Filecoin is set to introduce smart contracts and decentralized applications to its network with the launch of the Filecoin Virtual Machine (FVM) upgrade. The FVM upgrade will go live on Tuesday, as per the official announcement.
The FVM upgrade will bring user programmability to Filecoin, allowing developers to design decentralized applications on the Filecoin network. With the FVM upgrade, the platform will unlock more use cases such as perpetual storage and financial services for miners, including collateral lending, liquid staking, and insurance protocols.
Filecoin is a decentralized, open-source platform that enables users to store, retrieve, and share data in a secure and efficient manner. Filecoin's unique selling point is that it allows users to rent out their unused storage space on their computers in exchange for Filecoin ($FIL), which is the native cryptocurrency of the platform. This creates a decentralized network of storage providers, where users can securely store and retrieve their data without relying on a centralized storage provider.
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