Filecoin Foundation, an independent organization supporting the Filecoin network, and Ava Labs, the developer behind the Avalanche blockchain, have launched a native cross-chain data bridge between Avalanche C-Chain and Filecoin via the Filecoin Virtual Machine (FEVM).
The novel cross-ecosystem initiative combines Avalanche’s fast and scalable execution with Filecoin’s verifiable data network, the press release claims. Consequently, this forms the basis for “modular, cross-chain infrastructure that can scale with enterprise demand.”
Through the integration, Avalanche builders can access decentralized storage solutions for high-impact use cases, while Filecoin storage providers can activate new demand and revenue streams.
Moreover, the teams note that cryptographic proof systems secure Filecoin’s storage. These ensure that data is stored transparently and continually, and that it remains unchanged. Therefore, the bridge provides proven data verifiability.
It further enables cross-chain interoperability and collaboration. Developers can stay within a chain they want to and still utilize Filecoin’s decentralized storage services. Additionally, startups building on Avalanche can offload data to Filecoin, thus cutting costs.
Speaking of which, Filecoin stores redundant copies across independent providers. This allows it to mitigate reliance on single points of failure. It meets regulatory and long-term retention requirements to store KYC records, transaction logs, and audit trails. This way, it doesn’t ‘bloat’ Avalanche’s L1 or C-Chain.
Marta Belcher, president and chair of Filecoin Foundation, commented that the two ecosystems will work to build “interoperable and decentralized infrastructure tailored to capture high-value enterprise use cases.” The collaboration is “a major step toward re-architecting our world’s web infrastructure to meet today’s rapidly expanding data demands.”
Filecoin: ‘Offload and Validate’
The press release argues that the cross-chain data storage prototype, implemented by FIL-B and FilOz, shows how EVM-compatible chains can efficiently offload data to Filecoin. At the same time, they maintain access and verifiability through onchain mechanisms, the teams claim.
The storage flow starts with generating data on the Avalanche C-Chain. After this, smart contract triggers send data to Filecoin, while Content Identifier (CID) commitments and retrieval proofs verify integrity. Then, onramp contracts relay storage proof to the source chain, and once it arrives, payment is conducted on Avalanche and released.
According to Cliff Yeo, Head of Singapore at Ava Labs, “by enabling developers to offload and validate data through decentralized infrastructure, we’re advancing the tooling required to build scalable, multi-chain applications with enterprise-grade reliability.”
At the time of writing, FIL trades at $2.89. It appreciated 2.2% in a day, 2.5% in a week, and 5.8% in a month.
The price decreased by 51.4% over the past year, as well as 98.8% from the all-time high of $236.84 recorded in April 2021.
Also, AVAX trades at $23.61, remaining unchanged over the past 24 hours. It’s up 6.6% in a week and 6.8% in a month. Also, it fell by 36.8% in a year.
The coin hit its ATH of $144.96 in November 2021, dropping 83.7% since.
Meanwhile, Filecoin Foundation says it facilitates the open-source governance of the Filecoin network, a peer-to-peer network to store files in a decentralized and reliable fashion. It also funds research and development projects for decentralized technologies and supports the growth of the Filecoin ecosystem and community.
Avalanche is a chain popular among builders who need speed and scalability. It allows them to build efficient and interoperable public and private Layer 1 blockchains, says the team. These blockchains leverage the Avalanche Consensus Mechanism for high throughput and near-instant transaction finality.
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