A major rival to Ethereum (ETH) is recovering from a crash ahead of a highly anticipated network upgrade due to go live tomorrow.
The decentralized peer-to-peer storage network Filecoin (FIL) is worth $6.22 at the time of writing, up 27.5% in the last 24 hours.
Last month, Filecoin announced the release date of a major network upgrade called the Filecoin Virtual Machine (FVM). The FVM aims to introduce smart contracts and allow developers to create cryptographic applications. The project says that multiple new cases will arrive on the network, including tokenized datasets, untrusted reputation systems, and replication workers.
“Did you hear? The launch of Filecoin EVM (FEVM) is closer than you think.
Following the completion of the calibration grid upgrade today, FEVM is on track to bring smart contracts and user programmability to the Filecoin mainnet on March 14, 2023!
Once the Filecoin VM upgrade is complete, the network will be a fully formed Layer 1 blockchain, just like Ethereum.
Yesterday, the world’s largest cryptocurrency exchange by trading volume, Binance, announced that it would support the network upgrade.
Filecoin launched in October 2020 and is backed by several large crypto startups, including Winklevoss Capital, Sequoia Capital, Andreessen Horowitz, and Union Square Ventures.
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Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond
