What is the progress of the Filecoin virtual machine?
On March 1, 2022, the Filecoin network had been upgraded to Version #15. The main purpose of this upgrade is to speed up the process of uploading data to the chain without sacrificing the security of the network and the integrity of the data proof. This is a further improvement and advancement of the Filecoin proof system. This is also the contribution made by the Filecoin development team to the industry in the entire zero-knowledge proof field.
Next, the most important thing is FVM (Filecoin Virtual Machine). This part takes several steps. The first is Network Version #16, scheduled for May 3, 2022. So, when will the smart contracts that are written by users be supported?
Theoretically, the development can be started right after Network Version #16, but there are still some preparations to be done before this. One of the important things is that once user-programmable smart contracts are supported, Layer 1 of Filecoin must be fixed, at least the built-in contract methods of the system and the architecture are relatively fixed so that the compatibility of the contract can be guaranteed even if there are more follow-up upgrades.
FVM is considered as the biggest benefit of Filecoin in the near future, and also the most important potential factor to raise the price of FIL. As one of the most basic facilities of Web3.0, Filecoin will have great potential with the continuous improvement of technology and its ecology.
Originally published at https://www.filet.finance on March 24, 2022.