Polygon, a fast growing Ethereum scaling platform forms a partnership with Aleph.im to utilize its decentralized storage network. This integration will provide an additional layer of security and permanence for NFTs, marketplaces and decentralized applications (dApps) running on Polygon.
Polygon and Aleph.im’s Solution
Reliance on centrally-operated infrastructure for media storage and hosting puts the NFT content at risk of disappearing. Jonathan Schemoul, CEO of Aleph.im, said that “The issue is that NFT marketplaces might opt for centralized options for data hosting, that is faster to deploy such as AWS or Google. While this is a cheap and efficient option, it often creates central points of failures, or vulnerabilities to attacks.” As such, this partnership aims to resolve areas of vulnerability that NFT marketplaces may open themselves up to with centralized options.
What happens when NFT purchase mints a cryptographic signature or token? The file associated with that NFT can disapper or be altered. NFTs are not decentralized by default. Thus, Aleph.im’s decentralized storage solutions for files and data of all kinds adds an extra layer of security for the NFT. The network’s backup dApp creates a unique snapshot of all data attached then pins it more than 50 times on each core channel node of the network.
The collaboration will allow projects in the Polygon ecosystem to use Aleph.im’s decentralized databases, computation and decentralized identification framework. This will enable an additional layer of security and permanence for NFTs and decentralized applications (DApps) on Polygon by stripping off any centralized parts of their stack. The system then becomes a fully centralized architecture. As an effect, users can buy, sell and trade NFTs with lower fees on Polygon. They can also safeguard their NFT purchases from disappearing in case of server failures.
What is driving the momentum?
The Ethereum network is now becoming congested with transactions and plagued with high gas fees. This is a consequence of the growth of decentralized finance and NFTs. After all, Ethereum hosts the majority of DEFi protocols and Stable Coins. Polygon’s vision is to reduce the cost and time of transactions on Ethereum and improve interoperability. This is why platforms like Labs Group turned to Polygon.
Testament to Polygon’s success, Shark Tank personality and billionaire Mark Cuban is now an investor in the project. Cuban also intends to integrate Polygon into Lazy.com which is a platform for people to display their NFT Collections. Not surprisingly, the price of Polygon’s native token surged in value.
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