Filecoin, a decentralized protocol for file sharing, reported massive fundamental growth at its Singapore event held on Monday, 26 September 2022. The blockchain revealed that there has been almost a seven-fold surge in the number of Filecoin data suppliers since the beginning of 2022.
The growth report has given a fillip to Filecoin’s aim of launching the much-anticipated FVM (Filecoin Virtual Machine).
By launching the FVM, Filecoin expects to draw more developers to its ecosystem—helping them create bigger and better dApps. Also, the dApps would require data objects, which are aplenty within Filecoin’s ecosystem, as revealed by the growth report.
Making sense of the growth numbers
Filecoin— a network comprising storage resources—relies heavily on decentralized storage providers. Colin Evran, Co-Lead Protocol Labs (Filecoin’s development lab), mentioned that the number of decentralized storage providers grew by at least 20% over the past nine months. As a result, nearly 7,000 developers are currently BUIDLing on Filecoin.
Juan Benet, the founder of Protocol Labs, said that as of now, nearly 20,000 users are on Filecoin, who use the decentralized storage protocol to store over 50 million objects. The number is expected to increase once the FVM launch makes headway and brings more developers to the mix.
A testnet is also in the works and is expected to go live by 28 November 2022, helping developers test dApps before mainnet deployment. Molly Mackinley, Head of Development at Protocol Labs, said that layer-2 prototypes for scaling Filecoin are already being tested to make the parent ecosystem more scalable than before.