Filecoin Virtual Machine (FVM) is an execution environment for smart contracts and this allows the first user programmability to the Filecoin blockchain. With FVM, developers can write and deploy custom code to run on the Filecoin blockchain, allowing them to connect, augment, and innovate around the building blocks of the Filecoin economy: storage, retrieval, and computation of content-addressed data at scale.
FVM is part of Filecoin’s larger roadmap, which aims to democratize the services of today’s centralized cloud into open-access markets. 100 days on, an open ecosystem of developers, storage providers, storage clients, and network participants have advanced the largest open-access cloud service in numerous ways:
- To date, DeFi services on the Filecoin network are the fastest growing (+140% Total Value Locked MoM) in the Top 100 of all blockchains, now reaching almost 4.5M FIL across providers.
- Multiple integrations with bridges such as Axelar and Celer and over 35 others, enabling a rich set of message and transaction exchanges between Filecoin and other web3 ecosystems.
- 1,210 unique smart contracts powering dApps that have been deployed to the Filecoin network.
- 91,000 wallets created, surpassing 2.83M FIL in total balance across FVM accounts and contracts.
- The users are now trusting smart contracts to manage over 1.7M FIL.
Since the introduction of FVM the on-boarding and management of datasets onto what is the largest decentralized cloud storage network in the world has become fully autonomous. Automatically streamlining the process for thousands of storage clients looking for the best storage provider for their specific needs.
FVM’s full compatibility with the EVM that is running on top of the Ethereum blockchain, helps many new-to-Filecoin developers make rapid progress when deploying their solutions on the Filecoin blockchain. Additionally, FVM allows the Filecoin community to build discovery and reputation services on the Filecoin blockchain and increase the transparency of the network. Many of the Filecoin block explorers now augment their dashboards with data pulled directly from the Filecoin blockchain. This helps guide decisions and bring greater trust and transparency to the Filecoin network (e.g., by verifying smart contracts).
- Ease of use, doubling down to make sure FVM is easy to use and ensuring these onramps make sense for builders.
- Smaller storage deals, allow building dApps and DAOs around pieces of individual, user-uploaded data.
- LLMs will play a central role in open-source generative AI models, all built as dataDAOs on top of FVM.
- Decentralized aggregation standard, that will allow anybody to spin up “data dropboxes” for FVM.
For more information, visit https://fvm.filecoin.io/