Filecoin has announced it is to take on Amazon Web Services (AWS) head-to-head with the launch of its Filecoin Web Services (FWS) project.
AWS is a dominant player in the cloud computing market, with over 33% market share. However, with FWS, Filecoin has jumped in 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 and a decentralized network’s transparency and open-source advantages.
Core Developers in Decline
According to a Medium announcement, FWS is a set of computing and storage technologies built on top of the Filecoin Network. Filecoin is an open-source and decentralized storage network that uses the peer-to-peer model to store files.
However, according to Token Terminal, as Filecoin expands to new product offerings, its core developers are constantly declining. In the past 30 days, on average, there has been an 8.6 decline in core developers that made 1+ commits to the project’s public GitHub repositories.
Filecoin (FIL) Price Analysis
The Filecoin (FIL) price has fallen under a descending resistance line since Feb. 19. Currently, it trades just above the 0.618 Fib retracement support level at $5.07. The point of convergence between the resistance line and support area is very close. As a result, a decisive movement is expected soon.
If the FIL price breaks out, it could increase to the next resistance at $6.80. However, if it breaks down, a fall to $4.30 could ensue.
Despite the announcement, the community is seemingly disappointed with the price action of Filecoin. A Twitter user, Nguyen Thanh Hieu, wrote, “Nothing happened. Still under 5.3$ while BTC at 29k. FIL/BTC dip down like no one. Ppls swap to BTC bc they don’t like this shtcoin anymore.”
Got something to say about FWS, Amazon Web Services, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
