in

Aleph.im and Polygon to Launch an Extra Layer of Security

Aleph.im and Polygon to Launch an Extra Layer of Security


Despite the ongoing fluctuations in the crypto sector, Polygon is among the minorities maintaining their stature. The network is now partnering with Aleph.im, a renowned cross-chain-blockchain decentralized computing, and storage network.

The partnership will help Aleph.im acquire an extra level of security for marketplaces, dApps, and NFTs on the Polygon network. The development is based on the misconception that NFTs are inherently secure and decentralized. However, this is not always true, and most collectors fail to comprehend that. That is why their assets can disappear from existence if NFTs rely on a centralized framework for storage and computing. NFTs have become a worldwide phenomenon with painters, musicians, and even well-established banks using them, and the sector garnered over 1.1 billion dollars in the first quarter of 2021 alone. The number shows a 2000% growth since the fourth quarter of 2020.

The numbers are enough to showcase NFT’s growing prominence, and Aleph.im intends to leverage that. When users buy an NFT, it entails a crypto token or signature minting. In other words, it is like a virtual fingerprint of an item located somewhere else on the web. Items hosted on standard, centralized web domains run the risk of disappearing. That is why NFT creators are turning to a P2P web protocol named IPFS (InterPlanetary File System).

Jonathan Schemoul (Aleph.im’s CEO) stated that web domains rely on centralized frameworks for data hosting, which are quick to deploy. While the approach is efficient and cheaper, it occasionally leads to attacks, vulnerabilities, and failures. Aleph.im eradicates such issues as it creates a snapshot of all the data at a given point. The snapshot is backed on IPFS and pinned over 50 times over every Aleph.im core channel node. Both ventures’ CEOs shared their thoughts on the development.

Sandeep Nailwal (Polygon’s Founder) stated that Polygon is delighted to join Aleph.im to provide additional support to NFTs on the Polygon network. It will allow dApps to smoothly use Aleph.im’s storage solutions. Combining the solutions with Polygon’s low-cost and high-speed transactions will offer great service for NFT developers.

Similarly, Jonathan Schemoul stated that Aleph.im can be seen as a decentralized Firebase or AWS. Aleph.im intends to completely decentralize the internet, including marketplaces, blockchain networks, dApps, and NFTs. The recent development will certainly take Aleph.im towards the goal.

Polygon is maintaining its market prevalence by entering partnerships with platforms like Aleph.im. Aleph.im recently announced that they would be integrating an additional security layer for marketplaces, NFTs, and dApps on the Polygon network. Both companies’ CEOs shared their delight regarding the development, and it will surely help the industry in the long run.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

International payments giant PayPal has doubled its previous crypto volume record, with $242 million worth of crypto changing hands on the platform.

PayPal will now allow crypto withdrawals to external wallets.

Cryptopolitan

Why Will Samecoin Continue to Rise In Value?