Decentralized Storage Network Filecoin Integrates with Chainlink. 
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Decentralized Storage Network Filecoin Integrates with Chainlink. 

March 25, 2021      Deepshikha Gupta

Filecoin (FIL) integrates with Chainlink (LINK) enables the connection between Filecoin and Ethereum and other smart contract-enabled blockchains. The decentralized storage network Filecoin integrated with decentralized Finance DeFi oracle service Chainlink to allow developers to supply a full web 3.0 infrastructure.

Decentralized Network Storage Integration

Integration between the two leverage the bidirectional inter-relation between the Filecoin Network and smart contract enabled blockchains. Which in turn bridges between cryptographically proven data storage on Filecoin to an external Smart contract system. 

The developers of Smart contract can now enjoy a full Web 3.0 infrastructure stack including blockchains for on-chain logic.  Thanks to Chainlink oracle for their off-chain computation and Filecoin for their decentralized data storage solutions. 

Colin Evran, Ecosystem Lead at Filecoin Developer Protocol Labs, said that the integration will automatize Filecoin storage functions. This makes Filecoin’s state convenient on other blockchains as well. His statement reads:

“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.”

Filecoin  (FIL) and Chainlink (LINK) Tokens

Tokens of Filecoin and Chainlink are among five that the industry giant Grayscale Investment added via new investment trusts. The addition of tokens aims to draw institutional money into the DeFi space. 

The decentralized network, Filecoin offers the facility to request, store, and transfer data via a verifiable marketplace. Evran added: 

“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. 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.”

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Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.