The web3 coin price increased by 24% after the development team announced the launch of the Filecoin Virtual Machine in March 2023.
Web3 coin announces new launch
Filecoin, the world’s largest decentralized storage network, announced the launch of its Filecoin Virtual Machine (FVM) on March 1. FVM will bring smart contracts and user programmability to the Filecoin blockchain, making it a full-fledged L1.
Filecoin aims to establish a leading position in the already competitive Layer-1 blockchain space. With over 3,800 storage providers and around 14 EiB of storage capacity, Filecoin is currently the world’s largest decentralized storage network.
In the Layer-1 ecosystem, Filecoin has a competitive advantage in storage services and services other L1 blockchains. However, Filecoin sees its relationship with other L1 as collaborative rather than competitive. FVM, persistent storage, DeFi, DataDAOs etc. It will enable various use cases such as
Interestingly, FTM is aiming for interoperability with the Ethereum Virtual Machine (EVM), which enables Filecoin to support multiple VMs. It will help unlock the enormous potential of the open data economy. Ethereum has already shared the importance of EVM and Layer-2 blockchain to reduce gas fees and increase transaction speed. While the crypto community expects to see the benefits of the Filecoin Virtual Machine, many see it as a huge improvement for the crypto community. Recently, Filecoin ranked above Ethereum in the GitHub Daily Development Event data.
Filecoin (FIL) price up 24%
Filecoin (FIL) price has increased by around 24% in the last 24 hours, with the current price trading at $6.80, according to cryptokoin.com data. Also, the price of FIL increased by over 40% in one week. The 24-hour high and low are $5.38 and $6.58, respectively.
In the last 24 hours, the market cap has increased by 19% to $2.53 billion and the trading volume has increased by 250%. The massive trading volume shows investor interest as the FVM launch approaches.
FIL mining
Filecoin mining is different from the mining process of other cryptocurrencies. In this case, miners can be divided into three categories: storage miners, retrieval miners, and repair miners. Filecoin uses proof-of-storage, proof-of-replication, and proof-of-space-time consensus mechanisms to ensure data is stored in a verifiable manner on the network. An FIL miner acts as a database in the Filecoin ecosystem.
Storage miners or storage providers are responsible for storing client information. The reward they receive is directly proportional to the amount of storage they have created for them.
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