Hassan Maishera
The Filecoin team announced via a blog post on Tuesday that the Filecoin Virtual Machine (FVM) is now live on the mainnet. As of epoch 2,683,348 (or 3.14 PM UTC on March 14), the Filecoin blockchain now supports smart contracts and user programmability via the Filecoin Virtual Machine, unlocking the enormous potential of an open data economy, the team added.
The launch of FVM kicks off the final step in the Filecoin Masterplan, which aims to bring large-scale computation and the ability to power web-scale apps to the world’s largest decentralized storage network.
Furthermore, the launch of FVM solidifies Filecoin’s position as the Layer-1 blockchain uniquely poised to power an open data economy. The team added that several of the leading web3 projects had announced plans to use, support, or integrate with FVM to upgrade their services.
Filecoin is a decentralized storage network that serves as an incentivization layer on top of the InterPlanetary File System (IPFS). FIL has added more than 8% to its value over the past 24 hours and is currently trading at $6.858.
