Quick Summary
- Filecoin is now the official storage service for Flow as they partnered to enhance their functioning. It’s supposed to provide decentralized storage for NFTs minted on Dapper Lab’s network.
- This cooperation will allow Flow users to directly mint NFTs and leverage InterPlanetary File System. This is another step towards total decentralization.
At the beginning, cryptocurrencies were an experiment. Now, they are finally getting utilities all around the world. Lately, Filecoin has become the official storage partner of the Flow Blockchain, with the firm working to provide decentralized storage for NFTs minted on Dapper Lab’s network. Filecoin said this was a move to ensure holders and issuers of NFTs that they are all securely available everywhere.
“As the Flow ecosystem grows, Filecoin’s decentralized storage solution will allow future applications that are built on Flow to have an easy way to protect NFT media assets and metadata,” the announcement read.
This collaboration will enable Flow users to mint NFTs, leverage InterPlanetary File System (IPFS) content addressing and store tokens in the decentralized storage hosted by Filecoin. According to Filecoin, IPFS content addressing is a solution to location addressing, which retrieves online information from specific locations on the web, such as from behind URLs. Filecoin asserts that this method has “obvious downsides” as the data relies on the centralized entities who own the locations and can “control the content.”
“In content-based addressing, content is no longer retrieved from single locations on the web. Rather, content is retrieved from any participating nodes on the IPFS network that have the content you’re requesting,” Filecoin outlined.
Conclusion
The collaboration of crypto and NFT projects is the new standard and probably the best way for these industries to continue to grow exponentially. Filecoin and Flow are the living proof of that. What might be the next crypto cooperations that are interesting? Stay tuned to find out.
Sentiment: positive
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sources: cointelegraph
Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
