Filecoin’s new narrative: EVM-Compatible Storage chain, Using Smart Contracts

On March 14, the long-awaited Filecoin Electronic Virtual Machine (FVM), was officially announced. The Filecoin EVM (FVM) upgrade will bring the main network into compliance with the EVM virtual machine. This will allow the main network to become a platform that considers data storage, smart contract deployment, and dApp creation. A Layer 0 integrated public chain. The Hyperspace testnet will also be opened simultaneously to allow developers to test the functions of FVM before the mainnet launches. The Filecoin.sol library can be used to test smart contract-related functions on Filecoin. Data DAOs can have their rights and interests tokenized. The chain can execute the discovery, storage and circulation of data values. FVM, when combined with other AI models, can create modular and composable data layers that can be combined to satisfy different requirements. Use Data DAO.FVM is smart contract + provable data. Filecoin will launch the Hyperspace testnet based on the existing structures of the Ethereum mainnet and testnet. This testnet will replace the currently disabled Wallaby EVM compatible testnet. Filecoin’s mainnet has been combined with the Calibration storage testing network. The network’s overall structure, the main network, has two functions: storage and EVM compatibility. Filecoin can now communicate with other EVM compatible chains thanks to EVM compatibility. Filecoin’s smart contract data can be stored to improve network speed and lower gas costs. Smart contract data can be stored on Filecoin to improve network speed and reduce gas costs. These smart contracts can be written in Solidity. However, languages that can be compiled into WASM such as Rust can also be used to write smart contracts on FVM. Smart contracts will alter the operation logic for on-chain storage. Permanence must be manually renewed before expiration. The actual timeline may be only one to two years. However, smart contracts can be used to automate renewals to extend the shelf life. FIL tokens can be used to create an on-chain lending marketplace to improve network storage efficiency. Filecoin’s full EVM compatibility allows it to interact directly with all mainstream assets, without the need for storage. It can also interact directly with any other assets. Start with the logic and call any module using the smart contract. Market size = developers + storage capacity. The launch of FVM will fundamentally change the Filecoin valuation model. Prior to FVM, $FIL’s value was equal to the maximum storage capacity. However, it was also subject to competition from other storage projects. FVM has changed the valuation model for FIL. It is now storage and double public superposition. The global cloud storage revenue in 2021 will reach around $100 billion. AWS will account for approximately $35 billion. Filecoin has a lot of potential for growth over the long-term. The arrival of smart contracts intuitively increases the developer’s programming ability. Multi-scenario use on the user side will increase FIL’s usage, which will eventually result in a relative decrease in its circulation. FIL will first be burned at a faster rate to meet the equivalent storage and computing resource consumption on the chain.
The second is that the complexity of the smart contracts will increase the block space’s additional load, which will accelerate the destruction.
Finally, the pledge trend and the need for greater security in the main network will result in more FILs entering or lending to the lock.
To facilitate the development of new functions, it is important to start with the developer side and let users feel the role FVM. This update allows the EVM function to be used directly except for the Metamask. FVM can also use tools and suites like Hardhat and Brownie and, most importantly, it can support the deployment and management of dApps. According to Filecoin’s official roadmap, FEVM will launch in March and Filecoin’s native EVM FVM will launch in the middle. FVM is slightly different than FEVM. FEVM is more compatible with Ethereum. FEVM allows developers the ability to immediately create smart contracts on the Filecoin Blockchain. They can also use all the software packages and languages that they already have access to. They can use the existing Solidity and Ethereum development environments to quickly port and write smart contracts. However, he will need to pay a higher gas fee than FVM and the performance may be compromised. FVMFEVMAdvantageNative execution speed and performance on Filecoin (that is, the Gas Fee for executing smart contract code is lower);Write smart contracts in any language that compiles to WASMUse the current Solidity and Ethereum development environments to quickly port or write smart contractsShortcomingDevelopment tools are not as mature as the FEVM systemHigher Gas Fee and lower performance than FVMHowever, FVM will be a “native” Filecoin virtual machine. The development tools are less mature than the FEVM system, but they have a higher execution efficiency. The current stage 2.1 is focused on testing EVM compatibility. The FVM 2.2 stage will bring forth more “native” virtual machines that can run high-performance dApps. With this in-development capability the logic of persistent storage will be rewritten. Uploaders can specify the number of replications they want and the expiration date. You can set the expiration date to be unlimited. The expiration date can be set to unlimited, provided that the uploader has tokens (FIL), the smart contract will continue to incentivize the storage provider to create transactions to extend the storage period. To prove its storage capacity, the SP must meet certain FIL pledge standards. Under the motive of profit, the SP will continuously maintain the data validity of the storage network in order to obtain FIL tokens, and the smart contract will also Data verification tasks can be performed to ensure that data is stored correctly.ConclusionThe launch of the FVM testnet marks that the long-delayed Filecoin has re-entered the mainstream competitive market, and the combination of storage and public chains has also opened up a new market imagination space for the entire storage track, using Web 2 experience to complete Web 3 storage need.This is also the development trend of the storage track. Arweave will be a Layer 1 storage network, rather than a data storage network. The next development of Ethereum will be focused on the Greenfield storage project, which was initiated by BNB Chain. The two-way development of the store and public chains is also the focus of the next development of Ethereum. FVM and FEVM will be divided. The programming paradigm that supports WASM will also be used to teach developers how to use traditional Apps thinking to build Web 3 dApps that are high concurrency and have high load requirements. It is also expected to grow in social, gaming, and other areas. more rewarding exploration.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: EVMFEVMFILFilecoinFVMprovable storageSmart Contract