Crypto News: Filecoin price forecast after the strongest weekly gain of the top 100 coins

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Filecoin was already able to enter this year Price increase of 150.61% list, where it is in Annual high even 165.31% were. Currently, the P2P data storage cryptocurrency is ranking up 26th place among the largest cryptocurrencies on Coinmarketcap. Filecoin even ranks first in the storage, distributed computing and file sharing sectors. Because of its merits, the project has also attracted some venture capitalists and other institutional investors. But also recently some groundbreaking changes in the decentralized cloud network. What has been driving the course lately, what exactly it is about and what the perspective is, is what this post should cover.

What is Filecoin and what are the uses of the cryptocurrency?

Filecoin is a decentralized cloud systemwhich as a kind global data store acts. Therefore, it is not controlled by an individual like Amazon or Google, but by a community.

It should Solve problems of central data storage. Filecoin is intended to eliminate the inefficient storage and querying of data. Various tools and the IPFS are made available to users for this purpose. In addition, through Filecoin, users also receive the control over their own data.

The project aims to most important information of mankind stored become. Their storage locations and data should also be protected so that they easily retrievable and difficult to censor are. This is achieved by scattering the data.

Filecoin was started as one of the most successful ICOs in historywith a financing amount of $205.8 million. It is developed, among others, by the American computer scientist Juan Benet, who also Interplanetary File System (IPFS) created. Originally, however, Filecoin was only created as a Incentive layer for the IPFS developed.

The native Cryptocurrency $FIL is used for various purposes within the network. On the one hand, they pay the customers for the storage options and on the other hand they have to Provide miners as collateralso that an obligation and therefore also a guarantee of the services is achieved.

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What caused Filecoin to soar?

Filecoin has been able to get through in the past some positive developments convince. Some of the recent ones that should not be overlooked are now presented below:

Data visualization through Boost Monitoring

Filecoin data visualization through Boost Monitoring

Booster’s data visualization aims to Storage providers better management options required become. In doing so, it transmits real-time data with the help of preconfigured tools. Since implementation in mid-June 2022, the Use of the software has increased significantly. This increases user-friendliness and makes it easier to convince new users.

FVM (Filecoin Virtual Machine) – Smart Contract Platform

Filecoin will on March 23 also smart contracts and user programmability support, making the utility of the coin complete Layer-1 should increase again.

The so-called FVM (Filecoin Virtual Machine) was also one of the main reasons for the bullish trend of the cryptocurrency. It is also interesting that the FVM also Compatible with the EVM (Ethereum Virtual Machine). is. But they should also additional VMs (Virtual Machines) supported so that Filecoin can also offer other networks great benefits.

With the help of Smart Contracts, the decentralized data storage facility could also undergoing greater mainstream adoption. Before its introduction will also be a FVM countdown event held which exclusive content, includes a developer presentation, happy hour, and more.

In doing so, the FVM should also, among other things DataDAOs can store large amounts of datawhich for the curation, management, use and distribution of useful data are important. FVM is said to be outstanding for their data related solution and services.

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Filecoin CDN (Content Delivery Network) Saturn

In addition, the filecoin reaches Saturn CDN 1,000+ nodes around the world. These services are used by website providers so that their Data can be quickly accessed by all customers around the world, thus reducing latency. The CDN providers, on the other hand, can use the website Create your own node and start mining in 5 minutesearning the Filecoin for doing so.

Filecoin Annual Report

In addition, Filecoin’s Annual Report was published. Currently, the P2P cloud network is coming up 18.7 EiB (18.7 exabytes is more than 20,752,587 terabytes) of 3,787 disk space miners. The P2P cloud network is being developed by more than 530 organizations and 12,900 developers on GitHub, which total published over 2,950 new projects on the ecosystem have.

In the future, however, Filecoin expand tenfold. This is about it now largest decentralized storage network in the world. Filecoin also offers Advantages for other Layer 1 blockchains indicate which ones are attractive to them.

Should also in the future add more services. These are among others programmable memory via smart contracts, data recovery and data computation. Other use cases should then also become possible, such as in connection with Web3, DeFi, DataDAOs, NFTs, gaming and more.

Decentralized data storage soon in space

The Interplanetary File System should now also be stationed in space become. According to an official announcement, this already is for the current year with the help of Lockheed Martin’s LM 400 Technology Demonstrator spacecraft planned. This will researched use cases for decentralized cloud solutions in space for the first time. In this context, the Communication from space to earth used for the decentralized network.

Storage and retrieval services are in greater demand on Filecoin

According to the data from the cryptanalysis service Messari became more storage users and storage providers recorded. One could Growth of 117% qoq and 1,798% year over year be reached.

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What speaks for a bearish scenario of Filecoin?

During the past week, the Transaction fees have fallen sharply. This could discourage new validators from joining the network.

In addition, also found a Decrease in developer activity taking place, although more developers are actively working on the project again. Nevertheless, were fewer commits made. This in turn tends to indicate fewer publications.

However, another negative aspect about Filecoin is that the The company behind the project, Protocol Labs, was recently forced to lay off 21% of its employees. According to the team, the reasons for this lie in the extreme economic challenges. The information was announced by the CEO Juan Benet, who reported this in a blog.

Filecoin analysis and price forecast 2023

Filecoin analysis and price forecast 2023

Due to the unique focus and the massive progress and growth of the network, the project a positive development can also be expected in the coming years. However, the course of the cryptocurrency could also remains under pressure during the bear market devices. The next price targets for a bullish scenarios lie at $8.366, $9.492 and $11.359. Below are the next ones Resistances at $6.570, $5.809 and $5.087.

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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de and Coincierge, among others.



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