Filecoin Launches Ethereum-compatible Smart Contracts - The Defiant

Aleksandar Gilbert

15 Mar 2023 6:43 PM

Update Enables DeFi, ‘Data DAOs’ and Perpetual Storage...

  • Filecoin has enabled Ethereum-style smart contracts, allowing for decentralized applications to be deployed on it.
  • The Filecoin Virtual Machine is now compatible with Ethereum, meaning existing Ethereum applications can be brought to Filecoin without major code modifications.
  • Smart contracts will enable new uses of the blockchain, including Data DAOs and on-chain analysis of data.
  • A perpetual storage feature will make it possible to ensure the existence of certain data as long as the blockchain exists, even if the owner of that data fails to pay their storage provider.
  • Smart contracts will also bring the first decentralized finance applications to Filecoin, allowing users to generate yield by lending FIL to storage providers.

The article has a positive sentiment, highlighting the various benefits and opportunities that the new Filecoin update brings.

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Related Questions

What is Filecoin and what is its "master plan"?
What is the Filecoin Virtual Machine and how does it enable decentralized applications?
What are Data DAOs and how can they be used on Filecoin?
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How will smart contracts bring decentralized finance applications to Filecoin?

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