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Chainlink-Filecoin Announces Joint Grants for dApps

Chainlink-Filecoin Announces Joint Grants for dApps


Developers of dApps may start to celebrate as Chainlink has joined hands with Filecoin to launch the great initiative of offering joint grants to develop dApps. The solemn objective of the two platforms is to support the development and deployment of hybrid smart contracts by combining the decentralized storage system of Filecoin and the decentralized Oracle Network of Chainlink into a single application. The joint grants shall enable the dApp developer to create P2P decentralized applications specialized for their immutable and cost-effective storage capabilities. 

The grants offered by Chainlink are essentially for developers who are working on the extension of Web3.0 stack from on-chain computation to decentralized off-chain storage, data, and computation. With the help of the grant funds, the developers will work on creating hybrid smart contracts that can operate on-chain and off-chain at multiple Blockchain networks. The dual architecture of the hybrid smart contracts will enable sophisticated social and economic coordination by retaining the immutable and tamper-proof properties of Blockchain while securing additional capabilities like connectivity to data sources and systems of the natural world, confidentiality, and scalability from the off-chain Oracle Network services. 

The new initiative of joint offerings by Chainlink and Filecoin also encourages developers to build workflows to combine the two networks. The creation of interconnected workflows is possible only in the following ways:

  • Developers can employ the Oracle Network of Chainlink for bridging the cryptographically proven data of Filecoin into multiple Blockchain networks. This data serves as input for triggering the execution of smart contracts at Ethereum. 
  • The developers shall leverage the Chainlink Keepers for triggering Oracle execution for input or output based on predefined market conditions. 
  • The developers will employ the smart contracts to transmit outputs to Filecoin with Chainlink Oracle networks bridging the environments.  

 



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