[Frontier Analysis] Next Stage after Announcing Launch of Virtual Machine - Filecoin Ecology to Usher Value Explosion
On Nov. 12, the Filecoin official announced that Filecoin Virtual Machine (FVM) will go live in phases. The first phase is expected to be a non-programmable FVM in Q4 2021. The second phase introduces protocol forks and preparatory tweaks will be made before developers can program, including Gas mechanisms and architectural adjustments.
Back to the end of October, Juan, the founder of Protocol Labs, announced that Filecoin would release its virtual machine, named Filecoin Virtual Machine, or “FVM” for short. After tantalizing the global community, FVM finally showed up with its staged launch arousing higher expectations.
The eye-catching combination of Filecoin ecological virtual machine + huge decentralized storage network has excited all Filecoin ecological developers. So, what will the new attractions and opportunities be in the Filecoin ecosystem?
Will the launch of FVM promote the 2nd expansion of the Filecoin ecosystem?
As we know, a huge data kingdom, created by the augment of Web3.0 and increasing online activities such as Defi, NFT, and Metaverse, is growing exponentially. However, the high cost of centralized storage, the preset storage format, and some other factors make it difficult to adapt to the changing needs for storage capacity, data reading & writing speed, and data security. Against such a background, decentralized storage network Filecoin came into existence as time requires.
Although it has been online just for a year, Filecoin, by its technical nature, has built an ecology encompassing consumer storage applications, data marts, NFT, Defi, verifiable storage and privacy, etc., which is also the most-watched racetrack in the encryption field.
According to official data, on its first anniversary, Filecoin’s total network storage has exceeded 12 EiB, and the total amount of data has reached 32PB. There are 3,362 active storage nodes throughout North America, Europe, China, South Korea, and some other regions. With its industry-leading colossal decentralized storage network, Filecoin has become one of the core foundations of the Web3.0 era.
In the past year, Filecoin’s decentralized storage network has demonstrated its advantages in scalability, security, reliability, and ultra-low cost. The launch of FVM enabled developers to quickly deploy their smart contracts on the Filecoin blockchain. In this way, more values and potentials of the network will be released.
Also notice, WASM (WebAssembly) as the native code language of FVM, enables faster transfer of Web2.0 developers to Web3.0 development. At the same time, FVM will first achieve compatibility with EVM (Ethereum Virtual Machine). Solidity developers can deploy smart contracts on Filecoin faster, and the computing layer can be structured on the storage layer to provide trustless cross-chain interoperability and integration.
As Filecoin’s Infranet and key infrastructure become more complete, the new fertile land of the Filecoin network is reminiscent of the early Ethereum — in the spotlight and with unlimited potentials. I believe that attracted by the early profits of the Filecoin ecosystem, more and more developers and applications will preempt the layout. The explosive growth of the Filecoin ecosystem is already in sight.
From Web2.0 to Web3.0, SINSO Empowers Filecoin Applications Developers
There is no doubt that as the launch of FVM approaches, Filecoin is forming a more three-dimensional and scaled data application ecosystem of highly active imagination.
The first mission of Filecoin after its capacity construction is to migrate a large number of applications from Web2.0 to Web3.0, which demands urgent improvement for infrastructures in the Filecoin ecosystem. The problem of data interaction efficiency with time-space proof, the difficulty of effective data screening, a long application development cycle, and problems alike still have no satisfactory solutions to meet the needs of developers. A series of problems derived from this period due to copious applications is testing all participants in the ecology.
As the I/O layer of the entire Web3.0, Filecoin can be regarded as “Storage as Layer0” or “Layer1 above Layer0” that can realize the programmability of smart contracts and build a more comprehensive storage market. It can flexibly control data through smart contracts, such as building a storage market according to copy, time, region, transaction conditions, etc.
Besides, FVM will greatly improve the programmability and integrity of NFT, and probably it will constitute the most comprehensive NFT infrastructure. The current focus of Filecoin’s FVM is to build a complete decentralized data-autonomy organizational base and to ensure the programmability and security of the storage market. Whereas in practical application scenarios, it is still difficult to achieve both low gas consumption and high-performance expansion simultaneously. Therefore, the Layer 2 ecosystem will inevitably be born on the basis of Layer 1, and there will be a large collection of developers building Layer 2 around the Filecoin ecosystem.
Among the constantly emerging Filecoin ecosystem expansion service providers, SINSO is one of the fastest project parties in business conception and promoting its business progress. As a Layer 2 infrastructure architecture platform based on Filecoin, SINSO can help the efficient transition of various DAPP applications from Web2.0 to Web3.0 through its service components & tools, solving the crux of application iteration caused by Filecoin ecology’s imperfection in infrastructure.
SINSO holds that the Filecoin ecosystem is still in a relatively early stage, like a data commodity processing factory with a grand vision in its initial landing stage. Filecoin officials have done a lot of work to upgrade this data processing factory from a two-dimensional to a more three-dimensional mode. They have planned the development path, attracted a large number of developers to settle in, and established interaction with the external world. But there are still many shortcomings in the application infrastructure, sometimes bringing about a poor experience. Aiming to solve the existing problems, SINSO will focus on more details to truly improve the developer experience, and strive to become a competitive infrastructure supporting service provider of this future city, advancing the development of Filecoin ecological Web3.0.
As the springing up of new concepts, like Defi, NFT, Gamefi, and Metaverse, the huge amount of data information derived is making decentralized storage gradually become a highly sought-after racetrack. The launch of FVM at this stage exactly highlights the value of Filecoin ecology. The Filecoin Layer2 development organizations represented by SINSO will effectively promote the mutual empowerment between developers, supporting service providers, and the ecology parties, to formulate a new win-win relationship.
Regarding product services, SINSO has announced four core service components for application developers to quickly and efficiently build applications in the Filecoin ecosystem:
I. SINSO Getway: This is the first Filecoin Layer2 component recently released by SINSO. SINSO Getway provides a data collection standard API interface, including an industry-specific communication protocol interface, data pre-processing and privacy calculation module. It can simplify the process of data collection and makes the collection process more efficient by integrating a distributed network of cache nodes. Also, SINSO Getway will incentivize effective data uploading in the Filecoin ecosystem.
II. SINSO DAPP Cube: As an application middleware, SINSO DAPP Cube will provide a series of industry standard data exchange middleware of communication protocol. For example, it can construct a middle layer according to the FHIR (Fast Health Interoperability Resources) protocol. FHIR is a standardized health information transfer protocol for electronic transmission between different applications in the medical field.
III. SINSO Donors Network: As an economic and incentive model based on a deep phenotype analysis model of data, SINSO Donors Network is also a middleware system for data trading. It automates the matching of data purchasers and provides incentives to storage miners and related contributors. Also, it will drive the casting and circulation of the dynamic data set NFT.
IV. SINSO DAC: It is a contractual framework for community governance and incentives. When combined with SINSO Donors Network, SINSO DAC enables the creation of future data index companies based on NFT collections, which is a data-centric autonomous organization. As a must-have tool for building community-governed distributed business entities, SINSO DAC unlocks tremendous value from data assets in a collective manner.
Essentially, What SINSO does is the infrastructure of Filecoin’s middle layer, namely Filecoin Layer 2. After the Filecoin network completes capacity construction and launches FVM, the ecology will enter a new stage of application development. Currently, Filecoin still lacks high-quality middleware tools, and cannot meet the general needs of DAPP in terms of efficiency and performance. For SINSO, this is the best time to delve into the Filecoin ecology. SINSO’s mission is to enable countless applications to migrate smoothly, efficiently, and steadily from Web2.0 to Web3.0.