Filecoin and Hedera Join Forces to Expand Web3 Functionality
To further enhance the interoperability feature of the Web3, Filecoin and Hedera have decided to come together to pool their resources and capabilities to work in this specific direction. The partnership will roll out an initial grant of $200,000 specifically for the NFTs cases and then steadily expand the scope of the collaboration to include a variety of distributed solutions, including smart data storage, consensus, and application for offering holistic and long-term solutions. Both networks aim to steer this partnership in a direction that will help develop synergies through this collaboration.
Hedera network is an eco-friendly distributed ledger offering high-speed and affordable technology. It’s also easily accessible thanks to its availability in the public domain. The technology has been specifically designed for the sectors which require the transfer of high volumes of data. This makes it suitable for the supply chain industry, assets tokenization, payments, and advertisements. The network is not an ideal destination for a company that wants to store object data or big-size files due to constraints related to high costs.
Filecoin, on the other hand, is an excellent option for storage as the network uses the advanced InterPlanetary File System (IPFS). This technology makes the network the preferred destination for storing files, with the total storage capacity offered by the participating players in the network is around 8 exabytes. No wonder most of the experts are bullish on the Filecoin forecast and betting big on the platform.
The partnership between Hedera network and Filecoin will help both players to bank upon each other’s capability. While Filecoin brings its enormous storage capacity to the table, Hedera helps by offering its world-class distributed ledger capabilities. Combining the strength of both these networks will ultimately create a new ecosystem that offers superior services in a completely interoperable manner.