# Bridging with Filecoin - New Frontiers in Web3 | ZX Zhang

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2021-10-09
- Duration: 17:27
- Topics: Ethereum, ZX Zhang, Filecoin, New Frontiers
- Watch: https://streameth.org/watch/yt--Pd9x8hkdr8
- YouTube: https://www.youtube.com/watch?v=-Pd9x8hkdr8

## Description

ZX of Protocol Labs Research discusses the new frontiers in the web3 space and Filecoin as a critical player within.

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## Transcript

uh so next up we have our next talk by zx zx leads uh the crypto econ lab and drives stuff aqua and ecosystem growth and protocol labs um he'll be talking about bridging the uh falcon bridging with filecoin um and just the new frontiers in what three this is a talk that uh i've had a sneak peek into so i'm super excited about it so without further ado i'll welcome him on stage and uh we'll let him kick off with the talk great thank you kartik um just give me one moment everything is great all right thank you hi everyone welcome to hack fs storage provider summit my name is zx i work on cryptoeconomics lab and ecosystem growth and protocol apps today i'm very excited to talk about uh bridge with falcoin new frontiers and web three and i think we really represent a lot of tremendous um growth and building opportunities for both lab builders and and entrepreneurs in the ecosystem um and the hack fest the perfect place to get started and then like i'm pretty sure our ideas and venture does not end here there's lots of amazing program like the accelerator program that we just saw really help us take uh our ideas and businesses to the next level great let's get started let's do a recap what is foulcoin um this is the uh this is the island economy analogy that we often use right so falcon is like an island on the island there are different kinds of participants you have researchers building the protocol and the algorithms then you have developers building tooling experiences application and products or even layered to protocols and then you have token holders providing liquidity um and facilitating transactions or providing collateral and then you have miners amassing all these physical and capital resources to produce a storage related goods and services and then we exchange that with uh storage clients through valcoin and the overall goal of everyone in the ecosystem is to really bring in more participants and use cases and clients into the network and there are many lenses to look at falcon just like any other blockchain network it's a utility token it's a platform a protocol a blockchain network a community an economy ecosystem an evolutionary system and we are there are different stages to the economy so we're kind of moved past the capacity building stage uh we're now coming close to nine examples of storage with 50 petabytes coming online every single day um and uh there's some very recent upgrade that really lower uh that makes the train more scalable and really lower the transaction cost and kind of increase the transaction throughput of the file coin uh network and that that paves the way for more adoption more application more deals uh more transaction on the falcon network and i think the collective goal of everyone is really bringing us to this um so called the stage three where we have a really strong brand around foul coin a full serial product very diverse market we think of output as an airbnb for cloud services um and then like falcon itself can be a sustainable economy and so falcon has a layer one is really unique right it's unique in the sense it's it's well positioned to support both web 2 and web 3 use cases and then we will explore more of these later today so today's talk we talked about bridging with firecoin so a lot of that really is like building bridges uh to really use the storage um use all this tap into the potential tap into the compute tap into all these um different um different aspect of the falcon protocol because it's a falcon because falcon is a lay-on protocol so it cares about the very basic thing which is um is the miner are the miners storing your data good and then do you have a periodic proof that they are storing it so then you saw people building bridges in various forms with like different ecosystems uh or with like different web 2 companies and industries and these are not just the traditional like token bridges that we might be familiar with in web 3. i think these are storage bridges data bridges and value bridges so and also just to talk about some of the web 2 opportunities when using storage on on file coin um because falcon is a protocol it's it's somewhat different from like a traditional web to a product where you expect to see like one way of how things work right storage is provided uh on file coin in the form of sectors right like it gets proven uh the protocol checks on it every 24 hours and then using storage on falcon really is to use the storage provided by storage providers on the falcon network so also the features are possible like redundancy encryption indexing fast retrieval many teams are building on better indexing um to enable fast retrieval services and then falcon is a layer one so it's designed to be to enable emergent so there's lots of room for layer two uh protocols that can emerge on file point and while the cost of storage is very competitive today on falco and many miners are offering free stores for uh free storage for clients some are even offering like negative prices um but falcon storage is not just about cost right just like airbnb for cloud services should be about the experience and we will talk a lot more about that so there are many examples of like kind of abstract bridges of like application that makes uh using storage on falcon easy right you have nft door storage chain safe files there's also a textile bucket of web dual storage estuary many of these tools are popping up i encourage you guys to try it out during hackathon and build amazing product and experience with it and another big opportunity here would be like client minor right now there are close to 3 000 uh storage providers on the fireplace network right as a client coming to the protocol uh which one which one do we choose right like so there's lots of room here about improving the ux of the clients i think some of the tools that i mentioned earlier are great examples and then there's also space for like geo-matching platform kind of like airbnbs or dropboxes on the falcon network and we started to see many of this uh emerging and then like replication system will come into key and then that will also extends into like credit and other ratings and then that also gives us the opportunity to define grades of storage services which instead of become a precursor to commoditized cloud storage which is something that we have never really done before and we talk about d5 a lot but it's also entirely possible to have exchanges whether it's centralized or decentralized or even new form of exchanges based on new structures on cloud services and as we mentioned like there's lots of compute gpu sitting around storage um this collocation of storage and compute represents tremendous opportunities i think we hear uh from one of the large storage providers later today to talk about um different opportunities at uh us the falcon storage providers and then you can run analytics algorithms and then offer stock gpu as a service we all know that the metaverse would likely require lots of both storage and compute resources the file code network will be a perfect place for that and then like people also researching and building caching and retrieval services there's also given that you need like uh clash royale for uh file uh to become a search provider on file coin there's also token price volatility which doesn't have to be performed by either the miners or the client there's actually lots of opportunity for financial services on firepoint could be really useful to help with managing risk providing liquidity and reducing uncertainty and that everyone can benefit with a more predictable kind of financial situation and then data services will become increasingly important as the level activities increases on file point when you understand what's the risk profile uh both for the storage and the search provider and the clients and then that that enable participant to make more informed decisions we start to see like mining return calculators more sophisticated analytics with lenders and strong network analytics really paved the way for more sophisticated products on firecoin so we talked a lot about like web 2 star interactions i also want to emphasize falcon really brings a unique and new building block to web3 and we use this like diagram to really illustrate right we call that the dataverse and this is what we call like a data supply chain it's very common in web 2 world right you have like production of data many times um this data are actually public right then you have refinery um can you my insight can you clean up the data and then you do curation we package that in the format that people uh want and then deliver value or satisfy some kind of desire right and then you generate value and then potentially attribution except that in the traditional web 2 world many of the attribution really happened in the last stage right but in the case of like web 3 you really have this network structure and i think this is where the whole content address web of ipf has really come in you have this network of nodes and edges how do you define them that is like a full-on protocol of defining what is it doing what is an edge and there's lots of research on this from the traditional network science feature but ipfs later gives you this network structure and enable us to define the structure over it and then what the falcon layer really brings to the table i think one is huge volume very cheap supply of storage um but as you already know it's not just about price so it's really about that experience and the value and the next piece is this periodic proof about the data being stored on file point and then before falcon gets an evm or user defined uh smart contract system there's lots of bridging layer which is the main thing about talk today and then we will see a few more examples and then enable others to build smart contract layer logic on top of this um on part of the foul coin uh storage network and there's we already started to see people experimenting with this but i think um i will go over some of the example of like some of the other web3 successes and how do you really crack this and how do you really showcase the immense potential at the intersection of falcon and ethereum and other smart contract platforms so going back to this again right so these are not just the regular token bridges this is something that the world has not even seen uh we have not fully appreciate the potential and the power of the storage bridges so these are not just like tokens they could be storage value data attribution flow it could really be anything the sky is the limit and hack fx is the perfect uh venue to really explore build teams and kind of like try it out um really experiment what could be possible many of the many of the successes in that three started in hackathons like this one so yeah so some of the other announcement or or kind of like progress they made with these bridges like falcon training bridge falcon ethereum bridge falcon near bridge there's also free storage on the near bridge and um and more recently we there's all lots of drawing grants i think we hear from um marshmallow i want to talk about this exciting grant opportunities and then there's different kinds of bridges with like polygon near hedera and lots of lots of ecosystem momentum really kind of enable experimentation in power this kind of trial and error to figure out what is the right use case and then we talk a bit more about some of the use cases but before that let's just take a look take a step back and look at like d5 and nft solve the successful case study in back three so back in 2015 when ethereum first came up right like people talked about like smart contract but it took us a long time to figure out what is a part of market fit what can we really do with it that can really um satisfy the consumer and customer demand um and there were many that back in 2017 i remember pretty vividly i also made a few of those but they didn't make it right like um i think one strong thing with d5 is really leverage the building block that ethereum brings to the table it really didn't really go too far into interfacing the real world it really is like simple uh mathematic calculations that you can perform on ethereum right and then like and then there are many protocols that's being built on top of the underlying layer one very composable building block that enable even more emergence so um solving some of the takeaway here potentially would be like well some simple operation that cannot be enabled by this entirely new building block that is introduced by firepoint and then we look at nft nfp was also a concept for a while and then people kind of like saw the need for it but like it really and people define a standard or what is mft so that's erc 721 but they didn't really take off until like crypto uh which i believe that was in eve denver um currently if i'm wrong by the universe and if then where they really showcase the immense potential what can we do oh sorry got it uh eat waterloo oh waterloo that's right that's right um thank you so like cryptokitties really demonstrate what is possible with like nfts and then we see like lots of companies and really building and then now we saw this nft summer so uh some takeaway here will be the importance of defining a standard having reference reference implementation or cool concept will go a very long way and then we still need to find product market for whatever we are building whether it's a protocol marketplace or a platform or an application so just some more of a three ideas that will be part that's that are enabled by far coin i think uh we talked about this on our previous talk um just going over them again with data boundaries where we have smart contract putting together funds for storage of for the storage of a particular cid right it could be a collection of nfts it could be some data sets and then this one only paid out when there's a proof that has been stored on filepoint last i heard this has already been implemented i think that maybe we can take this um hackathon as an opportunity to really figure out what are some interesting games or like that that we can develop on top of this and dinner dials where dials can now be formed as a building building up of data about booting up on data boundaries dials can now be formed around data that the community cares about right people can join and join this style by having proven that they store a piece through a file coin and through all these bridges right all collectors contribute to the pool right and then on top they have storage insurance commodity futures a minor incentivized repair data if let's say the falcon protocol reports that oh this data if this piece of data is missing now you have a bounty to fix those or like there will be penalty uh already on the falcon protocol if the miner is not storing it and then we talk a lot about nfts right like i think we we we celebrated nft but we also noticed there are many areas of improvement and i think one one obvious one would be like um can we really redesign rethink the flow of nft and what is the value proposition value attribution right like because i think the metabolism should be open and then it should be and the really the value is really in the context right so there is lots of room here to really rethink about what is the economics what is the future that we want to see and then we leverage unit building blocks on firepoint to define new protocols and as i mentioned earlier we talked about what is the node ways and edge right and and really defining those even even in nft setting right what is a node what is an edge right potentially let's say i merged to nfd to create a new one that inherently there is a relationship right how can we really think through about value attribution and make that in a more transparent and fairer way to really enable a greater community um and a greater economy and uh verifiable computes right um cid which is a unique identifier of the content on file coin they can be a binary of an algorithm right um you can also store it on filecoin in that sense you can do you can verify compute uh based on the algorithm and based on the input data when you have compute and data you get more data so that creates a very interesting uh sub reinforcing loop and i think like lastly i think there's lots of room for layer two protocols on filecoin you really leverage this guarantee this like basic building block that the protocol provides right you can do multiple perpetual storage protocols on file point pay one so forever you can see like maybe 10 of these on file coin content delivery protocols you can also see many of this on file coin and another observation here is when you look at all these like web 2 platforms right like when they first started out user have really strong incentive to uh to use the platform upload data to use the storage right like can we think about more creative incentive uh for client to use filecoin to use web3 to really bring the um the digital existence onto the webster infrastructure so with that in mind falcon really is an exponentially growing ecosystem and many of um teams come into our ecosystem through the previous iteration hack fs so i'm very excited for hack fest this time around as well and as we really as we participate in hackathon we think about what new interaction can we enable what kind of businesses are we building and how can we find product market fit and to recap falcon is really uniquely positioned and there's immense opportunities building layered to protocols platforms and product on file coin and we should constantly think about the business model and there are many many areas as we lay out that we can explore together as a community and with that i would like to pass on the time back to karthik thank you for uh excellent presentation there was a lot of information and i know everyone's going to take some time to digest that given that we are a little short on time i want to uh remind people to continue the conversation in discord if that's a good place for them to reach you i know i know we're really excited to get the conversation underway