The Filecoin developers have activated an update that allows users to deploy smart contracts on the main network of the project. The platform is compatible with EVMwhich allows you to run applications from the Ethereum ecosystem on the blockchain.
🎉 Today, the Filecoin community is proud to announce the successful launch of the #FVM! As of 3.14PM UTC, the Filecoin blockchain now supports smart contracts & user programmability, unlocking the enormous potential of an open data economy. Learn more: https://t.co/m2vWwkq7uA pic.twitter.com/RfeYFYGNA9
— Filecoin (@Filecoin) March 14, 2023
The execution of smart contracts became possible thanks to the implementation of the Filecoin Virtual Machine (FVM) computing environment. According to the developers, a number of projects and companies have already announced integration with FVM, including SushiSwap and Ankr.
“The launch of FVM solidifies Filecoin’s position as a Tier 1 blockchain, uniquely suited to building an open data economy. […] FVM not only brings the advent of a more resilient, affordable and decentralized cloud, but also opens up opportunities for many thousands of developers, service providers, entrepreneurs and other network participants to own and reward individual contributions to the data economy in previously unimagined ways,” the statement said.
FVM is compatible with EVM, which allows you to run Ethereum ecosystem applications on the blockchain. As reported, in the future the platform will be able to interact with other virtual machines.
The developers noted that with the introduction of a new computing environment in Filecoin, it became possible to launch third-party decentralized protocols, including lending and liquid staking.
FVM also opened up access to the perpetual storage of data in the blockchain – previously, the corresponding transactions had to be updated every year and a half.
Recall that in January 2023, the Filecoin Foundation announced plans to test IPFS communications in space.
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