Gemini’s Matthew Werner joins to discuss the cryptocurrency exchange’s recent integration of Chainlink Proof of Reserve for Gemini’s wrapped Filecoin, EFIL. We dive into decentralization, transparency, and get to know Matthew’s penchant for using IoT devices to add programmable utility to his everyday life.
Filecoin is an open-source, cloud-based decentralized storage network using a standalone blockchain and a utility token (FIL) to incentivize consensus. In order to use FIL on the Ethereum network, FIL is stored in a smart contract and an equal amount of Gemini’s wrapped FIL (EFIL) is minted on the Ethereum chain. EFIL allows FIL holders to use their tokens in DeFi protocols and other applications on Ethereum, building a bridge between decentralized data and DeFi. Chainlink Proof of Reserve provides a transparent and secure audit trail for Gemini’s custodied FIL reserves for EFIL.
Chainlink Proof of Reserve: https://chain.link/solutions/proof-of-reserve
Chainlink Today: https://twitter.com/ChainlinkToday
Andy Boyan: https://twitter.com/andyboyan