Altcoins Backed by Bitcoin Billionaire Surge 35% as Crypto Project Updates ‘Groundbreaking’ – The Daily News Paper

An altcoin backed by a pair of famous bitcoin (BTC) billionaires is on the rise as the crypto project gets upgraded rapidly.

New data shows that storage-focused blockchain Filecoin (FIL), which is backed by the Winklevoss twins, has skyrocketed as a groundbreaking update to the protocol looms.

Filecoin climbed from a 24-hour low of $5.40 to $7.77, an increase of nearly 38%. Although the coin has seen significant growth recently, it is still far below its all-time high of $25.98 in March 2022.

According to the project’s official website, the new upgrade of Filecoin, known as the Filecoin Virtual Machine, is a runtime environment for smart contracts built on the Ethereum Virtual Machine (EVM).

It aims to bring user programmability and smart contract capability to altcoins, expanding its potential and utility. The project’s mainnet is expected to go live in the next week or two.

“The EVM Runtime of the Filecoin Virtual Machine (FEVM) is coming in February 2023, and will be one of the most important updates ever to the Filecoin network.

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 many of the EVM-compatible developer tools that Web3 builders know. are and like. ,

The Winklevoss twins first invested in Filecoin in 2017 through their venture capital firm. He became the co-founder of the crypto exchange platform Gemini.

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