Protocol Labs and ConsenSys Partner to Integrate Filecoin into Ethereum

Protocol Labs and ConsenSys Partner to Integrate Filecoin into Ethereum

By Abhimanyu Krishnan | News | 22 Oct 2020

Filecoin (FIL) developer Protocols Labs and Ethereum development company ConsenSys have announced a partnership that will see Filecoin integrated into the Ethereum (ETH) network, according to a press release published on October 21.

  • Protocol Labs and ConsenSys will collaborate to ensure that Filecoin and Ethereum will work in an extensive manner to bring the Interplanetary File System (IPFS) technology to the ETH blockchain
  • As a result, Filecoin miners, developers and users will be able to access Ethereum tools and work with DeFi
  • Founder and CEO of ConsenSys, Joseph Lubin, said that Filecoin would “seamlessly interoperate with Ethereum-based functionality and other apps at every layer of the stack, from the protocol layer to the financial layer with DeFi”; he has also become a member of the Filecoin Foundation Board of Advisors
  • ConsenSys’ Codefi blockchain has subsequently supported Filecoin in multiple ways; Codefi Activate launched Filecoin Storage and will soon launch a Filecoin DeFi Bridge
  • Filecoin's bridge to Ethereum will utilize the RenVM to convert FIL to an ERC-20 token
  • Additionally, the two entities are working on a Filecoin Snap feature that will make Filecoin viewable on MetaMask, as well as support IPFS resolution through the extension
  • Filecoin launched on October 15 to much fanfare; however, in the following days, it received criticism from miners for its stringent requirements

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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