Blockchain
Squid has announced plans to integrate with Filecoin Virtual Machine, also known as FVM. The integration will be performed simultaneously by Axelar to achieve the goal of wider adoption of cryptocurrencies. Call this integration one important momentSquid has emphasized in the announcement that it is just a step forward on the road leading to the future of interchain.
Filecoin brings to the fore the reputation of being used by some of the larger organizations regardless of their background. This means they can be inside or outside the crypto industry and still use Filecoin’s functionalities for data storage.
Bringing it to the fore is how it revolutionizes the traditional system of data storage. Today’s on-chain data storage is complex and storage, yet an unavoidable part of the system. Many developers are forced to use those systems to store their data. The centralized mechanism has caused major problems for a long time, but the introduction of Filecoin flips the coin the other way.
What reinforces this is the launch of a new chain and FVM, with the latter sitting at the center of the discussion.
FVM, or Filecoin Virtual Machine, works specifically for developers, allowing them to write smart contracts that pay for the storage of data on IPFS, an open system to manage data. The integration is also crucial because the implementation of the same mechanism is not possible on normal blockchains.
The integration is now in play and users can purchase $FIL from the native platform. This also applies to DAOs and protocols looking for a permissionless purchase of the token. Once purchased, $FIL can be used to make payment transactions on the virtual machine regardless of the chain. This has led to significant interest in $FIL, despite falling 1.08% in the past 7 days. The trade value of the token is currently $4.41. According to the Filecoin price prediction, it has the potential to go as high as $11.98. Another possibility is that the token value will be capped at $4.3 by the end of 2023.
Integration with Filecoin Virtual Machine follows the development by Squid, where it shared the details of how to enable the transfer feature for users. This gives them the option to transfer their tokens to any of the thirteen Cosmos chains from anywhere in the world. This has taken the power of the cosmos to a whole new level.
Squid made this even more interesting by announcing that it was giving away the gas cost. However, it means the team said it would cover all fuel costs for users venturing out to explore Cosmos for the first time.
The integration of FVM with Squid and Axelar is a game-changer in a win-win situation. It aims to brighten the future of the interchain and accelerate cryptocurrency adoption.