Filecoin joins Ethereum!


Manage episode 275020361 series 2562963
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video: LBRY: Today, ConsenSys, a large blockchain software technology company focused on the Ethereum network, announced a partnership with Protocol Labs (the creator of Filecoin) and an integration with Filecoin. You can think of Filecoin like a decentralized Airbnb for data storage. They launched on their mainnet last week, and it was one of the most anticipated launches from the 2017 ICO era. The aim of the ConsenSys/Protocol Labs collaboration is to develop the decentralized storage ecosystem and community, integrating with Ethereum at every layer of the decentralized technology stack. Joseph Lubin, Founder and CEO of ConsenSys, and Juan Benet, Founder and CEO of Protocol Labs, joined me on a panel with me to talk about the partnership. Benet describes how Filecoin’s open network will foster a more sustainable and globally accessible web infrastructure. The IPFS system he built promises both faster and cheaper retrieval of data, eliminating the need to rely on centralized servers. Filecoin now provides an economic incentive for that system. Lubin explains how the ConsenSys Product Suit hopes to provide the best view of the Filecoin storage marketplace, and make price discovery for storage on the Filecoin network simple and transparent. He also discussed the Filecoin DeFi Bridge that will enable conversion of the Filecoin (FIL) cryptocurrency to ERC-20 tokenized FIL. Once on Ethereum, FIL holders and miners can deposit their tokenized FIL as collateral in a DeFi lending market to earn interest, or borrow more FIL to stake on storage mining operations. Many Ethereum and ConsenSys apps have used IPFS for years, because decentralized storage is a critical part of the Web 3.0 architecture. This partnership is an exciting step forward for a decentralized internet. If you would like to send me a message and support my channel, visit Sign up for the free cryptobeat newsletter here: Sign up for the members-only newsletter here and get access to exclusive content by becoming a member of NBTV!

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