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HomeNewsFVM Takes Filecoin to New Heights, Empowering DeFi, Data DAOs, and Metaverse...

FVM Takes Filecoin to New Heights, Empowering DeFi, Data DAOs, and Metaverse Gaming, Expanding Interoperability with Ethereum Ecosystem

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    • The Interplanetary Consensus (IPC) framework has been deployed on the Spacenet testnet after 18 months of development.
    • IPC allows for the creation of hierarchical subnets that can execute transactions in parallel, removing excess load from the Filecoin mainnet while providing operating conditions better suited to the needs of applications.

IPC Subnet Support Comes to Filecoin Spacenet

The Filecoin Virtual Machine (FVM) launch unlocked programmability across the Filecoin network, enabling the blockchain to be used for more than just storage deals, storage proofs, and simple transactions. IPC, formerly known as Hierarchical Consensus, is the first public IPC deployment as part of the Spacenet testnet. It allows for the creation of hierarchical subnets that can execute transactions in parallel, removing excess load from the Filecoin mainnet while providing operating conditions better suited to the needs of applications.

New Use Cases for Filecoin

IPC represents a seismic shift for the Filecoin blockchain, allowing it to host DeFi solutions, Data DAOs, metaverse gaming, and much more. With native storage, traditional blockchain applications can be augmented, and processing units can be added to the data ocean already on Filecoin. However, the forthcoming surge in activity is not without challenges, as competition for block space will increase the cost of running applications on Filecoin.

IPC provides cross-subnet transactions and mechanisms to secure subnets by leveraging stronger guarantees provided by their parent.

Under the Hood of IPC

IPC is a framework that defines the rules for interaction within and between subnets, accompanied by a suite of smart contracts and client software implementing said behaviours. Spawning subnets is permissionless, and each subnet is associated with an independent set of validators running a separate consensus instance. Subnets may be deployed for many reasons, such as to save on transaction fees or to group interactions along geographical, topical, or application criteria.

IPC is a work in progress, and over the coming quarters, the team will keep enriching it with additional features and increased robustness. The M1 milestone brings IPC to the final stretch of its road to production, and it shouldn’t be used for production applications with value at stake. The M2 milestone is scheduled to land in June 2023, bringing IPC to the Filecoin mainnet and allowing early users to deploy their applications in production. The full release is set for Q3, complete with developer tooling and documentation.

IPC Subnet Deployment

IPC allows for transparent cross-subnet communication mechanisms that enable easy transfers of funds in and out of subnets and interaction with users and state located elsewhere in the IPC tree. The local applications are complemented by two on-chain smart contracts, which are instantiated for each subnet: the Interplanetary Subnet Actor and the Interplanetary Gateway Actor. If you have a use case for IPC or would like to work with the team to deploy your application or operate as a subnet validator, please join #ipc-help on the Filecoin Slack workspace.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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