Polygon links with Filecoin, users benefit from storage

The Polygon layer one network continues to expand and solidify its position in the crypto space. Recently, they announced a new partnership with Filecoin, a network that allows users to store and transfer data through a native marketplace.

The cooperation launched the Filecoin-Polygon Bridge, to increase its interoperability. Built by the Textiles team, the bridge allows users to use any Polygon mainnet to connect to Filecoin storage and

(…) Start storing data in Filecoin from any Polygon address with no conversions, registrations, developer tokens or secrets exchanged.

Additionally, Textile, Polygon, and Filecoin announced more incentives for users and developers to take advantage of the bridge. For the foreseeable future, they will cover all storage costs for each project using Textile Filecoin Storage Bridge. Therefore,

Filecoin will bring increased functionality to Polygon applications that require decentralized and verifiable data storage.

The bridge will be “gradually” upgraded to increase its usability and launch a governance model. In this way, the community will have the power to decide the direction of the project and will function as an additional incentive for users and developers to get involved and participate.

The bridge will benefit from Filecoin’s capabilities, and any application, smart contract, or service will continue to rely on the Interplanetary File System (IPFS) to retrieve data. The information will be available on an entity called a “storage contract” that will be created with the miners operating on the Filecoin network.

One of Textile’s main goals is to improve the ability of Polygon and other blockchains to store and transfer data:

Filecoin brings many of the best parts of the IPFS stack, including verifiable data, peer-to-peer (p2p) data exchange, deduplication, and more. We can create a more secure data storage layer for Polygon applications and their users (…).

An enhanced storage layer for polygon, how does it work?

According to a blog post published by Textile, Filecoin Storage Bridge to Polygon supports two concepts. The first is the “repository” and it is powered by an API that allows them to take place on the chain, the second is the “storage” power by various APIs that “interact outside the chain with a storage validator that will interact with Filecoin. “.

This system offers protection against bad actors and possible Sybil Attacks, as users must deposit funds proportional to the period of time they would like to keep their data storage, Textile clarified. The default amount to be deposited for one hour of storage is 100 GWEI per second or 0.00036 MATIC every hour.

As seen in the chart below, the Messari research firm records an increase in the total value locked in Polygon. This metric, as Ryan Watkins research said, has many naysayers, but it can be used as a proxy to determine “how much value” users place on smart contracts running in this ecosystem.

Source: Messari

The metric has recovered after a drop during June and is trending “good” towards previous highs. At the time of writing, MATIC is trading at $ 1.64 with an 8.3% gain on the daily chart.

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

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