thecoinrepublic.com
- 1 Filecoin launched FVM, which will improve the DeFi ecosystem
- 2 Filecoin has introduced ICP to help FVM to function smoothly during times of excess load
- 3 Different blockchains are developing scaling solutions to scale up transactions
The growth of the Decentralized Finance (DeFi) ecosystem and its storage diversity is greatly supported by Filecoin and its newly launched Filecoin Virtual Machine (FVM) Protocol. Through financial support for smart contracts and decentralized applications, the FVM found its blockchain outfit compelling.
The newly launched FVM has made Filecoin more desirable concerning data DAOs, metaverse gaming outfits, and its core strength as a file storage service provider. Smart Contract support because of the newly launched FVM will provide a better advantage to the filecoin protocol users. They can benefit from a host of features through the interoperability of the various offshoots of the network.
In a recent blog post-Filecoin said that:
Programmability was unlocked across the Filecoin network with the launch of the Filecoin Virtual Machine. Because of this, now the blockchain can be used not only for storage deals, simple transactions, and storage proofs but also to help EVM compatibility, making it possible to deploy Ethereum smart contracts quickly.
Launch of Interplanetary Consensus Framework by Filecoin
FVM Ecosystem has seen reasonable growth in its ecosystem since its launch in March.
Filecoin has announced the launch of its Interplanetary Consensus Framework (IPC), which only enhances the DeFi capabilities it already has. The IPC launched by Filecoin was previously known as Hierarchical Consensus. It was designed to solve two of the biggest challenges a blockchain network faces, which include the transaction volumes and the heterogeneity of applications.
The IPC model launched by Filecoin is made so that when the FVM protocol is overloaded with adoption and growth, it can be handled by IPC. IPC will make it possible for the subnets to be created as the demand will grow for block space, and it will be able to allow more transactions per time.
To suit the need of the application and better working conditions, the IPC will try to remove excess load from the Filecoin mainnet. The engineering finesse put into IPC, which was a lot, almost lasted 18 months. The fundamental aspect that will be the most important is the defined set of rules that will power the interaction between the created subnets.
Different Blockchain protocols are exploring new and innovative solutions to scale up the transactions within their network. For example, while the Cardano blockchain is waiting for its yet-to-be-released Hydra as its scaling solution, the emerging popularity of layer-2 protocols with rollups as a scaling tool can be seen in the blockchain, Ethereum.
All these scaling solutions launched have their strengths and weaknesses, and these solutions will only make the process safer by upgrading scaling tools so they can upgrade very quickly. The growth of the network will take an increased momentum.