Why does ChainX Network Want to Bridge FIL ?

ChainX, as an asset inter-chain gateway, our mission is to connect any valuable asset to the blockchain network, thereby building a Web3.0 ecosystem where anychain is interconnected and values ​​are freely transmitted. Filecoin may become the infrastructure of all blockchain projects. With the help of IPFS technology and the Filecoin network, storage problems can be solved. This is why ChainX accesses FIL.

The IPFS technology used by Filecoin uses sharding to divide the user’s files into N shares, which are encrypted and stored in some nodes on the network. We all know that the smaller the file, the faster the download. Therefore, using IPFS for cloud storage means that these nodes can store different pieces of file fragments at the same time. It only takes 1 / n time to complete the storage.

Everyone knows that although BTC and ETH have small block capacity and small on-chain data, due to the huge transaction volume, the “ledger” is currently several T in size, and the amount of data for individual nodes is also huge. Therefore, in order to solve this problem, ChianX hope that with the help of IPFS storage, all blockchain data will be stored in it, and it can be called at any time when needed.

For the Polkadot ecosystem, as a blockchain infrastructure, IPFS has a very large group of miners, users, and communities. On the one hand, access to FIL can attract the user community of the FileCoin community to the Polkadot ecosystem, and the combination of strong and strong forms a huge The superposition of network effects has greatly expanded the user group of the Polkadot community. On the other hand, through the FileCoin bridge, future parachains and Dapps can store data on the FileCoin network.

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ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.