Crypto Project’s ‘Groundbreaking’ Update Boosts altcoin By 35%

The price of an altcoin backed by two well-known Bitcoin (BTC) billionaires is going up quickly as the crypto project’s upgrade gets closer.

New data shows that the storage-focused blockchain Filecoin (FIL), which is backed by the Winklevoss twins, is skyrocketing as the protocol’s groundbreaking update gets closer.

From its 24-hour low of $5.40 to its high of $7.77, Filecoin went up by about 38%. Even though the token has grown a lot in recent months, it is still a long way below its all-time high of $25.98, which was set in March 2022.

The official website for the project says that the new Filecoin upgrade is a runtime environment for smart contracts built on the Ethereum Virtual Machine (EVM). This is called the Filecoin Virtual Machine.

Its goal is to add user-programmability and smart contracts to the altcoin, which will make it much more useful and increase its potential. The mainnet for the project should go live in the next week or two.

“The Filecoin Virtual Machine’s EVM runtime (FEVM) is coming in February 2023, and it will be one of the most ground-breaking updates to the Filecoin network ever.

For the first time, developers will be able to deploy user-defined smart contracts on top of Filecoin’s blockchain and storage network, with the ability to write them in Solidity and deploy them using the many EVM-compatible developer tools that Web3 builders know and love.”

The Winklevoss twins’ venture capital company made its first investment in Filecoin in 2017. They went on to start Gemini, a platform for exchanging cryptocurrency.

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