Source: filecoin.io
- The Filecoin FVM protocol is setting the path for an impressive future for the protocol.
- The network has launched the IPC to help enhance transaction throughput.
Filecoin (FIL) is contributing to the growth of the Decentralized Finance (DeFi) ecosystem in many ways including the diversity of its storage offerings and the newly launched Filecoin Virtual Machine (FVM) protocol. The FVM tool effectively launched the blockchain outfit into the DeFi world through functional support for smart contracts and decentralized applications.
The pivot to DeFi through FVM has made Filecoin a more desirable outfit for DATA DAOs, and metaverse gaming outfits owing to its foundational strength as a file storage service provider. The pivot into smart contract support also positioned users of the Filecoin protocol at a better advantage as they can benefit from a host of features through the interoperability of the various offshoots of the network. Filecoin said in its recent blog post;
The Filecoin Virtual Machine (FVM) launch unlocked programmability across the Filecoin network. Now, the blockchain can be used for more than storage deals, storage proofs, and simple transactions, and EVM compatibility makes it possible to quickly deploy existing Ethereum smart contracts,
Since its launch in March, there has been a reasonable uptick in the FVM ecosystem growth.
Introducing the Interplanetary Consensus Framework (IPC)
In a bid to further enhance its inherent DeFi capabilities, Filecoin has announced the launch of its Interplanetary Consensus Framework (IPC). IPC, previously known as Hierarchical Consensus is designed to resolve two major challenges for blockchain networks. This includes the transaction volumes and the heterogeneity of applications.
The Interplanetary Consensus framework (IPC) is ready to tackle two of the biggest challenges facing blockchains:
1️⃣ transaction volume
2️⃣ application heterogeneityDiscover how IPC enhances the Filecoin network in our latest blog post! ⤵️ https://t.co/nQZZBqdjgm pic.twitter.com/NMAQ3vHmmP
— Filecoin (@Filecoin) May 2, 2023
The IPC model is designed to come in handy when the FVM protocol becomes overwhelmed as a result of massive adoption and growth. As the demand for blockspace grows, IPC will make it possible for hierarchical subnets to be created, allowing for more transactions per time.
The primary goal of IPC is to remove excess load from the Filecoin mainnet while also providing operating conditions better suited to the needs of applications. There was a lot of engineering finesse put into the development of the IPC protocol which lasted for 18 months. One unique fundamental aspect will be the recognition of the defined set of rules that will power the interaction between the created subnets.
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Different blockchain protocols are exploring unique solutions in a bid to scale up transactions within their networks. While Ethereum as a blockchain is seeing the emergence and growing popularity of Layer-2 protocols with rollups as a scaling tool, the Cardano blockchain depends on its yet-to-be-released Hydra as its scaling solution.
All of these scaling solutions have their own inherent strength and capabilities. As a way to offer a more guaranteed safety, these networks are designing the scaling tools in a way that will make upgrading a very easy process as network growth takes increased momentum.
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