aled its latest accomplishment on Monday. In his speech, the co-lead at Protocol Labs, Filecoin development lab, Colin Evran, commented on the protocol’s storage providers.

Evran noted that providers increase gets up to 20% every month. Also, he highlighted that most of the activities are in Hong Kong, Korea, and North America. Finally, the co-lead noted that new developers creating applications on the FIL network are up to 7,000.

Filecoin operates with its native token, FIL, as a crypto asset that allows the buying and selling of computer storage on a system. It facilitates the decentralized storage of files and data on a network.

At the time of writing, the price of FIL is trading around $6.4, showing a 5% growth over the past 24 hours. It boasts a market cap of over $1.6 billion.

Through its operation, the protocol eliminates using centralized platforms like Amazon Web Services (AWS) for data storage.

Filecoin Plans FVM Launch By Early 2023

Filecoin is celebrating its new achievement ahead of its upcoming upgrade. The protocol is planning to launch its FIL Virtual Machine by the beginning of 2023. This is a virtual computer of a software platform where developers could build dApps based on the Filecoin system.

According to Molly Mackinley, the head of development at Protocol Labs, the firm will release a testnet by November 28. Mackinley noted that prototypes for layer two are already running in their initial testing phases. These chains operate on the main blockchain to enhance the scalability of Filecoin after its upgrade.

Additionally, Juan Benet, the founder of Protocol Labs, reported that about 20,000 customers are using Filecoin. Their recorded storage covers more than 50 million data objects for running dApps.