The long-awaited Filecoin EVM (FVM) has finally been officially announced on March 14. At that time, the mainnet will officially obtain EVM virtual machine compatibility through the Filecoin nv18 Hygge upgrade, becoming a platform that takes into account data storage and smart contract deployment, and dApp development. An integrated Layer 0 public chain.
In order to ensure the smooth launch of the mainnet, the Hyperspace test network will be opened simultaneously to facilitate developers to test FVM-related functions in advance. Secondly, the Filecoin.sol development library can also allow Solidity language to test smart contract-related functions on Filecoin.
FVM combined with smart contracts makes the idea of Data DAOs a reality. The rights and interests of data DAO can be tokenized, and the discovery, storage and transfer of data value can be executed on the chain. Combined with the various AI models that are currently popular, FVM can create a composable and modular data layer that can be combined to meet different needs. Data DAO for purpose.
FVM=trusted storage+smart contract
A storage network that does not want to be a public chain is not a good EVM.
Drawing on the multiple structure of the Ethereum mainnet + testnet, Filecoin will also launch the Hyperspace testnet, aiming to replace the currently deactivated Wallaby EVM compatible testnet. Combined with the Calibration storage testnet, Filecoin currently forms a mainnet plus two tests. The overall structure of the network, the main network has two functions: storage and EVM compatibility.
With the help of EVM compatibility, the current Filecoin has realized a public chain + storage structure, and can interoperate with other EVM-compatible chains. Storing smart contract data on Filecoin can increase network speed and reduce gas costs. But be aware that the data itself is still stored off-chain, and a verifiable CID (content addressr) and storage proof will be generated later, which are recorded on the Filecoin chain and can be written to smart contracts.
Currently, the Hyperspace test network is open for use and is directly integrated into ChainList, which can be connected to Metamask with one click.
In addition to storing smart contract data, FVM will provide an execution environment for running smart contracts on the Filecoin network. These smart contracts can not only be written in Solidity, but later languages such as Rust that can be compiled into WASM can write smart contracts on FVM, changing the current operating logic of single storage data.
Smart contracts will truly change the operating logic of on-chain storage:
Customized permissions: The advantage of Web 2 storage solutions such as AWS is that they can flexibly set data set operation permissions, and FVM will customize Web 3 data permissions. Smart contracts will change the current access and control operation permissions without hindering the persistence of data. storage.
Data DAO: With the highly customized data permissions, Data DAO will perform corresponding data monetization operations after the permissions are divided, and can use DAO to manage and allocate funds.
Permanent storage: Permanence before FVM required manual renewal before the expiration date. For various reasons, the actual timeliness may only be one to two years. However, after FVM, users can use smart contracts to achieve automatic renewal. , to extend the shelf life.
Empowering $FIL: Smart contracts can make it easier to evaluate the service levels of different node service providers. Based on FIL tokens, an on-chain lending market can be created to improve overall network storage efficiency.
Introducing EVM assets: With EVM compatibility, tokens that comply with the ERC-20 standard can be bridged to the Filecoin main network, and the assets on it can also be cross-chained to other asset pools, ultimately playing a role in activating the on-chain storage market.
After FVM is fully implemented, Filecoin will actually become the most basic development facility on the chain. Its complete EVM compatibility can also directly interact with any mainstream assets. There is no need to set up separate storage, but can be developed directly from Ethereum. Starting from the logic, directly use the smart contract to call any required module.
Market size = developers + storage capacity
The launch of FVM will completely change the valuation model of Filecoin. Before FVM, the valuation of $FIL was equal to the upper limit of storage capacity, and it faced competition from a number of storage projects. However, after FVM, the valuation model of FIL is between storage and public Double superposition of chains.
The current market value of Filecoin is US$3 billion, and global cloud storage revenue in 2021 will be around US$100 billion, of which the leading project AWS accounts for about US$35 billion. Filecoin still has huge room for growth in the long term.
Intuitively, the arrival of smart contracts has enhanced developers' programmability and multi-scenario usage on the user side, which will directly increase the use of FIL and ultimately lead to a relative reduction in FIL circulation.
•First, FIL will be burned at a higher rate to meet the equivalent consumption of on-chain storage and computing resources.
•Secondly, the complexity of smart contracts will also increase the additional load on the block space, thus accelerating destruction.
•Finally, following the staking trend and the need to enhance mainnet security will lead to more FIL entering the locking or lending market.
Before that, it is necessary to start from the developer side to facilitate the development of new functions, and then users can feel the role of FVM. After this update, not only can the EVM function be used directly, in addition to the Metamask mentioned above, FVM can also directly use tools and packages such as Hardhat and Brownie. More importantly, it can support the deployment of dApps.
According to Filecoin’s official roadmap, it needs to be clarified that FEVM will be launched in March, and Filecoin’s native EVM, FVM, will be launched in the middle of this year. Therefore, developers can choose FEVM or FVM according to their own technical habits in the future, both of which can achieve development and deployment.
FEVM is slightly different from FVM. FEVM has better compatibility with Ethereum. FEVM allows developers to write smart contracts on the Filecoin blockchain immediately, and at the same time, they can use all the tools, software packages and languages they are accustomed to, and can take advantage of the current The Solidity and Ethereum development environments enable quick porting or writing of smart contracts. But it needs to pay a higher gas fee than FVM and the performance will be discounted.
FVM
FEVM
advantage
1. Native execution speed and performance on Filecoin (i.e. lower Gas Fee for executing smart contract code); 2. Write smart contracts in any language compiled to WASM
Leverage current Solidity and Ethereum development environments to quickly port or write smart contracts
shortcoming
Development tools are not as mature as the FEVM system
Higher gas fee and lower performance than FVM
FVM will be a "native" Filecoin virtual machine. The development tools are not as mature as the FEVM system and have stronger execution efficiency. The current 2.1 stage is more about testing EVM compatibility, and the subsequent FVM 2.2 stage will give birth to more "native" "High-performance dApps.
With this in-development capability, the logic for true persistent storage will be rewritten, specifically using FVM, uploaders can specify the desired number of replications and expiration dates. The expiration date can even be set to unlimited. As long as the uploader still has tokens (FIL) in the contract account, the smart contract will continue to incentivize the storage provider to continue creating transactions to extend the storage period.
The storage provider (SP) must meet a certain amount of FIL pledge standards to prove its storage capabilities. Under the motive of profit, the SP will continuously maintain the data validity of the storage network in order to obtain FIL tokens. Smart contracts also Data verification tasks can be performed to ensure that data is stored correctly.
Conclusion
The launch of the FVM test network marks the long-delayed Filecoin's re-entry into the mainstream competitive market, and the combination of storage and public chains has also opened up a new market imagination space for the entire storage track, using the experience of Web 2 to complete Web 3 storage need.
This is also the development trend of the storage track. Arweave is expected to become a Layer 1 rather than just a data storage network. The Greenfield storage project initiated by BNB Chain, and the desire for expansion is also the focus of the next development of Ethereum. These all mark the two-way development of storage chains and public chains. development trend.
Public chain and storage will become the lowest infrastructure of the entire Web 3 industry, and will evolve in a more convergent direction, preset for the next step to meet the real needs of billions of people around the world.
The basic nature of infrastructure will become the ballast for developers to use their imagination to describe the future. The division of FVM and FEVM, as well as the programming paradigm that supports WASM, will also help more developers use traditional App thinking to build Web 3 dApps with high concurrency and high load-bearing requirements. It is also expected to expand in social networking, games, etc. More rewarding exploration.
