Filecoin has become a true layer-1 blockchain when it will now be able to support other applications to build solutions on its platform.
Filecoin (FIL), a cryptocurrency project that focuses on data storage, is preparing to deploy its own Filecoin Virtual Machine (FVM) on March 14, allowing other applications to develop. above.
FVM is expected to help Filecoin attract new ideas to the network, support token trading, develop decentralized applications and further form a complete crypto ecosystem.
Lukkas Bresser, Ecosystem Development Manager of Protocol Labs, the unit behind Filecoin, gave an interview with The Block:
“FVM will change the use of Filecoin, and I think it will also help reposition Filecoin as a layer-1 blockchain that has the advantage of building an open data economy. An important step in the upcoming roadmap is to turn cloud data storage services into open and public data trading markets.”
Filecoin Virtual Machine is committed to providing features similar to Ethereum Virtual Machine (EVM), so that all developers can freely implement ideas. In addition, Filecoin also supports linking to other blockchains via cross-chain bridges. Mr. Bresser revealed that projects including SushiSwap, Axelar and Celer have agreed to connect to Filecoin.
New applications will be developed on Filecoin to help add flexibility to the blockchain’s main function, which is data storage. Instead of only keeping data for 18 months before having to renew it by manual input, new applications can create more options to extend data storage time to serve the needs of each group of people. different uses, from which it is possible to finance this activity.
Another development direction suggested by the Filecoin director is a decentralized social network. Users will be in control of their data on social networks, manage its accessibility and monetize ads. The data will be encrypted and preserved on the Filecoin blockchain.
He said:
“I believe that the key elements for a decentralized social network will be backed by the infrastructure of Filecoin. We’re in discussions with several Web3 entities looking to do social experiments.”
Additionally, Filecoin claims to support liquid staking, with a list of solutions to be announced soon.
And yet, FVM helps Filecoin store NFT’s image data, addressing the recent criticism of NFT when the image data does not come with a unique token on the blockchain.
“I believe FVM has the potential to create NFTs that not only show proof of ownership, but also provide information that is easily verifiable hundreds of years of stored data.”
Although this use is only a theory, Bresser believes Filecoin can support it and breathe new life into the crypto industry.
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