The cryptocurrency Filecoin has accumulated a gains percentage of 65% over the last month in order to reach its highest price. The recent growth was definitely accelerated after a partnership with the oracle protocol of Chainlink on the 6th of August which allowed the projects to unify their grant initiatives.
This, in turn, sped up the development of hybrid smart contracts in order to leverage the code running on the blockchain while the computation of managing data runs off-chain. There were several events that had triggered the all-time-high of $235 of the cryptocurrency on the 1st of April, but it is pretty evident that the movement has eroded completely by now, as the cryptocurrency languishes 67% below its earlier level.
China-based Mining Activity Boosted Investors’ Expectations Of Filecoin
For the uninformed, Filecoin is simply a decentralized cloud-based data storage network that would allow its users to be provided with rewards for the sale of their excess storage on a platform that was usually open-source.n The inbuilt economic incentives have also ensured that the files are stored reliably over time.
The storage capacity of this network went on to surface 2.5 exabytes last February, which brought forth a host of positive remarks from Cameron Winklevoss, the co-founder as well as billionaire investor of the Gemini exchange.
The 17th of March saw Grayscale Investments, the asset manager of digital currency supporting the GBTC Trust, announce the launch of the investment vehicle for Filecoin. On the 25th of March, an ecosystem fund for the cryptocurrency worth $23 million was announced, which was backed by several large Chinese investment groups like SNZ Capital, Fenbushi Capital, and Neo’s EcoFund.
On the 31st of March, Patrick Dai, the founder of Qtum, stated that the protocol was working round the clock to enable the implementation of smart contracts for Filecoin through the network of Qtum.