Altcoin backed by Bitcoin billionaires surges 35% as crypto project’s ‘groundbreaking’ update nears
An altcoin backed by a pair of well-known Bitcoin (BTC) billionaires is surging as the crypto project’s upgrade fast approaches.
New data reveals that storage-focused blockchain Filecoin (FIL), backed by the Winklevoss twins, is soaring as the protocol’s groundbreaking update looms.
Filecoin climbed from a 24-hour low of $5.40 to $7.77, an increase of around 38%. Although the token has seen significant growth recently, it is still much lower than its all-time high of $25.98 set in March 2022.
Filecoin’s new upgrade, known as the Filecoin Virtual Machine, is a smart contract runtime environment built on the Ethereum Virtual Machine (EVM), according to the project’s official website.
The goal is to bring user programmability and smart contract capability to altcoins, greatly expanding its potential and utility. The project’s mainnet is expected to go live in the next week or two.
“The Filecoin Virtual Machines EVM runtime (FEVM) is coming in February 2023, and it will be one of the most groundbreaking 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 first invested in Filecoin in 2017 through their venture capital firm. They went on to found the crypto exchange platform Gemini.
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