Cryptos

Filecoin users will enjoy storage via polygonal links

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Layer One Network Polygon continues growing and consolidating its position in crypto space. Recently, they AnnouncementA new partnership was formed with Filecoin, which allows users to store and transfer data via a native market.

To improve their interoperability, the Filecoin-Polygon Bridge was created. The bridge was built by the Textile team and allows users to connect to Filecoin storage using any Polygon backbone.

(…) Start storing data on Filecoin from any polygon address without any conversions, registrations, developer tokens or secrets traded.

The bridge has also been announced by Textile, Polygon, Filecoin as new incentives for developers and users. They will cover all storage costs associated with every project that uses the Textile Filecoin Storage Bridge for the foreseeable future. This is how it works:

Polygon applications that use Filecoin for data storage will be able to benefit from greater functionality with Filecoin.

The bridge will be “gradually” improved to increase its user-friendliness and will launch a governance model. This will give the community the power to direct the project’s direction and will serve as an incentive for developers and users to get involved.

The Filecoin functionality will benefit the bridge, and any app or smart contract will always rely upon the Interplanetary File System to retrieve data. Information will be available on an entity called a “storage contract” to be created with miners operating on the Filecoin network.

Textile’s main goal in life is to improve the storage and transfer of data by Polygon and other Blockchains.

Filecoin offers many of the best features of the IPFS stack including verifiable information, peer-to-peer data exchange, deduplication and more. We can create a more secure data storage layer for Polygon applications and their users (…).

What does an improved storage layer for Polygon do?

According to Textile’s blog post, the Filecoin Storage Bridge for Polygon is built on two concepts. The first is “repository” which is powered using an API that allows them take place on-chain. The second concept is “storage”, which is powered via multiple APIs that “interact with Filecoin off-chain with a storage validator.”

This system protects against malicious actors and potential Sybil attacks. Users must deposit funds proportional with the time they want to store their data, Textile stated. The default amount you can deposit for an hour of storage is 100GWEI per second, or 0.00036 MATIC per hour.

As you can see, Messari is a research firm. RecordingsAn increase in the total Polygon value. Ryan Watkins, research analyst, said that while this metric has many detractors it can be used as an indicator of “how much value users place on smart contract running on this ecosystem.”

Source: Messari

The metric has rebounded from a decline in June and is “trending” towards previous highs. MATIC is currently trading at $ 1.64, with an 8.3% profit in daily charts.

Polygon MATIC MATICUSDT Filecoin FILUSDT
MATIC follows market sentiment with a rally daily chart. Source: MATICUSDT Tradingview




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