Blockchain

Ontology to Collaborate with Storage Network Filecoin to Provide Storage Services to its Users

High-performance public blockchain Ontology announced on Tuesday that it is connecting with decentralized storage network Filecoin to provide storage services to its users. It further added that users would be able to send and receive files via hashes in the near future, using their ONT IDs.

Filecoin has been designed to store the most important information of its users and assures the utmost security and privacy. It aims to create a decentralized market for storage services, which, in fact, is one of the underserved segments in the industry. In a Medium post shared by Ontology, it stated that the Filecoin network achieves staggering economies of scale by allowing anyone worldwide to participate as storage providers. It further added,

“With the existing Ontology technology, Ontology will integrate Filecoin Address and CID (Content Identifiers) to our decentralized identification protocol which is ONT ID to bridge Filecoin… As we all know, Web 3.0 is the next generation of the Internet which enables a smarter Internet and an easier life… Decentralized identity and distributed storage are the backbones of Web 3.0.”

The Singapore based decentralized identification solutions network also stated that Ontology and Filecoin are among the best in their respective segments, and hence, their collaboration could create tremendous breakthroughs, and form a large scale network effect which would prove beneficial for both the communities.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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