Polygon Links With Filecoin, How Users Will Benefit From Free Storage
21 Août 2021 - 7:58PM
NEWSBTC
Layer one network Polygon continues to expand and solidified its
position in the crypto space. Recently, they announced a new
partnership with Filecoin, a network that allows users to store and
transfer data via a native marketplace. The cooperation launched
the Filecoin-Polygon Bridge, to increase their interoperability.
Built by the Textile team, the bridge enables users to use any
Polygon mainnet to connect with Filecoin’s storage and (…) start
storing data on Filecoin from any Polygon address without any
conversions, signups, developer tokens, or secrets exchanged. In
addition, Textile, Polygon, and Filecoin announced further
incentives for users and developers to leverage the bridge. For the
foreseeable future, they will cover all storage costs for every
project using the Textile Filecoin Storage Bridge. Thus, Filecoin
will bring greater functionality to Polygon applications that
require decentralized and verifiable data storage. The bridge will
be “gradually” improved to increase its usability and will launch a
governance model. In that way, the community will have the power to
decide the direction of the project and will operate as an
additional incentive for users and developers to jump in and
participate. ½ 📢 @Filecoin is coming to Polygon! 📂 @textileio’s
Filecoin-Polygon Storage Bridge can store data from any Polygon
address owner accelerating the Web3 interoperability between
Polygon & Filecoin ecosystems. 🌐 Learn more:
https://t.co/IN7gcXH4Wo pic.twitter.com/C6Ux0s36aD — Polygon
(@0xPolygon) August 20, 2021 The bridge will benefit from
Filecoin’s features, and any app, smart contract, or service will
still rely on the InterPlanetary File System (IPFS) to retrieve
data. Information will be available on an entity called “storage
contract” to be created with miners operating on the Filecoin
Network. One of Textile’s main objectives is to improve Polygon,
and other blockchains capacity to hold and transfer data: Filecoin
brings many of the best parts of the IPFS stack, including
verifiable data, peer-to-peer (p2p) data exchange, de-duplication,
and more. We can create a more secure data storage layer for
Polygon applications and their users (…). An Improve Storage Layer
For Polygon, How Does It Work? According to a blog post published
by Textile, the Filecoin Storage Bridge to Polygon is supported by
two concepts. The first is “deposit” and is power by an API that
enables them to take place on-chain, the second is “storage” power
by several APIs that “interact off-chain with a storage validator
that will interface with Filecoin”. This system offers protection
against bad actors and potential Sybil Attacks, as users must
deposit funds proportional to the length of time that they’d like
to keep their data storage, Textile clarified. The default amount
to be deposited for an hour of storage is 100GWEI per second or
0.00036 MATIC every hour. As seen in the chart below, research firm
Messari records an increase in total value locked on Polygon. This
metric, as research Ryan Watkins said, has many detractors but can
be used as a proxy to determine “how much value” users place on the
smart contracts running on this ecosystem. The metric has seen a
recovery after a decline during June and is “trending nicely”
towards previous highs. At the time of writing, MATIC trades at
$1,64 with an 8.3% profit in the daily chart.
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