Virtual Machine on mainnet in March 2023. The program includes grants, a hackathon, a builders’ leaderboard, and more totalling over $400k in FIL tokens. All eyes are on that prize money, not just that successful projects will be displayed to file coin community at their next event party.
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