- Around 20,000 users have been reportedly using Filecoin to store 50 million data objects used by dApps.
- Filecoin is already seeing more users being onboarded ahead of its upgrade in 2023
- Filecoin is peer-to-peer crypto used to incentivize users who rent out their computer or memory storage.
The File storing platform saw a sevenfold increase in data suppliers since the beginning of 2022. The project is currently working on its anticipated upgrade in 2023.
Filecoin is built on IPFS – Interplanetary File System (IPFS) a distributed file storage protocol.
At the FIL Singapore event, Colin Evran, co-lead at Filecoin development lab Protocol Labs said that the network has seen a monthly 20% increase in user activity and more than 7000 developers are building dApps on FIL. Evran also mentioned that most of the user activity is coming from North America, Korea and Hong Kong.
#FilSingapore is off to a great start! 🚀
“Decentralized filesharing protocol Filecoin saw a nearly sevenfold growth of data suppliers since the start of 2022, ahead of plans for a major upgrade in early 2023.”
Read more👇 https://t.co/nfyZA1TiDw
— Filecoin (@Filecoin) September 26, 2022
Some crypto analysts have raised concerns about its sustainability as a project.
The founder of Filecoin Juan Benet mentioned that over 20,000 users have been using Filecoin to store 50 million of data used by dApps. These statistics come much ahead of the FVM upgrade – Filecoin Virtual Machine – a system that will allow developers to build dApps on Filecoin.
Molly Mackinley, Protocol Labs head of development said, “A testnet, or a testing blockchain that mimics real-world usage, was due for a November 28 launch.”
The prototypes for layer 2 or individual blockchains that run atop the main blockchain were already in its initial testing phases and would help scale Filecoin in its next phase, Mackinley added.
A close look at the Filecoin FVM upgrade
According to Filecoin’s official website, FIL’s v16 Skyr upgrade introduced the milestone of an FVM. This upgrade transformed the project from just a decentralized storing platform on blockchain to preparing Filecoin to become both a storage and computation layer. The v16 Skyr upgrade was successfully completed on July 6, 2022.
The FVM team is working on building the FVM: FEVM – which will bring EVM smart contract deployments to the Filecoin network. This will enable users and developers to connect to the World computer – Ethereum blockchain.
FVM’s team has bookmarked full compatibility with existing EVM tools such as Hardhat, Foundry, Remix, Truffle and MetaMask to incorporate in their FVM upgrade plans to help Ethereum native developers to build dApps on Filecoin seamlessly post the FVM launch.
A close look at the Filecoin Tokennomics
At the time of writing the market cap of FIL is $1.64B. According to the team of Filecoin, the project is meant to be a ‘market for data’ which is exactly how the token’s economic model should be. As per the team, FIL will have five stakeholders: developers, clients, miners, token holders, and ecosystem partners.
How is Filecoin’s network secured?
Filecoin’s network is secured on two consensuses mainly: proof-of-replication and proof-of-spacetime. In the network, retriever miners are competing with each other to serve the clients with data. Whoever is able to act fast gets to serve the client and receives FIL tokens as rewards. (Source: Coinmarketcap)
Additional Reading: What is Filecoin (FIL) | How it works, & How to Store Filecoin