A sevenfold increase in data providers has been seen in the decentralized file-sharing protocol, Filecoin, since the beginning of 2022, due to its plans for a major upgrade which will take place in early 2023.
Network storage providers have been growing at a rate of 20% each month, with the most activity occurring in North America, Korea and Hong Kong. In addition, around 7,000 new developers are at the moment creating applications on the Filecoin blockchain.
Filecoin (FIL) is a cryptocurrency that allows users to buy and sell computer storage space in a decentralized data and file storage system, which helps support a truly decentralized ecosystem where the blockchain data itself is stored on networks like Filecoin, rather than centralized providers like Amazon Web Services (AWS).
20,000 users
Protocol Labs founder Juan Benet said that around 20,000 users are currently using Filecoin and storing over 50 million data objects, which are used to run decentralized applications (dapps).
This growth comes ahead of the release of the Filecoin Virtual Machine (FVM), which is expected to be released in early 2023. FVM is a software platform or “virtual computer” that will be used by developers to create decentralized applications based on the Filecoin network.
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