Filecoin Sees a Surge as it Competes With Established Players

Filecoin, a digital asset that provides utility through cloud computing services, has recently attracted green candles with its data storage services and privacy advantages provided by this innovative technology.

On the Grayscale official X page, the previous release of Filecoin challenged other dominant titans in the industry, like AWS Cloud and Google Cloud, in storage services backed up by blockchain and AI security.

“Grayscale’s recent report reveals that Filecoin is disrupting the digital storage industry by challenging established players like AWS Cloud and Google Cloud — a significant stride in democratizing data storage, enhancing privacy, and fostering innovation,” Filecoin said on X (formerly Twitter).

This has been seen by recent developers in the crypto sector opting for Filecoin and ignoring traditional players like Amazon Web Services (AWS). This significant stride has been enabled by the discovery of Oracles, which act as a bridge linking decentralized applications with real-world data.

Filecoin’s recent acquisition of the “Airbnb for Data” title from crypto pundits has been noted to have several advantages for users of the technology due to the following reasons:

• Affordability of its data storage infrastructure as compared to traditional storage competitors dominating the market.
• More accessibility, as anyone can access the services, is not limited to big companies in the technology sector.
• More security is backed up by the safety and privacy of blockchain technology.

Recent data breaches and phishing attacks on big companies have risen, creating a gap between Filecoin and its safer decentralized storage infrastructure.

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Filecoin Dragon mainnet upgrade

Filecoin has been noted after a recent announcement of a mainnet Dragon upgrade scheduled for April 24, 2024. This improvement will see FIL functionality and performance magnification increase amid the influx of use cases for this technology.

This will see a move from the current cron-based Automatic Deal Settlement, FIP0074, to Drand Network FIP0063. The upgrade will include FIP0076, an additional upgrade bringing direct data onboarding into the network, and FIP0083, entailing an additional inclusion for miners, verified registered, and market players.

With a successful Calibnet upgrade seen on March 11, 2024, the Feature Improvement Proposals FIPs deadline for the Dragon upgrade was successfully executed on January 15, 2024, which saw discussions and finalization of all improvement ideas for this upgrade. A code freeze date followed on February 1, 2024, when all code changes were finalized and locked amid the upgrade.

Filcoin (FIL) Price Today

Filecoin is currently trading at $5.79, down by 3.52% in the last 24 hours. Ranked 31st and holding an active trading volume of $220,937,182 ($220.9 million) according to Coinstats data, there are bullish sentiments that the cloud-computing asset might provide value to its holders.

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