Filecoin Registers Impressive Growth As FVM Launch Approaches

Crypto Update
4 Min Read

Filecoin Registers Impressive

Regarding blockchain technology, file sharing is a vital aspect of all functionality, and Filecoin is a pioneer in the sector. The distinctive approach for this process is the decentralized nature of maintaining the process. Decentralized file sharing replaces the single-server method by storing data on several nodes or servers in a network.

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It then becomes impossible to lose information when a single node shuts down. All information is replicated on all the nodes and is easily accessible from anywhere. This is the category to which Filecoin belongs as a decentralized filesharing protocol in the DeFi space.

Filecoin Disclosed Major Increase In Data Suppliers

In a recent development, Filecoin reports its tremendous achievement in the DeFi ecosystem. The project noted that it has almost increased its data suppliers by seven times since 2022. This remarkable feat comes before its FVM launch, a significant upgrade in 2023.

During its FIL Singapore event, the protocol revealed its latest accomplishment on Monday. In his speech, the co-lead at Protocol Labs, Filecoin development lab, Colin Evran, commented on the protocol’s storage providers.

Evran noted that providers increase gets up to 20% every month. Also, he highlighted that most of the activities are in Hong Kong, Korea, and North America. Finally, the co-lead noted that new developers creating applications on the FIL network are up to 7,000.

Filecoin operates with its native token, FIL, as a crypto asset that allows the buying and selling of computer storage on a system. It facilitates the decentralized storage of files and data on a network.

At the time of writing, the price of FIL is trading around $6.4, showing a 5% growth over the past 24 hours. It boasts a market cap of over $1.6 billion.

Filecoin approaches the $6 mark on the chart l FILUSDT on Tradingview.com

Through its operation, the protocol eliminates using centralized platforms like Amazon Web Services (AWS) for data storage.

Filecoin Plans FVM Launch By Early 2023

Filecoin is celebrating its new achievement ahead of its upcoming upgrade. The protocol is planning to launch its FIL Virtual Machine by the beginning of 2023. This is a virtual computer of a software platform where developers could build dApps based on the Filecoin system.

According to Molly Mackinley, the head of development at Protocol Labs, the firm will release a testnet by November 28. Mackinley noted that prototypes for layer two are already running in their initial testing phases. These chains operate on the main blockchain to enhance the scalability of Filecoin after its upgrade.

Additionally, Juan Benet, the founder of Protocol Labs, reported that about 20,000 customers are using Filecoin. Their recorded storage covers more than 50 million data objects for running dApps.

Featured image from Pixabay, Chart: TradingView.com

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