Markets

Amazon Web Services (AWS) faces a decentralized competitor: Filecoin

Filecoin has announced that it will go head-to-head with Amazon Web Services (AWS) with the launch of the Filecoin Web Services (FWS) project.

AWS is the dominant player in the cloud computing market, with a market share of more than 33%. However, with FWS, Filecoin has leapfrogged to create an open source competitor to AWS, Google Cloud Platform (GCP), and Azure.

With FWS, the project wants to provide a cloud-level developer experience, decentralized network transparency, and open source benefits.

Core developers are in refusal

according to mode Announcement FWS is a collection of computing and storage technologies built on top of the Filecoin network. Filecoin is an open source, decentralized storage network that uses a peer-to-peer model to store files.

However, according to token terminalAs Filecoin expands its new product offerings, its core developers are constantly dropping. In the past 30 days, on average, there has been an 8.6 percent drop in core developers who have made +1 commits on the project’s public GitHub repositories.

Core developers per day in the last 30 days. source: token terminal

Filecoin (FIL) Price Analysis

Filecoin (FIL) price has been falling below the descending resistance line since February 19th. Currently, it is trading just above the 0.618 Fibonacci retracement support level at $5.07. The meeting point between the resistance line and the support area is very close. As a result, a decisive move is expected very soon.

If FIL price breaks, it could rise to the next resistance at $6.80. However, if it breaks down, it could drop to $4.30.

FIL/USDT, Binance. source: TradingView

Despite the announcement, the community appears to be disappointed with Filecoin’s price movement. Twitter user, Nguyen Thanh Hieu, books“Nothing happened. Still below $5.3 while BTC is at 29k. FIL/BTC is down like no other. Ppls switch to BTC bc and they don’t like this shtcoin anymore.”

Have something to say about FWS, Amazon Web Services, or something else? Write to us or join the discussion on our website Telegram channel. You can also catch up with us Tik TokAnd Facebookor Twitter.

Get the latest version of BeInCrypto bitcoin (BTC) analysis, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

Leave a Reply

Your email address will not be published. Required fields are marked *