Filecoin Will Launch EVM-Compatible Filecoin Virtual Machine in March

Filecoin will launch the EVM-compatible Filecoin Virtual Machine (FVM) in March 2023, aiming to bring the programmability of smart contracts to the Filecoin network. FVM will support programmable storage primitives (such as storage bounties, and auctions), to cross-chain interoperability bridge connecting Ethereum. Other use cases include data-centric Decentralized Autonomous Organizations (DAOs) and Layer 2 solutions (such as reputation systems, data availability sampling, computation fabrics, and incentive-aligned Content Delivery Networks)

Filecoin is one of the largest decentralized storage networks with over 3,000 storage providers and over 16 EiB of storage capacity. With FVM and smart contracts programmability, it will become more like a Layer 1 blockchain. However, it has many differences from a general-purpose Layer 1 blockchain and is categorized in the sector of decentralized physical infrastructure network (DePIN). The idea of DePIN is to incentivize and coordinate human activity to develop real-world decentralized infrastructure and hardware network. In the case of Filecoin, the network incentivizes storage providers to provide storage capacity.