Filecoin Lotus v1.20.0 Release Brings Programmability to The Network

03/01/2023 04:42 • Metaverse Matters • 140 views

It is reported that Filecoin Lotus v1.20.0 has been released. The Filecoin network will be upgraded to V18 (Hygge Network Upgrade). This network upgrade is mandatory. The core of the upgrade is the introduction of Milestone 2.1 of Filecoin Virtual Machine (FVM), which will make it possible to deploy EVM-compatible smart contracts on the Filecoin network. This upgrade will provide users with programmability for the first time for the Filecoin network.

Filecoin main network will be upgraded to V18 on March 14

Interpret the above information:

A new era for Filecoin, a decentralized storage and data retrieval network, has dawned with the recent announcement of the Lotus v1.20.0 release. The exciting news among the latest updates is that the Filecoin network will be upgraded to V18 (Hygge Network Upgrade), and this network upgrade is mandatory. The core of the upgrade is the introduction of Milestone 2.1 of Filecoin Virtual Machine (FVM), which will enable the deployment of EVM-compatible smart contracts on the network. This upgrade will provide users with programmability for the first time on the Filecoin network.

Filecoin’s programmability feature is a significant milestone for its users, as it opens up endless possibilities for developing new applications and services. The Filecoin Virtual Machine is instrumental in allowing developers to create EVM-compatible dApps and contracts with the Solidity language, ETH’s development language – this was previously not possible on the Filecoin network. Since launching in October 2020, the Filecoin network has been criticized for the lack of a smart contract framework. This upgrade will address that criticism and enhance the network’s capabilities significantly.

This upgrade will provide Filecoin with more opportunities and integrations with the Ethereum ecosystem. The availability of smart contracts on the Filecoin network means developers can leverage new applications and services that span beyond storage and retrieval. This could potentially lead to increased adoption of the blockchain as a whole. Additionally, the integration with Ethereum could provide shared network security benefits to filecoin, allowing developers to create more secure applications and services.

It is crucial to note that this network upgrade is mandatory and will affect all participants in the network. Therefore, users must upgrade to the latest release of the Lotus client (v1.20), which includes the upgrade’s new features and improvements. Failure to upgrade could result in loss of mining power and may cause other network effects.

In conclusion, the introduction of smart contracts on the Filecoin network is a significant milestone and a significant upgrade that will provide many opportunities for innovation and growth. The upgrade’s success will depend on how well users adapt to the new features, and it is essential to upgrade to the latest version of Lotus immediately. The Filecoin ecosystem will continue to evolve to meet new challenges, and this upgrade is a crucial step in the network’s development.

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Filecoin Lotus v1.20.0 Release Brings Programmability to The Network

Filecoin main network will be upgraded to V18 on March 14

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