Chainlink To Launch Its First Oracles Outside Ethereum on Polkadot Blockchain

Chainlink’s oracles have become a popular solution for Ethereum based DeFi’s as blockchain innovators seek to integrate their smart contracts with external data for more information. Polkadot, another blockchain built ecosystem, announced on Feb 25th through their blog post that they will also be leveraging the Chainlink tech.

This is the first Chainlink client whose operations are not based on Ethereum blockchain. However, Parity Technologies which is in charge of developing the Polkadot network is headed by former Ethereum co-founder, Gavin Wood. Polkadot has since tweeted this milestone;

“Chainlink is set to become the first and primary oracle provider for all @ParityTech #Substrate-based chains and eventually the entire Polkadot network.”

The integration of Polkadot with Chainlink will happen once the platform goes live. For now, a feasibility test on the effectiveness of decentralized information collection points is underway. This is being done through Polkadot’s parachain launched by Chainlink on Kusama, the experimental Polkadot network.

Chainlink’s Decentralized Oracles

The data-integration firm has proven to be fundamental in crypto price consolidation given different digital currency markets operating today. Chainlink’s CEO, Sergey Nazarov, said during an interview with Coindesk that their cutting edge tech is a decentralized approach to data collection. This hedges against smart contracts failure in an event where oracles are part of the decision process; centralized oracles, on the other hand, pose a threat if the data feed is compromised.

With Chainlink’s protocol, Polkadot users will be able to access an oracle trusted market and customize the existing features for maximization within decentralized ecosystems. So far, Chainlink’s products in this area have been among the top tier making it a leader in Oracle as a service. Parity Technologies is optimistic that it will increase blockchain adoption as developers will use less time and create with more ease once Chainlink is integrated with Polkadot.

Chainlink has been hot crypto to own lately, with both market cap and price up 765% in the last 365 days and even up 33% in the last month. Down 2 spots in the last day, landing as the 15th ranked currency, it is currently trading at $3.52 according to Nomics, even with a down market.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today