Filecoin Initiates New Era with First Generative AI Art Platform, IPC Subnet, and FIL Covered Call Vaults – Report

• Filecoin is introducing additional functionalities for its users through a new integration with IPC Subnet.
• The initiative will help bolster the Generative AI and storage that can help boost the entire Filecoin ecosystem.

Filecoin (FIL), a decentralized storage network, released new initiatives that reflect important advancements in the fields of decentralized storage, generative AI, and cryptocurrency-based financial solutions.

Specifically, Filecoin Protocol has announced the launch of Waterlily, its first ethical generative AI art platform, IPC Subnet, and Filecoin Covered Call Vaults. According to the update, the Waterlily uses the Filecoin Virtual Machine (FVM) to facilitate direct communication and payments to artists when generating photos.

Notably, the Waterlily can be used as a substitute for existing image-generation technologies that frequently use designs, pictures, and likenesses without giving due credit or receiving payment.

On the other hand, the IPC is aimed at increasing network capacity to handle the inflow of FVM apps while also enabling use cases that require performance above what the Filecoin root chain can provide.

Furthermore, Filecoin has launched FIL Covered Call Vaults, a new financial product that allows FIL holders to make additional revenue by selling call options on their FIL holdings. This product can be utilized to produce revenue while retaining FIL assets.

The FVM ecosystem has grown steadily since its introduction in March. Notably, the FVM tool has been used to propel the blockchain outfit into the Decentralized Finance (DeFi) realm by providing functional support for smart contracts and decentralized applications.

Interestingly, Filecoin has been named among the top promising tokens in 2023 according to analysts.

The Potential of Filecoin to Revolutionize the Digital Space

The Filecoin network is built on blockchain technology and has a unique proof-of-replication technique to ensure that data is safely and redundantly stored across the network. This method verifies that the data is truly stored on the hard drives of the network’s storage providers, rather than being reported to be stored.

Filecoin aims to create a more efficient and cost-effective way of storing data by incentivizing users to provide their unused storage capacity to the network, rather than relying on centralized data storage solutions. Notably, the platform uses its native cryptocurrency, FIL, as a means of exchange for storage and retrieval services on the network.

Filecoin has the ability to completely transform the data storage business by offering a decentralized, safe, and efficient storage solution that is not controlled by a single company.

Markedly, the platform has already received significant attention and investment from both the blockchain and traditional ecosystem, and it is being used to store and retrieve data by an increasing number of developers and organizations. 

For instance, Brave has added Filecoin VM (FVM) to the Brave wallet in an effort to ease access to the FVM Ethereum Virtual Machine (EVM) runtime. Thus, permitting Ethereum to write and run smart contracts on FVM with less modifications.