Filecoin and Link create the endless possibilities of Web3

18 days ago
3 Min Read
585 Words

The Filecoin-Chainlink oracle machine can make a variety of Web3 interactions burst into new excitement.

First , Filecoin there are two distinct values , one scale , the network can be more than an hour 1PiB storage capacity; the second is proved , the block chain every 24 hours to check all of its storage, and asked the miners issue a certificate data storage.

The Chainlink oracle can call the storage state (sector, transaction, CID) on Filecoin and find out the proof that the data is indeed being stored continuously. In this way, you can implement new business logic, learn more about adding FILkefu , and have meaningful interactions with the storage on Filecoin.

Here are some examples :

1) Data rewards. There can be smart contracts to pool the funds and use them to store a certain CID. The funds will only be paid when the stored proof on Filecoin is called through the oracle.

2) Data DAO. On the basis of data rewards, DAOs can be established around data that the community cares about . Members can only join the DAO if they can prove that they have stored a certain piece of data or donate to the DAO's treasury to fund data storage.

3) Sustainable storage. With a smart contract system that can pay and verify storage, there can be contracts that anyone can deposit and data can be permanently maintained.

4) Storage insurance. Given that every 24 hours there will be proof of data storage on Filecoin, when the storage is found to be unreliable, the oracle can trigger an event. In such an event, the smart contract can execute the payment to the policyholder.

5) Repair miners. In addition to paying insurance claims when storage problems occur, smart contracts can also provide incentives to repair storage on Filecoin. There are also strict penalties for miners who are unreliable on Filecoin.

6) Content-first NFT. Each Deal ID on Filecoin can be considered as an NFT, a unique identifier pointing to the underlying content (CID) and its metadata. A broader and more powerful world will be produced in the content. A new standard is gaining momentum.

7) Value traceability . The content stored on Filecoin has an underlying network of CID. The network structure itself also has opportunities for the future, as well as room for new agreements. When a piece of data generates value, all upstream CIDs can generate value attribution.

Filecoin's storage cost is quite cost-effective, and storing data on Filecoin is for a better user experience.

On the other hand, from an ecological perspective, Filecoin-Chainlink interacts with Ethereum , expands the performance of Ethereum , learns more about adding FILkefu , and jointly builds the infrastructure for the blockchain .

IPFS network nodes or Filecoin miners can provide external data services as ChainLink nodes and receive corresponding rewards. By hosting the contract data in a storage network connected to a decentralized oracle network, while reducing the amount of contract transaction data and improving the scalability of Ethereum, it can also ensure the same security as Ethereum.

Faced with the number of million-level contracts created per month, and the contract code that occupies more than half of the block size. By hosting the larger contract code in the Ethereum block to the chain, the transaction data on the chain can only retain the code hash to make the transaction slim ( 99.9%).

The custody is jointly responsible for IPFS/Filecoin and Chainlink. The former is responsible for code storage and retrieval, and the latter (decentralized oracle) is responsible for the interaction between the former and the Ethereum blockchain, as well as the distribution of rewards to storage network nodes to maintain code custody Efficient and stable. In the end, it achieves the goal of increasing the number of transactions in a single block and improving the scalability of Ethereum.

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