Filecoin, a decentralized network that allows users to store, request, and transfer data through a verifiable marketplace, today announced integration with Chainlink, the popular Oracle decentralized solution.
The integration enables a bidirectional connection between the Filecoin network and smart contract-enabled blockchains such as Ethereum. Smart contract developers now have a full Web 3.0 infrastructure stack with blockchains for on-chain logic and status changes, chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.
“Through the collaboration of Chainlink with Filecoin, the decentralized storage functions of Filecoin can be made generally accessible for intelligent contract development teams in leading blockchains. In this way, Filecoin can be a fundamental element in building Web 3.0 applications, opening up enormous opportunities for smart contracts that can automate the Filecoin storage functions and access other blockchains. Chainlink’s secure infrastructure and extreme flexibility make all of this possible and lead to new value for the ecosystem like Filecoin data providers with improved monetization capabilities, dApps / DAOs that pull stored data to trigger on-chain actions, insurance contracts that Trigger payouts based on Filecoin miner activity. and much more.”
– Colin Evran, Ecosystem Leader at Protocol Labs
With the integration, users can use Chainlink to connect cryptographically proven data stored on Filecoin with external intelligent contract systems to trigger their on-chain applications. as well as the use of Chainlink oracles so that smart contracts can trigger Filecoin storage functions.
The first use cases examined include:
- Filecoin Miner Insurance – Chainlink oracles can monitor the current status of Filecoin miners. If they go offline or cannot successfully retrieve data from memory, a warning will be relayed to a smart insurance contract on another blockchain to automatically execute payouts to policyholders. Example: Saving NFT data on Filecoin with punishment in the chain if it cannot be accessed in time.
- DataDAOs – A DataDAO or a DAO that contains extensive data sets such as historical price databases or research data can use Filecoin to store its data sets. Chainlink oracles can then deliver parts of the data to intelligent contracts with other blockchains and thus create new sources of income for DataDAOs.
- Data rewards – Smart contracts that request specific records identified by their unique CIDs can be stored on Filecoin. Payments can be triggered if the data record is verifiably proven on Filecoin and forwarded via Chainlink.
- DeFi data – By leveraging Filecoin for cheaper data storage, Chainlink can enable long-term storage of a large amount of financial market data on Filecoin, which is then delivered to other blockchains as needed to support more advanced DeFi applications.
- Automated storage – With the help of Chainlink Oracle services, intelligent contracts can automatically save certain data on Filecoin at certain intervals and thus create tamper-proof and highly efficient data archives. For example, information such as payout schedules and retention curves, which provide important insights for investors but take up a lot of storage space, can be automatically saved on Filecoin.
“As more and more developers want to create Web 3.0 solutions that are end-to-end decentralized, the integration of Chainlink in Filecoin creates a secure and reliable bidirectional bridge over which Filecoin, other blockchains and external APIs can seamlessly share data. Chainlink’s extensive network of secure node operators, crypto-economic incentives, and extensive off-chain connectivity provides users with a highly reliable and fully featured set of decentralized Oracle services for automating functions that rely on a combination of Filecoin storage functions and their execution externally connected Applications. “
– Daniel Kochis, Head of Chainlink Business Development