Backed by famous Bitcoin billionaires Filecoin (FIL) recorded a strong increase before a major update. Here are all the developments in altcoin.
Filecoin, powered by Winkevoss twins, stands out as a storage-oriented blockchain protocol. FIL skyrocketed from $ 5.4 to $ 7.77 in preparation for the new update. This means an average increase of 38%. Although the last price increase draws attention, it is still well below the peak price of $ 25.98.
According to the project’s official website, the update to the blockchain known as the “Filecoin Virtual Machine” is a runtime environment for smart contracts built on top of the Ethereum Virtual Machine (EVM).
The update focuses on features such as user programmability and smart contract capability. This, in turn, will greatly expand the utility of blockchain. It takes an average of two weeks for updates to arrive on the mainnet.
The Filecoin Virtual Machine’s EVM runtime (FEVM) is coming in February 2023 and will be one of the most groundbreaking updates to the Filecoin network ever.
For the first time, developers will be able to place user-defined smart contracts on top of Filecoin’s blockchain and storage network, write them in Solidity, and deploy them using the many EVM-compatible developer tools that Web3 founders know and love.
NEWS CONTINUES BELOW
As Koinfinans.com reported, the Winklevoss twins first invested in Filecoin in 2017 through venture capital firms. They later became co-founders of crypto exchange platform Gemini.