Polygon, a layer one network has recently announced a strategic partnership with Filecoin. Polygon network is looking for global expansion to further improve its presence in the crypto world. Recently Polygon announced to join hands with Filecoin. Filecoin is a data storage service provider where consumers can store or share data. The participation dispatched the Filecoin-Polygon Bridge, to build their interoperability. Worked by the Textile group, the scaffold empowers clients to utilize any Polygon main net to associate with Filecoin’s storage.
Filecoin proposed Storage Bridge to Polygon mainly focuses on yow aspects the aspect is a deposit. This refers to the power of API, it enables deposits to take place on the blockchain. The second aspect is storage, storage is a validator that will interact with Filecoin. This system will also protect the Polygon network against hazardous elements such as cyber-attacks and financial attacks. Moreover, the system suggests that users deposit funds according to the length of time that they would like to keep their investment on the platform. By default, the services charges are hourly based.
By default, the amount system would deduct for one hour is 100GWEI per second or 0.00036 MATIC every hour.
As the result of this announcement Polygon exchange has already recorded a massive increase in the amount being locked on the platform. People have already started to put a greater number of digital tokens on polygon exchange. Moreover, Polygon and Filecoin further told that they will provide more incentives to the users using this platform. Which will allow developers and users to further leverage the bridge.
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Apart from that, the proposed bridge will not just enhance the overall useability of the platform but will also improve the overall security of the system. Crypto analysts have said that the importance given to the security concerns following the development of this new state-of-the-art bridge system is unparallel. This would significantly reduce the security concerns of many traders. The successful launch of the project would also allow the users to decide the future direction of the project.
However, another major objective is to improve Polygon and its blockchain capacities. It will allow polygon to efficiently hold and analyze the data. Another distinctive feature of the project is its capacity to practically implement peer-to-peer data exchange. It will eliminate the possibility of duplication of personal data. This means even a hacker can’t use someone else’s data to carry out any illegal trade. Overall, the system will further strengthen the position of Polygon blockchain exchange. The level of security offered by this joint venture would attract more and more users to polygon exchange.