Filecoin (FIL) has integrated Chainlink (LINK), opening the doors for a range of new exciting applications.
Chainlink and Filecoin announced this on March 24: Filecoin is a relatively new decentralized data storage service, and Chainlink is a popular decentralized finance (Defi) oracle Service.
Decentralized storage network @Filecoin will integrate #Chainlink oracles to create an end-to-end Web 3.0 development stack, enabling bidirectional communication between Filecoin and smart contracts for novel use cases like #NFT insurance and DataDAOs. https://t.co/vppVr5J1FR
— Chainlink – Official Channel (@chainlink) March 24, 2021
The integration of the two services connects them to other blockchain networks that support smart contracts, such as Ethereum (ETH).
Smart contract developers gain access to an entire web 3.0 infrastructure using Chainlink’s oracles for off-chain communication and computation and Filecoin’s decentralized storage service.
The press release lists some examples of applications that will be considered in the first instance. One of them is automatic data storage service that captures data from smart contracts in Filecoin via Chainlink oracles at specific intervals.
Another example is “DataDAO’s” which allow historical price data to be stored in Filecoin and then automatically delivered to smart contracts on Ethereum. Other examples include Data Bounties, Defi Data, and insurance for miners.
The FIL price has started a significant rise since February 8, bringing the price from $24 to $90, an increase of 275%. That was a new all-time high( ATH) for FIL. LINK started to rise fast last summer with the rise of the Defi market. But now, the overall crypto market seems to be correcting after such large profits.
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