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Filecoin Launches Smart Contract on March 23, FIL Token Soars by Over 30%

On March 23rd, the Filecoin project confirmed the launch of its smart contract, which is expected to help the Filecoin protocol become a fully functional blockchain layer 1.

Filecoin allows users to rent and provide storage space on the network, providing anyone the ability to join and create a massive data storage resource. With over 3,800 storage service providers and a capacity of over 18 EiB, Filecoin is currently the world’s largest decentralized storage network.

However, Filecoin’s goal is to create a reliable alternative to centralized cloud services. To achieve this, Filecoin requires a large-scale internet infrastructure and a complete data service. In blockchain networks like Bitcoin and Ethereum, miners require high algorithmic power to issue new blocks. Instead of using the consensus mechanisms Proof-of-Work (PoW) or Proof-of-Stake (PoS), Filecoin has a unique mechanism called Proof-of-Replication.

Filecoin miners must provide content, storage, and block creation. In this way, miners collaborate on the storage system to serve the transaction process for end-users. In return, they receive rewards in Filecoin tokens.

Currently, 3,785 miners are active on the Filecoin network, storing 18.767 EiB and staking 134,023,969 FIL. Before the layer 1 deployment, Filecoin is growing and expanding. Many developers and users believe that Filecoin’s encryption mechanism will help other networks save data storage costs and optimize scaling capabilities. Through services like NFT.Storage, Filecoin supports the storage of NFTs, game content, and videos. When working with other layer 1 or layer 2 chains, Filecoin can provide services for decentralized finance (DeFi) applications on those chains.

FIL / USDT 1 hour chart on Binance | Source: TradingView

The price of FIL has increased by over 30% in the past 24 hours and is currently trading at $7.23. Notably, FIL has risen over 50% in the past week. The market capitalization has increased by 20% to $2.8 billion, and the trading volume has increased by 250% in the past 24 hours. The sharp increase in trading volume indicates the investor’s interest as the launch date of FVM approaches.

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