Polygon partners with Filecoin to bring the users some free storage benefits, while it continues its expansion in the crypto space. In our latest crypto news today, we are reading more about it.
Layer one network Polygon partners with Filecoin to solidifies its position on the market and with the recently announced partnership, users will benefit from some free storage. The cooperation launched the first bridge to increase interoperability and it will be built by the Textile team which enables users to use any of the Polygon mainnet to connect with the Filecoin storage. Users can store data on Filecoin from Polygon addresses without any conversions, developer tokens, signups or secrets exchanged.
Textile, Filecoin, and Polygon announced even more incentives for the users and developers to leverage the bridge so for the near future, they will cover all storage costs for each project using the Textile Filecoins storage bridge. Filecoin will bring even greater functionality to Polygon applications which require decentralized and verifiable data storage.
The bridge will improve gradually to increase its usability and will launch a governance model so the community will now have the power to decide the direction of the project and will operate the additional incentive for the users and developers to participate. The bridge will benefit from the Filecoin features and any app, smart contract or service will rely on the InterPlanteary File System to bring data back. Information will be available on an entity called “Storage contract” to be created with the miners operating on the network. One of Textile’s main objectives is to improve Polygon and another capacity to hold and transfer data.
Filecoi brings most of its best parts of the IPFS stack like verifiable data and peer-to-peer data exchange, de-duplication, and more. The teams are able to create more secure data storage layers for Polygon applications and their users. According to a blog post, the Filecoin Storage Bridge to Polygon is supported by two other concepts: deposit and storage. The system offers protection against bad actors and potential Sybil Attacks as the users have to deposit funds equal to the length of time that they would like to keep their data storage. The default amount has to be deposited for an hour of storage or 100GwEI per second or 0.00036 MATIC each hour.
Messari recorded an increase as well in total value locked on Polygon and this metric shows that it has plenty of detractors but can be used as a proxy to determine how much of the value users place on the smart contracts that run on the ecosystem. The metric saw a recovery after a decline during June and was trending nicely to new highs.
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