• Filecoin has launched Waterlily, its first ethical generative AI art platform, IPC Subnet, and Filecoin Covered Call Vaults.
• The Waterlily uses the Filecoin Virtual Machine (FVM) to facilitate direct communication and payments to artists when generating photos.
• FIL Covered Call Vaults allows FIL holders to make additional revenue by selling call options on their FIL holdings.
Filecoin Launches Generative AI Art Platform
Filecoin Protocol has announced the launch of Waterlily, its first ethical generative AI art platform. This new initiative will help increase 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. 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.
IPC Subnet Support
The IPC Subnet 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. Moreover, this initiative helps bolster the Generative AI and storage that can help boost the entire Filecoin ecosystem.
FIL Covered Call Vaults
Filecoin has also 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.
Filecoin Virtual Machine (FVM)
The FVM ecosystem has grown steadily since its introduction in March and it has been used to propel blockchain outfit into Decentralized Finance (DeFi) realm by providing functional support for smart contracts and decentralized applications.
Promising Token in 2023
Notably, Filecoin has been named among the top promising tokens in 2023 according to analysts due to its unique proof-of-replication technique which ensures data is safely and reliably stored on their network with high availability and durability guarantees.