A leading Ethereum (ETH) competitor is bouncing back from a drop ahead of tomorrow’s release of a highly anticipated network upgrade.
As you may know, the deployment of the Filecoin Virtual Machine (#FVM) to Filecoin mainnet is upcoming on 🥧day, March 14!
— Filecoin News (@Filecoin) March 9, 2023
🧵 incoming – here is all you need to know about the FVM 👇
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.
Did you hear? The #Filecoin EVM (FEVM) launch is closer than you think 😉
— Filecoin News (@Filecoin) February 22, 2023
After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023! 📅
👉 https://t.co/CMjBDN5Idz pic.twitter.com/AdoblUk19R
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.