A leading Ethereum (ETH) competitor is bouncing back from a drop ahead of tomorrow’s release of a highly anticipated network upgrade.
The peer-to-peer decentralized storage network Filecoin (FIL) is currently valued at $6.37, a 24.7% increase over the previous month.
Filecoin announced the launch date of its Filecoin Virtual Machine (FVM) new upgrade last month. The FVM seeks to introduce smart contracts and enable the creation of crypto applications by developers. According to the project, the network will receive several additional use cases, including tokenized datasets, trustless reputation systems, and replication workers.
Introducing the FVM will enable it to create and benefit from data on the decentralized data storage platform. Implementing FVM will enable developers to construct applications, marketplaces, and decentralized organizations on the Filecoin network. Moreover, it will result in lower gas fees, faster transaction processing, and greater adoption of DeFi on Filecoin.
Upon completion of the FVM upgrade, the network will be a fully-formed layer-1 blockchain, similar to Ethereum. Binance, the largest cryptocurrency exchange by trading volume, stated yesterday that it would support the network upgrade.
Filecoin was introduced in October 2020 and is backed by a number of prominent crypto venture capital firms, including Winklevoss Capital, Sequoia Capital, Andreessen Horowitz, and Union Square Ventures.