ColdStack Integration with Chainlink
ColdStack is proud to present you with some exciting news! The ColdStack team has finalized their decision to integrate Chainlink Price Feeds into their storage platform. Chainlink is the industry standard in blockchain oracles, and their choice to use them as their oracle solution was an easy one to make. As they aggregate many decentralized storage solutions such as Arweave and Filecoin, having the most accurate price data is critical to providing users with the most cost-efficient decentralized storage options. The high-quality data provided by Chainlink’s time-tested oracle infrastructure will be instrumental as they begin their push to bring decentralized storage to the masses and encourage the adoption of decentralized storage networks (DSN) for both individual users and multinational enterprises.
“There really isn’t any substitute for Chainlink — if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry. We look forward to scaling our platform with Chainlink, and we’re confident that they’ll help us in making ColdStack the most efficient and reliable platform possible” said Alexander Shishow, CEO and Founder of ColdStack.
Additionally, they have also elected to build a number of their features utilizing Chainlink Keepers, especially in regards to their recently announced staking system. They sure this is just the beginning of their integrations with Chainlink, and are eager to dive into the details of their current plans.
Chainlink Price Feeds for Storage
Perhaps the most well-known feature of Chainlink are the highly-reliable Price Feeds provided through various decentralized oracle networks (DONs). Chainlink Price Feeds use DONs to source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. By using a decentralized network of premium data sources and secure node operators, Chainlink Price Feeds help ensure that price information is accurate, up-to-date, and tamper-proof. It’s why ColdStack is integrating Chainlink Price Feeds to measure the prices of tokens from the various decentralized storage networks (DSNs) that ColdStack aggregates across.
The first steps of their integration involves the creation of Chainlink Price feeds for Arweave, Sia, Storj, and Bittorrent. They have already been using Chainlink Price Feeds to fetch the price of Filecoin, so they can attest to the reliability of their data feeds. The ColdStack team also plans to explore sponsoring the creation of additional Chainlink Price Feeds in the future as needed.
Decentralized storage prices, especially in relation to the tokens typically used to power their respective networks, can vary greatly on a daily basis. For example in the past year, Filecoin tokens have been subject to periods of undesirably high volatility. In order to make DSNs accessible for the general public and help guarantee the lowest possible storage prices, it is necessary that we have access to the most accurate and reliable price data possible.
Especially as they look to scale ColdStack as an enterprise and business solution, the accuracy of these prices will be essential in providing users the simplicity they have grown accustomed to with centralized storage solutions. Unfortunately, the many advantages of decentralized storage are still under-appreciated by those outside of cryptocurrency — such as data immutability, the prevention of storage outages, and the enhanced security decentralized storage can provide only seems to matter to many once a problem has already arisen despite the long-term costs from failing to acknowledge these factors. However, users large and small respond quickly and positively to the idea of decreasing their overall costs, especially in respect to data storage costs, which increase annually as the overall amount of data users need to store grows exponentially. Iit has become increasingly obvious that accessing the advantages of each DSN simultaneously, and the cost-savings this can provide, is the best way to encourage decentralized storage adoption.
Chainlink Keepers Integration
Another way they plan to integrate Chainlink into ColdStack’s platform is by utilizing Chainlink Keepers to reliably automate their staking rewards system. Chainlink Keepers allows for the decentralized, low-cost automation of smart contracts, calling on-chain functions when predefined conditions are met. In simple terms, you can think of it as a decentralized on/off switch in their case. As their readers are likely aware, they currently have staking features reserved for those who are using ColdStack for storage or referring users through our affiliate program.
Prior to Chainlink, they had planned to simply provide access to these staking rewards manually, however, such a system is centralized and requires too much of their time. They’d like for their platform to be as decentralized and easy-to-use as possible. Especially in regards to staking rewards, relying on centralized discretion would go against our ethos. They understand that the accessibility of their staking rewards will play a big role in user confidence in their platform, and anything they can do to enhance this through trustless features benefits ColdStack immensely.
While they do not have a set timeline for the implementation, they are aiming to integrate Chainlink Keepers in our beta test. Their current alpha test is underway, meaning anyone can participate and begin storing data with them upon request. They look forward to exploring further implementations of Chainlink Keepers and seeing how they can further decentralize ColdStack and enhance their platform’s functionality. The flexibility offered by Chainlink Keepers will allow them to further automate key components of their platform and improve their overall efficiency.
A Shared Goal of Decentralized Networks
Perhaps the greatest synergy with Chainlink is both having a mission to create a more economically fair and decentralized world. The data aggregation model of Chainlink Price Feeds removes the need to rely on trusting a single party providing information while the decentralized storage aggregation of ColdStack makes it so that individuals are not dependent on centralized companies for data storage and helps combat corporations’ monopoly on personal data. By decentralizing both the data provider and data storage processes, Chainlink and ColdStack are working to bring a new level of fairness and reliability to data infrastructure.
Additionally, both ColdStack and Chainlink understand that it isn’t enough to just further enhance the cryptocurrency ecosystem, but to broaden their appeal and provide compelling and easy-to-use services for those within the traditional business sector.
Their team can attest that the Chainlink Labs team has made the integration process extremely easy. They have been an absolute pleasure to work with, and they’re confident that as Chainlink continues to expand, their accessibility will help to rapidly transform the entire business sector.
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
About ColdStack
ColdStack is a unified protocol which allows for the aggregation of decentralized cloud storage platforms or decentralized storage networks (DSNs) such as Filecoin, Sia, and Storj. Coldstack enables the easy use of these platforms without significant integration efforts, regardless of an individual’s familiarity with DSNs.
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