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- Filecoin recently announced its plan of integration with Chainlink
- The collaboration will prove to be beneficial for the smart contract developers
- Chainlink will open up bi-directional communication potential for Filecoin
Filecoin recently announced that it is planning to integrate with Chainlink, the industry’s topmost decentralized oracle solution. The integration will work towards enabling a bidirectional connection between the classic Filecoin Network and blockchains, enabled by a smart contract, such as Ethereum.
Filecoin-Chainlink collaboration to assist smart contract developers
The collaboration will prove to be beneficial for the smart contract developers. They will get hold of an entire Web 3.0 infrastructure hoard consisting of blockchains designed for on-chain logic and state transformations, Chainlink oracles aimed at off-chain transmission and computation, and Filecoin centralized for decentralized storage and data solutions.
By integrating the Chainlink network into the ecosystem of Filecoin, a host of bidirectional smart contract proficiencies appear that were previously impossible to accomplish. This framework involves grasping Chainlink to connect cryptographically-proven data stocked on Filecoin to exterior smart contract networks as a mode of stimulating their on-chain applications, as well as employing Chainlink oracles to sanction smart contracts to activate Filecoin’s storage potential.
Various example use instances include financing an insurance smart contract if the content of an NFT is not accessible on Filecoin, stocking off-chain data onto Filecoin as a historical index built on a cadence established by the dApp, and much more.
Chainlink refers to an optimal oracle solution for all kinds of smart contract developers who wish to automate data transmissions between Filecoin and external networks. Chainlink boasts of a huge collection of security evaluated, Sybil-resistant node executors which can easily transform into decentralized oracle systems to assure powerful uptime and tamper-resistance around oracle facilities. Besides, Chainlink is blockchain and API skeptic, implying it can bridge the Filecoin Network to possibly every smart contract enabled blockchain, notably widening the kinds of applications developers can produce.
Filecoin-Chainlink oracles and their novel use cases
As smart contract applications advance technically and generate more data, there is a rising demand from Web 3.0 developers who wish to employ Filecoin for decentralized data storage. Facilitating this needs a safe and attested communication protocol between Filecoin and external systems like multiple blockchains and conventional Web 2.0 systems.
Chainlink provides a sturdy section of oracle functionalities that offers a fully-featured link between the ecosystem of Filecoin and further smart contract ecosystems. Chainlink represents the most popular oracle solution available in today’s times, dependent on throughout DeFi, insurance, and other blockchain-based commercial species to safeguard around $15B+ in on-chain value.
Chainlink will open up bi-directional communication potential for Filecoin. This happens through the evolutions of custom Chainlink External Adapters, which hold the ability to read and write technical data on the Filecoin Network.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
