• Filecoin has announced the launch of Waterlily, its first ethical generative AI art platform, IPC Subnet, and Filecoin Covered Call Vaults.
• The initiatives reflect important advancements in the fields of decentralized storage, generative AI, and cryptocurrency-based financial solutions.
• These new initiatives are 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.
Filecoin Launches New Generative AI Art Platform & Financial Solutions
Filecoin (FIL), a decentralized storage network, has released several new initiatives that promise to bring important advancements to the fields of decentralized storage, generative AI, and cryptocurrency-based financial solutions.
Waterlily: An Ethical Generative AI Art Platform
The most notable launch is Waterlily – an ethical generative AI art platform that uses the Filecoin Virtual Machine (FVM) to facilitate direct communication and payments to artists when generating photos. Unlike existing image-generation technologies which frequently use designs and pictures without giving due credit or payment, Waterlily offers an alternative solution with its ethical approach towards generating images.
IPC Subnet Support for Filecoin Spacenet
In addition to Waterlily’s introduction, IPC Subnet support has been added for Filecoin Spacenet as well. This 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.
Filecoin Covered Call Vaults
To further bolster its offerings in DeFi realm, FIL holders can now make additional revenue by selling call options on their FIL holdings through FIL Covered Call Vaults – a new financial product launched by Filecoin Protocol. This product allows FIL holders to generate revenue while retaining their FIL assets.
The recent updates from FileCoin demonstrate their commitment towards revolutionizing digital space through blockchain technology and proof-of-replication technique – making it one of top promising tokens according to analysts in 2023.