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.