Harmony, Chainlink Partnership to Help Blockchain Network Off-Chain Connectivity
- Binance's platform was recently used to conduct Harmony's initial exchange offering (IEO).
- After the successful IEO, Binance and Harmony are working cooperatively to help improve the Blockchain space.
Barely a week after holding a successful initial exchange offering (IEO) on Binance, Harmony is yet again stealing the headlines. This fast-rising fintech company is about to partner with Chainlink, a move it aims to leverage and achieve its ‘10 million transactions a second’ goal and be the face of highly scalable networks.
Chainlink, a company that’s widely perceived as the leading Oracle service provider, employs its vast network to deliver steadfast and safe, hacker-proof input and output data. And it's importance in this whole arrangement is critical to the success of the entire project.
The Essence of Oracle
Harmony’s ambitious goal of scaling transactions relies on how well Blockchain-powered smart contracts function. Basically, some applications will only access off-chain data using the same smart contracts.
A perfect example is a smart contract that is in-charge of completing insurance amounts on travelers’ accounts whenever there’s a flight delay. For it to work efficiently, it would need to have all the right information regarding the schedule of the flight booked, besides keeping track of it.
And to achieve it, the platform will have to rely on Chainlink’s Oracle, given the cutting-edge technology it employs in its services. The technology acquires and interprets third-party data before sharing its findings with the smart contracts which then trigger the execution of the right solution.
Chainlink network is arguably the best, most sought-after given its first-rate security protocols. Its oracles work with smart contracts to interpret real-world data and efficiently ensure a successful application of Blockchain in diverse industries. It also overcomes the traditional design complexity which would increase in typical scenarios.
The network’s highly decentralized web of oracle nodes, alongside various Chainlinks, helps complete an end-to-end security of information. This network has lately been receiving lots of plaudits from both large and small scale fintech companies. Already, Microsoft, Town Crier, Request Network, Factom, Zeppelin_OS, Swift, DocuSign, and Ceek are leading the list of brands interested in partnering with Chainlink.
Harmony and Chainlink
The world of DApps is expanding tremendously. But amid this huge progress, developers face a huge task when their smart contracts need factual data obtained from diverse real-world sources.
And to eliminate this and ensure efficient execution of its roles and still keep everything safe and transparent, Harmony is enlisting the services of Chainlink.
Harmony to Partner with @chainlink for Off-Chain Connectivity
We are partnering with Chainlink, the leading oracle service provider to provide reliable and secure input and output data which smart contracts on the blockchain require to function. https://t.co/DDLs6lJyzk pic.twitter.com/AC7tvYgnoW
— Harmony (@harmonyprotocol) June 5, 2019
Harmony is an infrastructure-powered platform designed to eliminate the usual bottlenecks associated with Blockchain transactions and make them fast, smooth and seamless. The essence of having the ecosystem functioning well with high-throughput and low latency is to help make sure it completes financial transactions that are totally secure.
This consensus ecosystem ideally employs extra fool-proof technologies in its framework, a factor that places it far ahead of the conventional platforms. Harmony is leveraging the highly innovative Deep Sharding technology to enhance the network’s throughput.
Simply put, unlike proof-of-stake (PoS) Consensus which employs BLS Signature Scheme alongside Adaptive State Sharding and Networking and Distribution, its main features are:
- It is an open infrastructure for data from across the globe.
- It packages itself as a global-scale marketplace.
- It allows trustless and decentralized transactions.
Chainlink’s beacon chain, on the other hand, helps enhance the network’s scalability as well as its overall scalability.
Harmony’s ONE token is headed for better things
Meanwhile, Harmony (ONE) is the first digital asset to be supported by both the centralized and decentralized exchanges. It achieved this massive feat when it partnered with Binance, the global crypto exchange platform.
For a cryptocurrency that recently took the 1844th spot on CoinMarketCap, this will undoubtedly boost its reputation. It is a highly promising coin already, even though coin pundits believe that this position doesn’t reflect its true position in the market right now. Chainlink is 29th in the list.
What the Partnership says about the future
At a time when Blockchain is billed to be the greatest invention of recent times, this move by Harmony is crucial in seeing this technology come of age. It will address a lot of its flaws and tune it to enable more adoptions. Further, developers of the network want to fine-tune it to serve a bigger scope.
When all’s said and done, the partnership is a big win for the present and future applications of Blockchain. When it finally connects to the real world and becomes part of the day-to-day happenings, billions in the burgeoning decentralized industry will benefit.