Filecoin (FIL) skyrocketing? March FVM update news!
The recent surge in the price of Filecoin (FIL) has become a big issue among investors.
On February 18th, Filecoin investors responded positively as it soared from the high half of $5.38 won to 70% in a short period of time.
Filecoin (FIL) has been maintaining the low $7.99 range without any major change since its recent surge. Today, I would like to explain why the sudden surge occurred.
Among Filecoin investors, this may be something you already know. In September, when Filecoin officially announced plans to release ‘Filecoin Virtual Machine (FVM)’ next month (March), many people showed explosive interest.
Everyone knows that Filecoin is a cryptocurrency created to implement a decentralized cloud system using IPFS technology. FVM was created to provide general programmability to these Filecoin storage networks.
It is a technology that combines the advantages of smart contracts and verified storage. Like smart contracts, FVM can autonomously execute certain actions when predetermined conditions are met.
However, unlike most other smart contracts, FVM also has the additional ability to access validated proofs of data stored within the underlying environment of the virtual machine.
With FVM, Web3 applications behave similarly to Web2 applications that can automate processes, while referencing large amounts of data to make optimal decisions, which has potential great impact.
And it can support various apps such as persistent storage, storage replication, recovery automation, and liquidity staking with block rewards. In addition, the creation of data-driven decentralized autonomous organizations (DAOs) will be supported. This also enabled pay-per-view transactions, building Web3 games, and more.
In addition, since it is compatible with Ethereum Virtual Machine (EVM) and layer 2 blockchain, it is possible to build a ‘Crosschain Bridge’ that supports the movement of cryptocurrency between different blockchains.
In addition, it is expected to strengthen the DeFi community adoption with low user gas cost and high transaction speed. Filecoin continues to make a big rebound, raising expectations for the confirmation of the DeFi ecosystem based on the layer 1 blockchain with smart contract functions.
Not only Filecoin, but the last FTX incident led to a downtrend in all cryptocurrency markets, but Filecoin also went beyond recovery and turned into a bullish trend as it specifically announced the announcement of the FVM launch.
More information on the FVM release can be found on the official Protocol Labs website.
We will continue to deliver the news of Filecoin in Tokencan.
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