Filecoin Lotus v1.20.0 Released for Hygge Network Upgrade
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 man…
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
Interpretation of the news:
Filecoin Lotus v1.20.0 has been recently released with a mandatory network upgrade to V18, called the Hygge Network Upgrade. The core of this upgrade introduces Milestone 2.1 of the Filecoin Virtual Machine (FVM), which will enable the deployment of EVM-compatible smart contracts on the Filecoin network. This upgrade marks the first time the Filecoin network will have programmability, which significantly increases its versatility and use case possibilities.
The Filecoin network is a decentralized, blockchain-based storage network that allows users to store and retrieve data in a secure and efficient manner. Data is stored on a peer-to-peer network of miners, who are incentivized through the use of Filecoin tokens to provide storage and retrieval services. With the introduction of Milestone 2.1 of FVM, the network will now have a Turing-complete programming language compatible with Ethereum smart contracts, enabling seamless execution of smart contracts on the Filecoin network.
Smart contracts are self-executing digital contracts that enable the automation and management of decentralized applications (dApps). Smart contracts eliminate intermediaries, reduce costs, and ensure that the terms of agreements are met in a decentralized environment without the need for human intervention. With smart contracts, developers can build decentralized applications that integrate seamlessly with the Filecoin network for data storage.
This upgrade will not only enable the deployment of smart contracts but also provide significant benefits to the Filecoin network. It will increase the security of the network by allowing the use of pre-audited smart contract code, enhance interoperability with other blockchains like Ethereum, and enable decentralized finance (DeFi) applications such as decentralized exchanges, lending protocols, and other financial applications.
In conclusion, the Filecoin Lotus v1.20.0 upgrade with the introduction of Milestone 2.1 represents a significant advancement for the network. It marks the first time that the Filecoin network will have programmability, providing developers with a wide range of possibilities for decentralized applications. The upgrade enables the deployment of EVM-compatible smart contracts on the network, unlocking the full potential of Filecoin in the DeFi space. With the mandatory upgrade to the Hygge Network Upgrade, users of the Filecoin network can expect increased functionality, security, and interoperability, making the network more accessible and valuable than ever before.
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