Grant Program by Filecoin and Hedera Hashgraph
Filecoin and Hedera Hashgraph are announcing a joint effort to advance the interoperability of Web3.
Starting with a USD $200,000 grants program and an initial demo implementation for NFT use cases, the long-term vision is a full range of distributed ledger solutions, including distributed consensus, storage, and smart data applications, that combine the strengths of both networks.
The Hedera public network is a fast, low-cost, and eco-friendly distributed ledger technology (DLT), designed for high-volume usages such as supply chain, verifiable proofs for data, payments, advertising, tokenization of assets, and more. The Hedera network is incredibly efficient and lightweight, but it’s not ideal for storing large files or object data due to cost constraints.
Filecoin and Hedera have a history of technical collaboration among various projects. Hedera brings highly efficient DLT capabilities, while Filecoin offers a robust, flexible large-scale storage layer. Combining both networks provides new possibilities to verify the provenance, ownership, and validity of both transactions and their underlying data.
🔹Providing Decentralized Storage to Hedera NFTs
Hedera Improvement Proposal 10 (HIP-10) offers an ecosystem standard for NFT metadata. To bolster this new functionality, Filecoin (specifically, the NFT.storage service) enables decentralized storage of the JSON schema containing those NFT properties and multimedia or localization data.
Combining Filecoin and Hedera delivers a truly decentralized NFT experience. Filecoin acting as a decentralized storage layer for NFTs on the Hedera network ensures a maximum amount of trust for in-game assets, art, music, supply chain, financial applications, and more.
The open-source reference implementation and demo showcase how you can issue NFTs on Heder and store that data on Filecoin using the NFT.storage API: https://github.com/hashgraph/hedera-hts-demo/.
🔹Starling Lab: Real-world utilization of Filecoin and Hedera
The Starling Framework for Data Integrity is a joint effort developed by the USC Shoah Foundation and Stanford University’s Department of Electrical Engineering. The initiative aims to create a set of tools and principles to be used across non-profit organizations, news outlets, and industry experts to solve challenges regarding the uncertainty of the media we see today and our enduring effort to preserve the truth. Starling leverages multiple decentralized technologies, including Filecoin and Hedera, to store and verify original media assets and their underlying metadata
About Filecoin
Filecoin is an open-source cloud storage marketplace, protocol, and cryptocurrency.
About Hedera
Hedera is the most used enterprise-grade public network for you to make your digital world exactly as it should be – yours. HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralized economy. Whether you’re a startup or enterprise, a creator or consumer, Hedera goes beyond blockchain for developers to create the next era of fast, fair, and secure applications.
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