Filecoin, a decentralized network permitting customers to retailer, request, and switch knowledge by way of a verifiable market, at the moment introduced integration with Chainlink, the favored decentralized oracle solution.
The mixing will allow a bidirectional connection between the Filecoin Community and sensible contract enabled blockchains resembling Ethereum. Good contract builders will now have a full Net 3.zero infrastructure stack together with blockchains for on-chain logic and state modifications, Chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and knowledge options.
“Chainlink’s work with Filecoin could make the decentralized storage capabilities of Filecoin broadly accessible to sensible contract improvement groups throughout main blockchains. This permits Filecoin to be a foundational primitive in constructing Net 3.zero functions, opening up immense potentialities round sensible contracts automating Filecoin storage features and Filecoin state being accessible on different blockchains. Chainlink’s safe infrastructure and excessive flexibility make this all potential, resulting in new worth for the ecosystem like Filecoin knowledge suppliers having enhanced monetization capabilities, dApps/DAOs recalling saved knowledge to set off on-chain actions, insurance coverage contracts triggering payouts based mostly on Filecoin miner exercise, and way more.”
– Colin Evran, Ecosystem Lead at Protocol Labs
With the combination, customers can leverage Chainlink to bridge cryptographically-proven knowledge saved on Filecoin to exterior sensible contract methods as a way of triggering their on-chain functions; in addition to utilizing Chainlink oracles to allow sensible contracts to set off Filecoin’s storage capabilities.
Preliminary use instances being explored embody:
- Filecoin Miner Insurance coverage – Chainlink oracles can monitor the present state of Filecoin miners, and in the event that they go offline or can not efficiently retrieve knowledge from storage, an alert is relayed to an insurance coverage sensible contract on one other blockchain to mechanically execute payouts to policyholders. For instance, storing NFT knowledge on Filecoin, with on-chain punishment if it can’t be retrieved in a well timed method.
- DataDAOs — A DataDAO, or a DAO holding in depth datasets like historic worth databases or analysis knowledge, can leverage Filecoin to retailer their datasets. Chainlink oracles can then ship parts of the information to sensible contracts on different blockchains, creating new income streams for DataDAOs.
- Information Bounties — Good contracts that request sure datasets as characterised by their distinctive CIDs could be saved on Filecoin. Funds could be triggered when the dataset is verifiably confirmed on Filecoin and relayed by means of Chainlink.
- DeFi Information — Leveraging Filecoin for cheaper knowledge storage, Chainlink can allow a considerable amount of monetary market knowledge to be saved on Filecoin long-term, which is then delivered to different blockchains on-demand to assist extra superior DeFi functions.
- Automated Storage — Good contracts can use Chainlink oracle companies to mechanically retailer some sort of knowledge on Filecoin at particular intervals, creating tamper-proof and extremely environment friendly knowledge archives. For instance, data resembling payout schedules and bonding curves—which give key insights for traders however take up a considerable amount of storage—could be mechanically saved on Filecoin.
“With increasingly builders wanting to construct Net 3.zero options which are decentralized end-to-end, integrating Chainlink with Filecoin creates a safe and dependable bidirectional bridge that permits Filecoin, different blockchains, and exterior APIs to seamlessly share knowledge with each other. Chainlink’s in depth community of safe node operators, crypto-economic incentives, and expansive off-chain connectivity gives customers with a extremely dependable and fully-featured set of decentralized oracle companies for automating features that depend on some mixture of Filecoin’s storage capabilities and the execution of externally related functions.”
– Daniel Kochis, Head of Chainlink Enterprise Growth