An altcoin backed by a pair of famous Bitcoin (BTC) billionaires is surging as the crypto project’s upgrade rapidly approaches.
New data reveals that storage-focused blockchain Filecoin (FIL), which is backed by the Winklevoss twins, is skyrocketing as the protocol’s groundbreaking update looms.
Filecoin climbed from a 24-hour low of $5.40 to $7.77, an increase of about 38%. Though the token has seen significant growth lately, it’s still much lower than its all-time high of $25.98 set in March 2022.
Filecoin’s new upgrade, known as the Filecoin Virtual Machine, is a runtime environment for smart contracts built on the Ethereum Virtual Machine (EVM), according to the project’s official website.
Its goal is to bring user programmability and smart contract capability over to the altcoin, greatly expanding its potential and utility. The project’s mainnet is expected to go live within the next week or two.
“The Filecoin Virtual Machine’s EVM runtime (FEVM) is coming in February 2023, and it will be one of the most ground-breaking updates to the Filecoin network ever.
For the first time, developers will be able to deploy user-defined smart contracts on top of Filecoin’s blockchain and storage network, with the ability to write them in Solidity and deploy them using the many EVM-compatible developer tools that Web3 builders know and love.”
The Winklevoss twins first invested in Filecoin in 2017 through their venture capital company. They went on to co-found crypto exchange platform Gemini.
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