Over 50 million data objects utilized by dapps are reportedly stored by 20,000 individual users on Filecoin.
Before its scheduled big update in early 2023, the decentralized file sharing system Filecoin had a nearly sevenfold increase in data providers since the beginning of 2022.
Colin Evran, co-lead at Filecoin development lab Protocol Labs, claimed the network’s storage providers were growing at a pace of 20% per month, with the majority of activity in North America, Korea, and Hong Kong, during the FIL Singapore event on Monday, which CoinDesk attended. According to Evran, the Filecoin blockchain is presently being used to construct applications by about 7,000 new developers.
A decentralized system for storing data and files, Filecoin (FIL) is a cryptocurrency that enables users to purchase and sell computer storage. When blockchain data is hosted on networks like Filecoin rather than centralized providers like Amazon Web Services, the latter is claimed to offer a fully decentralized environment (AWS).
According to Juan Benet, the creator of Protocol Labs, Filecoin is now being utilized by 20,000 unique users to store more than 50 million data items, all of which are needed to power decentralized applications (dapps). A value or collection of values that aid in the operation of any system is referred to as a “data object” in storage terminology.
Such growth is reportedly occurring before the early 2023 introduction of the Filecoin Virtual Machine (FVM). Developers may build decentralized apps based on the Filecoin network using the FVM software platform, or “virtual computer.”
According to reports, this expansion is taking place prior to the early 2023 launch of the Filecoin Virtual Machine (FVM). Using the FVM software platform, sometimes known as a “virtual computer,” developers may create decentralized programs based on the Filecoin network.
The head of development at Protocol Labs, Molly Mackinley, said that a testnet—a testing blockchain that mimics actual usage—was set to launch on November 28.
After launch, layer 2 prototypes—independent blockchains that run on top of the primary blockchain—would enable a more scalable Filecoin network, according to Mackinley. These prototypes are presently undergoing preliminary testing.
As of Monday morning, FIL had a market value of more than $1.6 billion and had increased nominally by 1.1% over the previous day.
