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Filecoin Hardfork To Take Place Today

A planned hard fork will take place on the Filecoin network, which will update the network to version 11. The withdrawal of deposits will be temporarily suspended.

Hardfork Lotus

The Filecoin hard fork will take place at block 665280. It is expected to happen on Monday, April 12, at approximately 22:00 UTC (13 April at 00:00 Moscow time). The fork will update the network to version 11. It will implement the FIP-0014 proposal. Deposits and withdrawals may be suspended, but the hard fork will not affect trading operations.

 

“In this release, we have updated lotus-miner sectors extend — a command line interface with a new option that automatically expands all expandable sectors v1,” the project website says.

 

As stated in the press service of the cryptocurrency exchange Binance, the new hard fork will not lead to the creation of new coins. Deposits and withdrawals will be suspended starting at 16:00 UTC (19:00 Moscow time) and resumed as soon as possible after the hard fork.

Note that this hard fork is planned.

How the market prepares for the Filecoin hard fork

Filecoin’s native token, FIL, is declining in anticipation of a fork. According to the CoinMarketCap resource, over the past 24 hours, the value of the coin has decreased by 2.38% and is $ 178.52.

Filecoin price dynamics. Source: CoinMarketCap

It is likely that the value of the coin was influenced by the general trend in the market, as well as the information background around the company. Previously, experts noted that information can significantly affect the value of a cryptocurrency.

 

“Any information in the modern world can affect the value of a particular cryptocurrency. After all, it is no longer a secret to anyone how verbal interventions can be used in foreign exchange markets for a specific purpose, only unlike the classical foreign exchange market, such statements are made not by representatives of governments and central banks, but by public figures enjoying a certain authority in cryptocurrency circles (the so-called “ opinion leaders “)”, – commented Alexander Fedorov, director of Cryptotrade LLC.

 

At the end of March, the value of Filecoin soared 60% amid a flood of good news.

Fake Filecoin forks

The Filecoin project has several forked clones. However, analysts at investment firm Taihe Capital concluded that in reality they only offer cosmetic improvements to the project and cannot be classified as standalone protocols. Three of the most high-profile forks were selected for analysis: EpiK Protocol, FileCash, and FileStar.

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