Blockchain-focused firm ConsenSys has announced a partnership with Protocol Labs, the open-source software laboratory behind Filecoin, to integrate Filecoin fully with its Ethereum product stack.
In an official blog post, ConsenSys noted that the collaboration would connect the Filecoin marketplace for data storage with ConsenSys’ Ethereum decentralized technology stack on every layer.
With new and upcoming features from @infura_io , @ConsenSysCodefi , @metamask_io, miners, developers, and users of the @Filecoin network can now access essential #Ethereum tools and access the #DeFi ecosystem. https://t.co/m2U95vyMwo
— ConsenSys (@Consensys) October 21, 2020
According to ConsenSys, integration of Protocol Labs, who is also responsible for the Interplanetary File System (IPFS), would involve DeFi protocols, node cluster Infura, Web 3.0 portal MetaMask, and several other ConsenSys projects. Notably, due to the integration, Filecoin’s users, developers, and miners will be able to use ConsenSys’ products and projects to interact with Ethereum’s ecosystem.
Joseph Lubin, ConsenSys founder and CEO, expressed support for the collaboration, noting, “We are eager to build out greater functionality for IPFS and introduce new tools that will enable developers and consumers to easily make use of Filecoin and IPFS for their app development and pure storage needs.”
He added, “Rich interoperation between decentralized protocols that subserve very different functionalities, like Ethereum, IPFS, Filecoin and libp2p, is the hallmark of the decentralized web really starting to take shape.”
Other ConsenSys, Filecoin collaboration
The Filecoin network launched its public mainnet on October 15. At launch, the mainnet had roughly 600 data miners and boasted a capacity of over 600 petabytes of data. In addition, there were 230 products interacting with the storage network. Prior to the mainnet launch, ConsenSys audited parts of the Filecoin protocol, identifying vulnerabilities on the network.
James Beck, head of ConsenSys global public relations, said that Ethereum projects and dApps would be more decentralized by storing data on Filecoin rather than using a cloud service that is centralized.
Beck added, “Applications on Ethereum need a decentralized data storage solution, which is why integrations with Infura and MetaMask are critical to enable easy-use for developers to integrate Filecoin/IPFS with Ethereum. […] ConsenSys Codefi, which provides tokenization, trading, and compliance products for the DeFi sector, has added support for Filecoin and will use its Activate platform to catalyze the launch of the Filecoin network.”
ConsenSys unveils token swaps for MetaMask
It’s important to note that the blockchain-focused firm has been entering several other partnerships to provide users with easier access to digital assets.
— ConsenSys (@Consensys) October 13, 2020
Recently, the firm unveiled MetaMask Swaps for Firefox browser users with plans on launching on Google Chrome soon. The new feature would enable users to compare and swap tokens directly from within the popular Ethereum wallet.
MetaMask created a “best price” functionality by aggregating most of the DEXs and using varied methods to split orders across said DEXs. The result is the number of token approvals will go down, which means gas fees should drop as well.
According to Coingecko, FIL hit an all-time high of $208.95 on October 15 when the mainnet went live. The price has dropped since then as the digital asset is trading at $33.31, with a market cap of $778,291,443 and a 24-hour trading volume of $99,680,676.
Additionally, for more information on Filecoin (FIL) and other cryptocurrencies, check out the Altcoin Buzz YouTube channel.