Decentralized Cloud Storage, Filecoin Integrates Chainlink for Bidirectional Smart Contract Support
Decentralized cloud storage solution, Filecoin, is integrating with Chainlink, a decentralized oracle network to enable dual-way smart contract functionalities between Filecoin and Ethereum or other smart contract-enabled blockchains.
The partnership with Chainlink aims to introduce “bidirectional smart contract capabilities” on Filecoin, allowing users to interact with any smart contract-enabled platform. By leveraging Chainlink’s widely-used decentralized oracles, users on other blockchains will be able to tap into Filecoin’s storage capabilities while bridging Filecoin data to external platforms to trigger their on-chain applications.
We are excited to announce that @chainlink is integrating with #Filecoin to enable a multitude of bidirectional #smartcontract capabilities that were previously impossible! Learn more. https://t.co/rcWJaDSZIy
— Filecoin (@Filecoin) March 24, 2021
Chainlink’s oracles allow blockchains to extract external data into blockchain dApps, enhancing the DeFi ecosystem, decentralized markets, and triggers settlements in DeFi dApps. Filecoin will integrate the Chainlink External Adapters to connect data on Filecoin with external blockchains. The statement reads,
“Chainlink opens up bi-directional communication capabilities for Filecoin, meaning it can receive external inputs that trigger Filecoin’s on-chain storage functions or fetch Filecoin’s storage state data to determine actions on other networks.”
The development team is currently testing multiple use cases using Chainlink, including Filecoin miner insurance, DataDAO, a DAO holding extensive data, automated file storage, and cheaper data storage on Filecoin.
Earlier in the month, Filecoin was part of five cryptos added to Grayscale’s investment trust.