Ethereum Rival Explodes 26% Ahead of New Network Upgrade

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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!”

Source: Filecoin/Twitter

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.

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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



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