Join Our Mailing List
Sunday June 04, 2023
Bitcoin (BTC) $27,219.29   Ethereum (ETH) $1,905.70
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Networks & Protocols

Filecoin integrates with Chainlink to offer advanced decentralized storage solutions

The integration of Chainlink into the Filecoin ecosystem enables a multitude of bidirectional smart contract capabilities...

Published by CryptoNinjas.net
03/24/2021
Filecoin integrates with Chainlink to offer advanced decentralized storage solutions

Filecoin, a decentralized network allowing users to store, request, and transfer data via a verifiable marketplace, today announced integration with Chainlink, the popular decentralized oracle solution.

The integration will enable a bidirectional connection between the Filecoin Network and smart contract enabled blockchains such as Ethereum. Smart contract developers will now have a full Web 3.0 infrastructure stack including blockchains for on-chain logic and state changes, Chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.

“Chainlink’s work with Filecoin can make the decentralized storage capabilities of Filecoin widely accessible to smart contract development teams across leading blockchains. This allows Filecoin to be a foundational primitive in building Web 3.0 applications, opening up immense possibilities around smart contracts automating Filecoin storage functions and Filecoin state being accessible on other blockchains. Chainlink’s secure infrastructure and extreme flexibility make this all possible, leading to new value for the ecosystem like Filecoin data providers having enhanced monetization capabilities, dApps/DAOs recalling stored data to trigger on-chain actions, insurance contracts triggering payouts based on Filecoin miner activity, and much more.”
– Colin Evran, Ecosystem Lead at Protocol Labs

Use-Cases

With the integration, users can leverage Chainlink to bridge cryptographically-proven data stored on Filecoin to external smart contract systems as a means of triggering their on-chain applications; as well as using Chainlink oracles to enable smart contracts to trigger Filecoin’s storage capabilities.

Initial use cases being explored include:

  1. Filecoin Miner Insurance – Chainlink oracles can monitor the current state of Filecoin miners, and if they go offline or cannot successfully retrieve data from storage, an alert is relayed to an insurance smart contract on another blockchain to automatically execute payouts to policyholders. For example, storing NFT data on Filecoin, with on-chain punishment if it cannot be retrieved in a timely manner.
  2. DataDAOs — A DataDAO, or a DAO holding extensive datasets like historical price databases or research data, can leverage Filecoin to store their datasets. Chainlink oracles can then deliver portions of the data to smart contracts on other blockchains, creating new revenue streams for DataDAOs.
  3. Data Bounties — Smart contracts that request certain datasets as characterized by their unique CIDs can be stored on Filecoin. Payments can be triggered when the dataset is verifiably proven on Filecoin and relayed through Chainlink.
  4. DeFi Data — Leveraging Filecoin for cheaper data storage, Chainlink can enable a large amount of financial market data to be stored on Filecoin long-term, which is then delivered to other blockchains on-demand to support more advanced DeFi applications.
  5. Automated Storage — Smart contracts can use Chainlink oracle services to automatically store some type of data on Filecoin at specific intervals, creating tamper-proof and highly efficient data archives. For example, information such as payout schedules and bonding curves—which provide key insights for investors but take up a large amount of storage—can be automatically stored on Filecoin.

“With more and more developers wanting to build Web 3.0 solutions that are decentralized end-to-end, integrating Chainlink with Filecoin creates a secure and reliable bidirectional bridge that enables Filecoin, other blockchains, and external APIs to seamlessly share data with one another. Chainlink’s extensive network of secure node operators, crypto-economic incentives, and expansive off-chain connectivity provides users with a highly reliable and fully-featured set of decentralized oracle services for automating functions that rely on some combination of Filecoin’s storage capabilities and the execution of externally connected applications.”
– Daniel Kochis, Head of Chainlink Business Development

106
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Chainlink Keepers chosen to automate impermanent loss protection payouts on Armadillo

07/22/2022
Chainlink Keepers chosen to automate impermanent loss protection payouts on Armadillo

Armadillo, a multi-chain impermanent loss (IL) protection solution powered by the Crypto Volatility Index (CVI) from COTI, will be using Chainlink Keepers on Polygon to automate IL protection payout. CVI operates a basket of...

Read more

Storage blockchain Crust Network to launch External Adapter on Chainlink

06/06/2022
Storage blockchain Crust Network to launch External Adapter on Chainlink

Crust Network, a decentralized storage protocol based on IPFS that delivers file storage and hosting, today announced that it is launching an External Adapter on the Chainlink Network, the foremost decentralized oracle solution. Through...

Read more

Proofi by LTO Network to bring its KYC solution to DeFi and blockchains via Chainlink

05/30/2022
Proofi by LTO Network to bring its KYC solution to DeFi and blockchains via Chainlink

Dutch blockchain LTO Network, today announced that Proofi by LTO Network will make its identity data available to the multi-chain DeFi ecosystem via Chainlink, the leading blockchain oracle solution. Chainlink is integral to this...

Read more

Aussie crypto exchange CoinJar integrates Chainlink to improve user experience

01/05/2022
Aussie crypto exchange CoinJar integrates Chainlink to improve user experience

CoinJar, an Australian-based crypto exchange platform operating in both Australia and the UK, today announced that it is integrating Chainlink Price Feeds to help bring accurate fair market rates to its cryptocurrency exchange. With...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
Token.io launches new spin-out company focused on digital money solutions

Token.io launches new spin-out company focused on digital money solutions

12/10/2019
Quant Network blockchain integrates Constellation for IoT interoperability

Quant Network blockchain integrates Constellation for IoT interoperability

12/03/2019
RockX broadens suite with launch of new ether (ETH) native staking solution

RockX broadens suite with launch of new ether (ETH) native staking solution

05/23/2023
The Sandbox teams with Hex Trust to enable licensed and secure custody of its virtual assets

The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets

05/10/2023
CoinFlip launches new self-custodial cryptocurrency wallet platform 'Olliv'

CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’

04/28/2023
Crypto exchange Deribit to launch zero-fee spot trading

Crypto derivatives exchange Deribit to launch zero-fee spot trading

04/20/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy