A top Ethereum (ETH) rival is rallying out of a dip ahead of a highly anticipated network upgrade launching tomorrow.
Peer-to-peer decentralized storage network Filecoin (FIL) is worth $6.22 at time of writing, up 27.5% in the last 24 hours.
Last month, Filecoin announced the launch date of a major network upgrade called the Filecoin Virtual Machine (FVM). The FVM aims to introduce smart contracts and allow developers to create crypto apps. The project says that multiple new cases will arrive to the network, including tokenized datasets, trustless reputation systems and replication workers.
“Did you hear? The Filecoin EVM (FEVM) launch is closer than you think.
After the completion of the calibrationnet upgrade earlier today, FEVM is on track to bring smart contracts & user programmability to Filecoin mainnet on March 14th, 2023!”
Once Filecoin’s virtual machine upgrade is complete, the network will be a fully-formed layer-1 blockchain, like Ethereum.
Yesterday, the world’s largest crypto exchange by trading volume, Binance, announced it would support the network upgrade.
Filecoin launched in October of 2020 and is backed by a number of large crypto venture firms, including Winklevoss Capital, Sequoia Capital, Andreessen Horowitz and Union Square Ventures.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond