Gummys Partners With Filecoin to Store Creator Videos on IFPS
Gummys is delighted to announce that we have partnered with Filecoin (FIL) — the foremost decentralized storage platform in the blockchain space.
Gummys will leverage Filecoin’s storage system to store the videos uploaded and streamed to its decentralized content-sharing network. Videos will be stored on the IFPS (Interplanetary File System) protocol — a peer-to-peer distributed file sharing network which forms the backbone of the Filecoin project.
Filecoin was created in 2018 by Juan Benet, the original founder of the IFPS protocol, and CEO of Protocol Labs. Filecoin was originally conceived of as an incentive layer for IFPS, and acts as an open, decentralized protocol that leverages the blockchain to record transactions made by the network’s users.
Filecoin represents an open market for data, allowing storage “miners” to sell their free storage space to users who want to rent it to store their data. Storage miners compete to store user data by offering the lowest fees possible for a set amount of storage capacity and time. This creates a user-defined marketplace free from the arbitrary pricing and centralized oversight of existing cloud storage networks such as Amazon Web Services, Cloudflare, and Microsoft Azure.
On Gummys, users receive monetary rewards in the form of cryptocurrency tokens (GUMMYS) for their time spent on the platform. Gummys users are rewarded for creating and sharing content, watching videos, leaving comments, and more. Enabled by the use of a single public key address, Gummys users retain control over their data and browsing history, and are protected from data harvesting by third-party entities.
Gummys use of Filecoin adds to the overall security and decentralization of the project, allowing videos from Gummys TV to be stored in a widespread, distributed framework that isn’t prone to any single point of failure. The partnership with Filecoin complements Gummys vision of a decentralized video storage platform, extending its reach while cementing the longevity of user-generated content on the web.
Gummys founder and CEO Pasquale Sorrentino celebrated the partnership with Filecoin, noting that the user-led ethos of both projects created a natural synergy that would bode well for the future. Sorrentino said:
“We’re delighted to be hosting our users’ content on Filecoin using IFPS. Its storage structure is an example of true decentralization; one that keeps content in the hands of the community — both people and organizations.”
Building on the promise of a truly decentralized Web3, Gummys requires no email sign-ups or user logins using personal details. The platform is free to use and imposes no censorship on its user base.
Gummys will initially launch on Binance Smart Chain, but both the token and application will eventually be made compatible with other popular blockchains through the implementation of cross-chain bridges.
