Filecoin Announces Partnership with Chainlink to Give Users Access to Web 3.0

Filecoin Announces Partnership with Chainlink to Give Users Access to Web 3.0

Filecoin has recently announced that it will be partnering with the popular DeFi oracle platform, Chainlink (LINK). The integration will allow Filecoin Network to gain connectivity with smart contract-enabled blockchains, like Ethereum.

Smart contract developers on Filecoin will have access to a complete Web 3.0 infrastructure stack, including blockchains for on-chain logic and state changes, Chainlink oracles for off-chain communication and computation, and Filecoin for decentralized storage and data solutions.

Meanwhile, some of the functionalities that come with the integration include Filecoin Miner Insurance, where Chainlink oracles can supervise the activities of Filecoin miners. This functionality creates an alert system linked to insurance smart contracts on another blockchain, which automatically facilitates payouts to policyholders in the event of accessibility issues.

Additionally, their DataDAOs will contain extensive datasets like historical price databases or research data. The ability of Chainlink oracle to distribute portions of the data on the network to smart contracts on other blockchains, which opens up a new source of revenue for DataDAOs.

The Head of Chainlink Business Development, Daniel Kochis, has expressed his optimism over the integration, asserting that the Chainlink network is more than capable of providing reliable oracle services.

Key LINK Levels to Watch — March 29
Chainlink is currently trading up a bullish trendline in tandem with the broader cryptocurrency market mood. The eleventh-largest cryptocurrency has posted a strong rebound from its recent 15% fall to the $24.00 support level.

LINKUSD – 4-Hour Chart

At press time, LINK has broken above the crucial $28.00 resistance and has to break above the $29.00 round figure to consolidate its bullish momentum in the coming days. That said, the cryptocurrency is currently trading within a wedge pattern that coincides with the $29.00 resistance.

Failure to break above the $29.00 resistance could trigger a sharp decline to the $25.00 support, in line with the dictates of a wedge pattern.

Meanwhile, our resistance levels are at $29.00, $30.00, and $32.00, and our support levels are at $26.70, $25.00, and $24.00.

Total Market Capitalization: $1.74 trillion

Chainlink Market Capitalization: $10.9 billion

Chainlink Dominance: 0.62%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.