On March 23, the Filecoin project went live confirm The introduction of smart contracts will hopefully help the protocol become a fully functional layer 1 blockchain.
Filecoin allows users to rent and provide storage space on the network, providing everyone with the opportunity to participate in and create huge data storage resources. With more than 3,800 storage providers and over 18 EiB capacity, Filecoin is currently the world’s largest decentralized storage network.
#Filecoin Launched smart contracts on March 23, $file The token soared more than 30% @azcoinnews https://t.co/3VaeDQBAEo
— AZCoin News (@azcoinnews) February 17, 2023
However, the goal of Filecoin is to create a reliable alternative to centralized cloud services. To achieve this, Filecoin needs a large-scale Internet infrastructure and complete data services. In blockchain networks like Bitcoin and Ethereum, miners need high algorithmic power to publish new blocks. Instead of using a proof-of-work (PoW) or proof-of-stake (PoS) consensus mechanism, Filecoin has a “touchless” mechanism called proof-of-replication.
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Filecoin miners must provide content, storage, and generate blocks. In this way, they collaborate on storage systems to provide transaction flow services to end users. In return, they are rewarded with FIL tokens.
Currently, there are 3,785 active miners on the Filecoin network, storing 18,767 EiB and staking 134,023,969 FIL. Filecoin has been growing and expanding until layer 1 is implemented. Many developers and users believe that Filecoin’s encryption mechanism will help other networks save on data storage costs and optimize scalability. Through services such as NFT.Storage, Filecoin supports the storage of NFT, games, and video content. When partnered with other layer 1 or layer 2 chains, Filecoin can serve decentralized financial applications on those chains.
FIL price chart 1 hour | source: Transaction View
FIL price is up more than 40% in the last 24 hours and is currently trading at $7.73. It is worth noting that FIL has risen by more than 60% this week. The market capitalization also increased by 20% to $2.8 billion, with trading volume up 250% in the past 24 hours. As the launch date of FVM approached, a surge in transaction volume indicated investor interest.
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according to AZCoin News