Filecoin


                    
                    The Deputy of Indonesia’s Ministry of Tourism and Creative Economy explains how NFTs and cryptocurrency can help solve social and economic challenges within Indonesia. 
                    One of the primary benefits of blockchain technology is the ability to record and capture information in a permanent, tamper-proof record. Once data is on a blockchain network, it cannot be altered, making it an ideal solution for record-keeping. Tokenized assets, such as nonfungible tokens (NFTs), can also be placed on a blockchain. This can verify ownership while demonstrating that certain events occurred at particular times. For example, the Meta History Museum tokenized data from the war in Ukraine in May 2022, placing the information on a blockchain network to preserve records of the war. Ensuring that specific events take place is also becoming more important than ever due to the rise of artificial intelligence (AI) and its ability to generate deep fakes, along with historical images that may appear realistic. NFTs for preserving cultural heritagePreserving information using decentralized technologies is gaining traction. For instance, Muhammad Neil El Himam, deputy chairman for digital economy and creative products in Indonesia’s Ministry of Tourism and Creative Economy, told Cointelegraph that he recently formed a partnership with Quantum Temple — a privacy company using NFTs for preservation — to help maintain the country’s cultural heritage. Himam explained that NFTs could ensure that heritage can be preserved and created without limits: “I believe that NFTs can contribute to preserving Indonesia’s cultural heritage while enhancing virtual tourism. NFTs may also be a medium in ushering in the next billion users into the crypto space, especially if the NFT elements of the cultural heritage are well-known and appreciated.”Linda Adami, CEO of Quantum Temple, told Cointelegraph that her firm developed a multichain NFT marketplace to bring cultural heritage and tourism to the Ethereum and Algorand blockchain networks. Adami explained that the platform is working closely with Indonesia’s Ministry of Tourism and Creative Economy to tokenize tangible and intangible cultural heritage as unique digital assets.Recent: The secret of pitching to male VCs: Female crypto founders blast off“Digital representations include traditional ceremonies, craftsmanship, and knowledge of nature and our universe, but also musical and oral expressions, dances and pilgrimages. By tokenizing cultural heritage, three critical areas of value are created: immutable archives of culture, transparent alternative income streams through royalties, verified provenance and recognition for cultural creators,” she stated.On March 21, 2023, Quantum Temple launched its “Paths to Alangö” NFT collection at L’Atelier des Lumières in Paris, France, during Paris Blockchain Week. “The collection includes 11 unique NFTs that represent different aspects of Balinese cultural heritage, such as dances, temples, landscapes and philosophy. The NFTs are created by local artists and cultural heritage experts,” Adami said. NFT artwork displaying a Galungan celebration at Penglipuran Village in Bali, Indonesia. Source: Quantum TempleAdami said that technological innovations such as blockchain could play a significant role in addressing key challenges within a country’s cultural sector. “Authenticity and quality are fundamental to cultural heritage’s tangible and intangible value. Blockchain can be used to create an immutable and invaluable record that recognizes authorship and guarantees the authenticity and provenance of creative assets,” Adami remarked. Harry Halpin, CEO and co-founder of decentralized privacy platform Nym, told Cointelegraph that documenting things like cultural artifacts is becoming critical to prevent manipulation. According to Halpin, blockchain technology is one of the best ways to ensure this, noting that Nym has been working with the decentralized storage provider Filecoin to document war crimes on its blockchain network. With this potential in mind, Himam believes that it is highly likely other regions will incorporate blockchain elements in the future. “Indonesia is just one example of many developing countries that have begun to explore the potential of these technologies,” he said. Challenges remainWhile tokenized digital assets could be a solution for preserving important information, regulatory and technical challenges may hamper adoption. For instance, while Himam is bullish on blockchain technology, he noted that regulatory uncertainty within the region might create friction. Himam said that Indonesia’s Commodity Futures Trading Regulatory Agency controls how blockchain technology is applied domestically. “Crypto assets are categorized as a commodity that can be used as the subject of futures contracts traded on an exchange,” he said. However, he added that as Indonesia begins to implement more blockchain use cases, the government will start to establish clear regulations and policies on how decentralized technologies could be applied. It’s also notable that Indonesia’s national crypto exchange is scheduled to be completed in June 2023. According to Himam, Indonesia is showing clear interest in cryptocurrency adoption. “The country has created regulations around cryptocurrencies and is encouraging their use,” he said. Recent: Adoption and nerves — Crypto pumps amid banking crisisHowever, Indonesia’s technical infrastructure could create challenges for projects using decentralized networks. Himam pointed out that blockchain-based technologies require specialized infrastructure, such as digital wallets, which may not be widely available in certain areas in Indonesia. This, coupled with the fact that most Web3 projects require skilled professionals, could result in slow regional innovation. Despite the challenges, Quantum Temple’s Adami believes that Asian institutions may be the furthest along in understanding blockchain-based use cases. “The Indonesian Ministry of Tourism and Creative Economy leadership understands how NFTs could offer a new funding model for the cultural and creative sector while also protecting the intellectual property rights of artists,” she remarked. 

Indonesian government looks to NFTs to preserve cultural heritage

Narratives and hype dominate bull market cycles. Fundamentals and revenue generation dominate bear market cycles. Projects with solid fundamentals will be the best performers in 2023, rally hard before the meme coins and more speculative investments become popular again. Crypto analysts have selected Polkadot (DOT), Filecoin (FIL), and Uwerx (WERX) as the best utility tokens […]

Best Utility Tokens Going Into Q3 2023: Uwerx (WERX), PolkaDot (DOT), Filecoin (FIL)


                    
                    Future growth in blockchain gaming, NFTs and the need for more decentralized storage could eventually benefit FIL and AR price. 
                    With the rise of Ordinals on Bitcoin (BTC) sparking debate over how users should store their NFTs and blockchain gaming projects searching for cheaper, secure ways to store data, it’s time to revisit the discussion surrounding decentralized storage coins.Decentralized storage protocols Filecoin (FIL) and Arweave (AR) show similar price action, leaving investors with a decision between the underdog showing signs of increased adoption by NFT users and blockchain gaming projects and the clear leader in market cap and adoption.The total market capitalization of the entire digital storage cryptocurrency landscape today is $4.87 billion, according to data from CoinMarketCap, and each protocol provides something different. The two largest projects in the space by market cap that specifically addresses storage needs for NFTs and blockchain gaming are Filecoin and Arweave. Filecoin is currently the top-ranked project in the sector. It ranks 27th on CoinMarketCap by total market cap, but Arweave has significant on-chain activity and fundamental news that deserves attention.The primary difference between the projects is their focus. Arweave is focused on long-term data storage with a one-time payment model, while Filecoin is more focused on incentivizing large-scale storage, especially for private data, and uses a tiered payment model based on storage time and space requests.Filecoin has recently announced it would launch smart contracts, solidifying its new position as a layer-1 platform. This development has led to speculation on Filecoin’s future success in deploying Web3 offerings with real-world services like computing and storage, supported by Filecoin’s open marketplace for decentralized storage. Given the current volatile crypto and macro climate, Filecoin revenue is notable at $2.53 million per month (up 238 over 30 days). Over the same period, fees are up 33% ($2.99 million), indicating strong demand for the platform. The market cap of FIL is at $2.76B, up 14% in the same period. Didn't know that $FIL had $2.5m revenue per month, not shown on DefiLlama pic.twitter.com/jhVyTRNjTQ— Nagato (@NagatoDharma) March 12, 2023

Filecoin has a maximum supply of 2 billion tokens and a circulating supply of around 403 million. Of the total supply, 70% is dedicated to mining rewards, which increase with network adoption. The rate at which new tokens are created decreases over time as the network matures.By comparison, Arweave has a much smaller market cap of about $441 million, reflecting a 30% drop over the last 30 days. However, its maximum supply (66 million) compared to total circulating tokens (~50 million) could be more attractive to investors worried about inflation. In addition, AR’s price has been significantly depressed since its all-time high in late 2022. Arweave (AR) compared to Filecoin (FIL) by Total Market Cap. Source: CoinMarketCap.Arweave is an underdog in price and adoption, but it would be prudent to note the protocol’s rise in popularity due to its unique differentiator as a permanent storage solution for public data. That could be a clear advantage over competitors when providing infrastructure for the Metaverse. Meta already utilizes Arweave to permanently store digital collectibles from Instagram. Despite a significant drawdown in Metaverse and blockchain gaming projects, transactions on Arweave reached a monthly ATH in February (+20% MoM). Last month: Another all time high for Arweave transaction counts (+20% MoM).Tomorrow: Arweave 2.6 activates bringing greener and more accessible mining, as well as self-optimizing storage markets.The permaweb is humming. pic.twitter.com/BmYszqfux0—  sam.arweave.dev (@samecwilliams) March 5, 2023

The increase in transactions may be associated with the upcoming release of Arweave 2.6, which aims to lower storage costs and increase energy efficiency for miners while improving the protocol’s ESG standing.However, Arweave founder Sam Williams postulates that the bulk of transactions is thanks to Bundlr, which claims to increase transactions on Arweave by 4,000% without sacrificing security and at “~3000x faster” upload speed. Bundlr accounts for over 90% of data uploaded to Arweave. Arweave’s price is down ~90% from its ATH, despite record-high transactions and its partnerships with Meta and the Solana (SOL) blockchain. That is less of a difference than Filecoin, a name down nearly 100% from its ATH.Meanwhile, Arweave’s “Weave” (a blockchain-like structure) size has grown 135% YoY (134 TB). A recent report by Messari estimates 25% of the Weave is related to NFTs, while 72% is Web3 related. The report also mentions that Decentralized Social (DeSoc) projects like Lens Protocol use Arweave as the preferred decentralized storage platform.On the flip side, Meta also recently announced it would be “winding down digital collectibles (NFTs),” which may cast a shadow on Arweave’s growth potential. In addition, Arweave’s storage growth is shadowed by Filecoin’s 1,390% (687,900 TB) increase over the same period. It is also worth considering how recent news of Amazon’s upcoming NFT marketplace could impact the storage coin market. Arweave may get the most immediate impact thanks to its partnership with Avalanche (AVAX), considering the L-1 blockchain partnered with Amazon last year. While there’s no clear news from the company on whether they will use Amazon Web Services (AWS) or the InterPlanetary File System (IPFS) used by Filecoin, Arweave, and several other decentralized storage solutions, the increased awareness of NFTs via Amazon may ultimately channel users and capital into the system. Amazon’s NFT campaign will likely lead to more traffic on the leading NFT marketplace, OpenSea, which utilizes IPFS and Arweave for metadata storage. If we look at the numbers: Yes.Amazon has more than 310 million active customers worldwide. If only 1% of them show interest in the new digital marketplace, our space will grow x-fold overnight.(4/16) pic.twitter.com/JbB9o7vxpR— wale.swoosh  (@waleswoosh) March 7, 2023

The NFT market also shows signs of resilience, with $2 billion in trading volume in February, up 117% from the previous month, and the industry’s total value locked (TVL) climbing by over 7% ($81 billion). Blockchain gaming remained the dominant sector and a space hungry for decentralized storage (45% of DApp industry activity), despite a 12.33% decrease in on-chain gaming activity. With the number of funding deals jumping 90% in February, it’s clear that there remains a strong interest in blockchain gaming in the long term, and that will bode well for storage coins that position themselves to aid that sector.While the rise of blockchain gaming may boost storage coins like Filecoin and Arweave, it's important to carefully analyze each project's fundamental news, security, and adoption trends before making investment decisions. Filecoin appears to be the stronger choice with its greater adoption, but Arweave’s steady rise in usage in growing Web3 narratives remains an interesting trend to keep an eye on.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


NFTs, gaming and storage: The key to Filecoin and Arweave accruing value?

The post Filecoin (FIL), Orbeon Protocol (ORBN), And XRP (XRP) – Cryptos Predicted To Surge In 2023 appeared first on Coinpedia Fintech News
With so many crypto prices booming after the recent fall of Silicon Valley and Signature Banks, many investors are finding it difficult to choose one to add to their portfolio. Today, we will discuss three cryptos – Filecoin (FIL), Orbeon Protocol (ORBN), and XRP (XRP).  These tokens have been the talk of the crypto town …

Filecoin (FIL), Orbeon Protocol (ORBN), And XRP (XRP) – Cryptos Predicted To Surge In 2023

FIP0056 is a proposal aiming to address some of the broader challenges facing the Filecoin network.  At press time, Filecoin’s network performance seemed fine and FIL’s price action remained bullish.  Filecoin [FIL] is about to make another major network upgrade if the proposal gets a ‘yes’ from the community. As per the announcement, Filecoin’s latest […]

Filecoin can release its next major upgrade if this FIP gets approved

Join #Consensus2023, the most important conversation in crypto and Web3, happening April 26-28 in Austin, Texas. Tickets on sale now: https://bit.ly/3XXIq17


The Filecoin Virtual Machine (FVM) network upgrade went live last week, introducing smart contracts and enabling developers to design dapps on Filecoin, a decentralized file storage network. Molly Mackinlay, Head of Engineering at Protocol Labs, the company behind Filecoin, discusses what FVM brings to the Filecoin community and the broader crypto ecosystem. Plus, insights into Filecoin's space and AI projects.

Protocol Labs Exec on Future of Filecoin

The post Filecoin And Arweave Engage In An Upgrade Battle While TMS Network Blasts Past All Competitors appeared first on Coinpedia Fintech News
Fierce competition has erupted among cryptocurrencies. Two similar projects – Filecoin (FIL) and Arweave (AR) – have recently launched new upgrades to outrun each other. Meanwhile, TMS Network (TMSN) has shattered all records with its presale growth. TMS Network (TMSN) has recorded a growth rate of 900%, and has already raised over $3 million in …

Filecoin And Arweave Engage In An Upgrade Battle While TMS Network Blasts Past All Competitors

HedgeUp (HDUP) has surpassed all expectations since the beginning of its presale by bringing a new approach to how investments are handled.

Bitcoin (BTC) Struggles to Reach $30,000 level, while Filecoin (FIL) and HedgeUp (HDUP) See Huge Gains

HedgeUp (HDUP) is a revolutionary investment platform revolutionizing the alternative investment industry.

World Domination Is on The Cards for HedgeUp (HDUP) as Presale Increases 30% Overnight. Filecoin (FIL) and Solana (SOL) Investors Start to Diversify

Filecoin has launched its Filecoin Virtual Machine. The FVM has led to increased FIL trading in the last 24 hours.  To provide an execution environment for running the Ethereum [ETH] Virtual Machine (EVM)-compatible smart contracts on its network, leading decentralized storage network Filecoin [FIL] finally launched its Filecoin Virtual Machine [FVM] on the mainnet on […]

FIL sees increased interest as Filecoin launches virtual machine, details inside

On Tuesday, March 14, the decentralized storage platform Filecoin announced the launch of the Filecoin Virtual Machine (FVM) on the mainnet blockchain. The launch of FVM will add smart contracts and user programmability to the Filecoin blockchain. The excitement of FVM arrival has already boosted the trading activity for the Fielcoin (FIL) crypto. In the 
The post Filecoin Virtual Machine Goes Live With Smart Contracts, FIL Shoots 11% appeared first on CoinGape.

Filecoin Virtual Machine Goes Live With Smart Contracts, FIL Shoots 11%

Bitcoin is back above 26k after the latest CPI, Meta is stopping their NFT's on instagram and Binance brings credit card to columbia. Filecoin, Kava and Myria are looking ready to pump in the next bull run!

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1:11 Meta to Stop Instagram NFTS
2:20 Binance halts GBP in UK
4:03 Filecoin launches FVM
4:43 Wanchain partners with Telos 
5:40 Kava network is being deployed on Uniswap!
6:37 Myria Token coming soon
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These 3 Altcoins Might Mint New Crypto Millionaires!!! Major Filecoin FIL | Myria Kava News!

Filecoin miners will be able to generate accounting reports needed to pass their public company accounting oversight board (PCAOB) financial audits.

Accounting Platform Cryptio Partners With Protocol Labs to Help Filecoin Miners Go Public

FIL was lately trading at $7.22 ahead of an upgrade that will introduce several new features to the Filecoin network.

FIL Jumps 14% as Traders Await Filecoin Virtual Machine Upgrade

The Filecoin (FIL) price has possibly completed a short-term correction that can lead to a long-term upward movement.
The post Filecoin (FIL) Price Must Clear This Key Level to Resume Uptrend appeared first on BeInCrypto.

Filecoin (FIL) Price Must Clear This Key Level to Resume Uptrend

A day to the FVM launch, and Filecoin is already pulling weight. The upcoming Filecoin Virtual Machine (FVM) launch is sparking more traction in the Filecoin network as FIL soars nearly 30% a day before launch. According to the Filecoin development team, the FVM would go live on epoch 2,683,348 of the Filecoin mainnet at 15:14 UTC on March 14. Related Reading: Bitcoin Bulls Gain Strength, But Is The Fed Really Forced To Pivot? Notably, FVM already has Binance’s support. According to the official announcement today, Binance will support Filecoin’s network upgrade known as Network v18 Hygge. The crypto exchange will momentarily halt FIL withdrawals and deposits on its platform at 14:30 UTC on March 14. Filecoin (FIL) Price Surges Amid Heightened Anticipation For The FVM Launch Over the past weeks, FIL has been basking in the hype around the FVM launch with impressive performance. Without the past week’s market-wide bearish trend, FIL would have sustained most of its February and January price gains.  FIL observed a 12.9% price decline over the past two weeks. However, data from Tradingview shows that FIL has recovered most of its past weeks’ gains. The coin has rallied 30.14% over the past month and a 3.24% price gain in a week. Notably, Filecoin users remained bullish about the coin in anticipation of the FVM upgrade. Data shows that FIL has recorded an over 228% surge in trading volume amid the heightened expectation of the network upgrade. Besides that, the FIL price rallied 28.49% over the past day while trading at $6.354 at press time. The community’s sentiment towards the upcoming launch is evident in the number of viewers and attendees of the Countdown to FVM event on March 10. According to a tweet from Filecoin’s official handle, over 50,000 viewers and 300+ attendees were keyed into the event.  Also, data from Defillama shows that Filcoin’s total value locked (TVL) has increased by 19.97%. As of March 12, the TVL stood at $1,850,223, but today March 13, it rose to $2,219,792.  Features Of The FVM Upgrade The Filecoin Virtual Machine is a runtime environment where developers can deploy smart contracts on the Network. Like the Ethereum Virtual Machine (EVM), FVM would scale the FIL blockchain’s programmability releasing the potential of an open data economy. Related Reading: Cardano (ADA) Price Rally Reaches Crucial Juncture, $0.35 Is The Key The FVM will transform Filecoin into a fully developed layer-1 blockchain. FVM will be compatible with EVM, enabling FIL to support multiple virtual machines after the upgrade. Since Filecoin is a decentralized data storage system, deploying the FVM will enable more people to create and gain value from data. FVM would allow the developers to build applications, marketplaces, and decentralized organizations on the Filecoin network. It would also reduce gas fees, scale transaction speed, and bolster DeFi adaptation on Filecoin. These features have increased the community’s anticipation for the FVM launch, supporting the FIL token price rally. The current rise in trading volume suggests either more people have already started Filecoin transactions or existing users increased their activities while awaiting tomorrow’s launch. Featured image from Pexels and chart from Tradingview.com

Filecoin Price Spikes As FVM Launch Nears, Will It Rally Higher?

A top Ethereum (ETH) rival is rallying out of a dip ahead of a highly anticipated network upgrade launching tomorrow. Peer-to-peer decentralized storage network Filecoin (FIL) is worth $6.22 at time of writing, up 27.5% in the last 24 hours. Last month, Filecoin announced the launch date of a major network upgrade called the Filecoin Virtual […]
The post Ethereum Rival Explodes 26% Ahead of New Network Upgrade appeared first on The Daily Hodl.

Ethereum Rival Explodes 26% Ahead of New Network Upgrade

FIL was up 22% in the 24-hour period at the time of writing The much-awaited FVM launch was slated for 14 March Filecoin [FIL], at the time of writing, was one of the crypto-market’s top performers after it jumped by 22% in a 24-hour period. That wasn’t all either, however, as its trading volume also […]

22% in 24 hours – What FIL’s gains tell us about the excitement around FVM mainnet

The price of filecoin (FIL) is currently displaying bullish signs as it strives to maintain its position above a crucial support level.  At press time, filecoin (FIL) is trading at $5.91, with a 24-hour trading volume of $574,478,856, reflecting a…

Filecoin is up 18% prior to network upgrade

Filecoin price skyrocketed 25% on Monday ahead of the Filecoin Virtual Machine (FVM) launch. The FVM will be deployed on the Filecoin mainnet at epoch 2,683,348, estimated at 15:14 UTC on March 14. According to an official announcement on March 13, crypto exchange Binance will support the Filecoin network upgrade termed “Network v18 Hygge”. The 
The post Filecoin Price Skyrockets 25% On FVM Launch, Binance Announces Support appeared first on CoinGape.

Filecoin Price Skyrockets 25% On FVM Launch, Binance Announces Support

The post Filecoin (FIL) Announces FEVM while Arweave (AR) Is at A Decline and TMS Network (TMSN) Passed Stage 1 Of Its Presale appeared first on Coinpedia Fintech News
Staying in the loop about the latest and greatest blockchain-based projects is essential for any serious cryptocurrency trader and investor aiming to make a solid portfolio filled with high-growth potential altcoins. Recently, Filecoin (FIL), Arweave (AR), and TMS Network (TMSN) have all been a point of discussion for a lot of them. However, each cryptocurrency …