Chainlink And Filecoin Launch Initiative To Develop Hybrid Smart Contracts

Filecoin

Chainlink and Filecoin have announced that they are launching a joint grant initiative that will accelerate the development of hybrid smart contracts. These contracts combine Chainlink decentralized oracles and Filecoin decentralized storage within one application. 

End-To-End Decentralized Applications 

Hybrid smart contracts function by leveraging the code that runs on-chain with data that is found off-chain. The dual-architecture allows for advanced economic coordination, which helps retain several properties of blockchains such as immutability and tamper-proof, while also gaining capabilities such as confidentiality, connectivity to real-world data systems, and scalability. 

By combining Chainlink and Filecoin, developers can build end-to-end decentralized applications that are cost-efficient and have immutable storage capabilities, all with a secure connection to external sources. 

Not The First Collaboration 

The grant comes after several other joint efforts between the Chainlink and Filecoin communities. Chainlink and Filecoin are already collaborating on Chainlink External Adapters, facilitating bi-directional communication between both projects. The Chainlinks team has also joined the Filecoin Launchpad Accelerator in an advisory role and helping the Filecoin team to use oracles and extend the functionality of their applications. 

Filecoin has also sponsored prizes at the Spring 2021 Chainlink Hackathon, one of the most widely attended hackathons, and several projects that are Filecoin and Chainlink enabled have been accepted to the Filecoin Launchpad Accelerator. Some of the projects are Nifty Royale, CryptOrchids, and Tamago. 

A Deeper Integration 

The program is also looking to encourage and support deeper integration between Chainlink and Filecoin. It will encourage and enable developers to create workflows that can combine the two networks. Combining the two networks can be made possible in several ways thanks to the custom-built Chainlink External Adaptors. Some of which are as follows, 

Smart Contract Inputs – Chainlink oracles can be utilized to bridge cryptographically proven data stored on Filecoin into blockchains. The data can help trigger the execution of a smart contract application on a smart contract platform. 

  • Smart Contract Outputs – Smart contracts can send outputs as commands for data storage. Chainlink oracles will act as a bridge for the two environments. 
  • Smart Contract Automation – Chainlink keepers can be leveraged and trigger an oracle job for inputs or outputs based on predefined conditions.

With the growth of hybrid smart contract applications, they will continue to grow and consume more significant amounts of data. This necessitates more extensive storage requirements while also maintaining the availability of blockchains. Chainlink’s communication capabilities allow the communication between external blockchains and Filecoin possible, extending the contract’s data storage capabilities. 

How To Apply For A Joint Grant 

The joint grant initiative will support five teams that will build hybrid smart contract applications powered by universal connectivity and tamper-proof storage. The grants are created keeping in mind developers that are extending the Web 3.0 stack from on-chain computation to decentralized off-chain computation. You can apply for the grant here. 

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