Filecoin’s virtual machine will let it support all applications common to Ethereum-compatible blockchain platforms.
“The [FVM] augments the utility of Filecoin, and I think it also positions Filecoin as the Layer-1 blockchain that is uniquely positioned to power an open data economy,” said Lukkas Bresser, ecosystem growth at Protocol Labs. “It’s a really critical step in this broader roadmap of turning the services of the cloud into open markets. That’s what’s exciting here.
Bresser added that this could expand to other products like decentralized social media. He suggested users could own their social graphs , control access to this data and monetize it in more ways than just advertising. This would also be possible because data on Filecoin is not stored unencrypted on the actual chain itself.
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