Nervos Network Integrates Chainlink’s Decentralized Oracles To Enhance Smart Contract Development
- Nervos Network is the latest blockchain project to integrate Chainlink’s decentralized oracle system to enhance the data quality and enable more data-rich decentralized apps (DApps) to build onto the network.
In a published blog post on Medium, the Nervos Network announced its integration with Chainlink to utilize the latter’s decentralized data oracles. Chainlink provides a distributed feed of independent node operators that allow blockchains to pull data from trusted third-party data feeds.
Blockchain platform @NervosNetwork is integrating Chainlink oracles to power universally connected smart contracts. Chainlink greatly expands the amount of data Nervos developers can use when building dApps while not compromising on security & reliability. https://t.co/tjuECe6r2o
— Chainlink – Official Channel (@chainlink) August 17, 2020
Blockchain collect data form themselves and do not provide native access to these external data feeds. Decentralized oracles offer blockchains this access allowing them to collect data and ease the execution of smart contracts. With the integration of Chainlink, the developers on Nervos unlock a new layer tech to the platform allowing the creation of DeFi, insurance products, investment products, and gaming products, etc. Speaking on Chainlink-Nervos integration, Chainlink’s founder, Sergey Nazarov said:
“We’re excited to help integrate Chainlink’s secure and reliable oracles into Nervos […] By making off-chain data resources available on-chain, Nervos can now offer more value to both its developers and users, leading to additional use cases in DeFi, Gaming, Insurance, and more.”
Chainlink has seen rapid growth due to its reliability and secure properties in the past few months. The blockchain offers a wide range of decentralized node operators and oracle data feeds and external adapters “that can be written in any programming language to give the oracle read/write capabilities with any API.”
The co-founder of Nervos, Terry Tai, aims at a fully decentralized platform powered by fair and unbiased information from random oracle feeds. With Nervos planning to provide a platform to build executable and data-enabled smart contracts, the integration of real-world data on the blockchain is essential, Tai said,
“We’re excited to see a plethora of new products built on Nervos using real-world data and off-chain connectivity.”
Chainlink’s utility value has seen the crypto spike into all-times growing to hold 4% of the total crypto market capitalization. According to Coingecko charts, LINK is currently trading at $18.90, representing a 135% increase in the past 30 days to place 5th on the market cap listings.