Filecoin to deploy Smart Contracts tomorrow on the FVM

• Filecoin (FIL) is set to deploy its EVM compatibility tool tomorrow dubbed FVM.
• Filecoin’s native token is trading with a positive gain of 21 percent over the past 24 hours.

This is a very important week for the Filecoin (FIL) protocol as the long-anticipated launch of the Filecoin Virtual Machine (FVM) is just about 24 hours away. Taking to its official Twitter handle to share insights about what to expect, the Filecoin protocol said the FVM will serve as the execution layer for running code on the decentralized storage network.

With current evolutions in the crypto and Web 3.0 ecosystems, pivoting into smart contracts development comes off as the most important move it needs to make in order to remain relevant. Filecoin has notably made its mark in the decentralized storage world, a system many say the protocol is a dominant player.

The Filecoin Virtual Machine will now enable developers to build and deploy applications on the protocol using solidity. According to the startup, the launch of the FVM will allow anyone to interact with Filecoin’s state –  including metadata and transactions governing what and who stores data on Filecoin – by simply deploying on the network.

3/ While FVM does not directly interact with the data stored on the Filecoin network, it can orchestrate where and how data gets stored, edited, and maintained, giving rise to concepts like Data DAOs and programmable storage marketplaces.

— Filecoin (@Filecoin) March 9, 2023

What this implies is that besides the regular operations as a smart contract hub will be complemented by the accessibility to other features that primarily characterize the Filecoin protocol.

As the protocol noted, the FVM tool will not be able to interact directly with the data stored on the server, however, the underlying smart contracts can help in orchestrating where and how data gets stored, edited, and maintained, giving rise to concepts like Data DAOs and programmable storage marketplaces.

The protocol said the FVM is best considered as the programmable controller of the Filecoin storage network with the two systems built to work for each other in a very functional manner. 

Filecoin and accessibility to other EVMs

It is important to note that the decision to float the FVM compatibility will open the Filecoin ecosystem to all EVM-backed smart contracts in the Web 3.0 world. In terms of the robustness of liquidity and diversity of applications running on Ethereum, it is considered the mother of all Layer 1 and 2 smart contracts with billions of dollars in liquidity.

Every smart contract hub aspires to have a channel to connect to and from Ethereum, a move that can help the new users that will be onboarded by Filecoin gain access to different applications that can suit their needs. 

The advantage of the FVM protocol is that it will not limit the reach of Filecoin’s developers and product designers to Ethereum alone, but to other blockchain protocols that also have EVM compatibility.

Just like Filecoin, EOS Blockchain has also highlighted its plans to launch EVM compatibility in April, joining the list of protocols looking to expand their offering as the span of the Web 3.0 ecosystem broadens.

The prospects of the EVM and specifically FVM launch have uplifted the FIL token price which is up by 22 percent over the past 24 hours to $5.81

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.