Hedera Hashgraph and Chainlink Partner to Create a Decentralized Oracle Network for Its DLT Tech
On the 9th of May 2019, Chainlink and Hedera Hashgraph announced their collaboration. This partnership involves the integration of Chainlink’s oracle network, LINK with Hedera’s DLT (Distributed Ledger Technology), HBAR.
In a statement by Hedera, this will enable developers of smart contracts based on Hedera have access to real world event and payment data information.
“Chainlink and Hedera are setting the standard for trust and enabling the next generation of smart contracts to become the primary method for establishing digital agreements,”
The Hedera enterprise is designed for businesses, it uses the DAG (Directed Acyclic Graph) mechanism to improve it's scalability as the volumes of transactions increase.
Suitable For Micro Payments
Hedera Hashgraph’s CEO, Mance Harmon, said that this process is the ideal for micro payments, allowing thousands of transactions per second
“Achieving micropayments through Hedera will lead us to a future where personal data is no longer exchanged for online services and where monthly subscriptions are no longer the norm,” said Mance Harmon.
He also added “Enormous industries are on the brink of change,”.
Both legal and technical checks have been put in place by Hedera to ensure that unauthorized forks have zero effect on the smooth running of the application.
Improved Stability, Performance And Security
Jordan Fried, the Senior Vice President of Global Business Development at Hedera, stated :
“We’re fast approaching Open Access, the time at which developers can freely develop distributed applications on Hedera’s beta mainnet. The Chainlink integration, alongside our full support for Solidity, makes it even more compelling for applications to migrate from other Solidity based smart-contract platforms to Hedera for improved performance, security, stability, and much more, Smart contracts have already started to change the world, and how organizations and individuals do business, and we see Chainlink’s oracle network as a key piece of infrastructure to improve smart contract capabilities even further.”
Hyperledger, an open-source platform for the development of DLT based businesses will also soon be in partnership with Hedera.
Hedera Beta Version
Many businesses will very some be able to develop dApps (Decentralized Applications) on the Hedera network, when it's mainnet beta version is launched, which is likely to go live some time in the second quarter of the year.
Hedera @Hashgraph is using Chainlink oracles for its enterprise-grade distributed public ledger! This allows developers writing Hedera-based smart contracts to access real-world data with improved performance, security and stability. https://t.co/SbZ20pOqhp
— Chainlink – Official Channel (@chainlink) May 9, 2019
Hedera Community Testing
Hedera Hashgraph also announced that the second phase of the community trial which enables selected users and developers to test the different capabilities of the network will commence on the 13th of May 2019.
Hedera made available 200 million HBAR tokens for this exercise.