Polygon Links With Filecoin, How Users Will Benefit From Free Storage

Reynaldo Marquez

3 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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

The cooperation launched the Filecoin-Polygon Bridge, to increase their interoperability. Built by the Textile team, the bridge enables users to use any Polygon mainnet to connect with Filecoin’s storage and

(…) start storing data on Filecoin from any Polygon address without any conversions, signups, developer tokens, or secrets exchanged.

In addition, Textile, Polygon, and Filecoin announced further incentives for users and developers to leverage the bridge. For the foreseeable future, they will cover all storage costs for every project using the Textile Filecoin Storage Bridge. Thus,

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

The bridge will be “gradually” improved to increase its usability and will launch a governance model. In that way, the community will have the power to decide the direction of the project and will operate as an additional incentive for users and developers to jump in and participate.

½ 📢 @Filecoin is coming to Polygon!

📂 @textileio’s Filecoin-Polygon Storage Bridge can store data from any Polygon address owner accelerating the Web3 interoperability between Polygon & Filecoin ecosystems.

🌐 Learn more: https://t.co/IN7gcXH4Wo pic.twitter.com/C6Ux0s36aD

— Polygon | Aggregated (@0xPolygon) August 20, 2021

The bridge will benefit from Filecoin’s features, and any app, smart contract, or service will still rely on the InterPlanetary File System (IPFS) to retrieve data. Information will be available on an entity called “storage contract” to be created with miners operating on the Filecoin Network.

One of Textile’s main objectives is to improve Polygon, and other blockchains capacity to hold and transfer data:

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

An Improve Storage Layer For Polygon, How Does It Work?

According to a blog post published by Textile, the Filecoin Storage Bridge to Polygon is supported by two concepts. The first is “deposit” and is power by an API that enables them to take place on-chain, the second is “storage” power by several APIs that “interact off-chain with a storage validator that will interface with Filecoin”.

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

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

Polygon MATIC MATICUSDT — Source: Messari

The metric has seen a recovery after a decline during June and is “trending nicely” towards previous highs. At the time of writing, MATIC trades at $1,64 with an 8.3% profit in the daily chart.

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

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.