Harsh commenced his discussion by addressing the fears of some people around blockchain’s prominent use case, cryptocurrency, as digital assets have been subjected to vulnerabilities from hacks to intended scams.
However, Harsh reiterated that a misuse scenario doesn’t dismiss the many advantages of the technology.
He mentioned how the concept of cryptography ensures that the information stored in each block and the transactions within it are protected.
Cryptography comes with digital signatures and private keys, these features ensure verification of the authenticity of the transaction and confirm that it was initiated by the rightful owner of the cryptocurrency.
With decentralization, a blockchain ledger is distributed across many computers (nodes) in a network with each node having a copy of the entire ledger. This feature makes it difficult for a single entity manipulation.
Faith M, Roberts FVM Smart Contract Developer spoke on Smart Contract on Filecoin Virtual Machine (FVM).
Smart contracts are a digital agreement that runs on a blockchain by automatically executing actions when specific conditions are met. The terms are fixed and cannot be tampered with
Once deployed on the blockchain, smart contracts are self-executing, requiring no need for intermediaries or manual intervention.
Smart contracts work in a trustless environment, ensuring that the contract will execute as programmed.
She further explained how smart contracts can be deployed on the FVM. The FVM currently supports the Solidity programming language.
Smart contracts can be used to implement a variety of applications on the Filecoin network, such as decentralized storage, data retrieval and Filecoin payments
Also speaking at the meetup, Chukwuemeka Enoch Mbaebie – Regional Lead, Filecoin Africa and the Middle East discussed the Saturn Ecosystem.
Saturn is an open-source Web3 community-run Content Delivery Network (CDN) in Filecoin’s retrieval market. It is rustless, permissionless, and inclusive, allowing anyone to network, and earn Filecoin.
Content on Saturn is IPFS content-addressed, with every piece of content immutable and response verifiable.
Node operators earn Filecoin for accelerating web content, and websites get faster content delivery for less.
Enoch explains that the network is open source and developed for the public for all of humanity. He enjoined attendees to join the network, run a node, and earn Filecoin for accelerating the decentralized web.
Featured Image: Chukwuemeka Enoch Mbaebie – Regional Lead, Filecoin Africa and the Middle East