Blockchain based oracle, Chainlink partners with independent Tezos developers to bring decentralized data solutions to the decentralized staking platform.
In an official announcement, a pair of Tezos developers will be working with Chainlink to bring decentralized oracle solutions to the staking platform. Smart Chain Arena and Cryptonomic are part of the wider Tezos development community aiming to increase Tezos blockchain adoption. The partnership will allow SCA and Cryptonomic to receive live aggregated data feeds from multiple sources enabling the development of better platforms.
1/ Leading Tezos teams @SmartPy_io & @CryptonomicTech are making Chainlink natively available to all @tezos developers! Chainlink decentralized oracle networks allow Tezos devs to use real-world data to augment their on-chain applications.
— Chainlink – Official Channel (@chainlink) April 30, 2020
“Oracles are like a big onion … [T]he more you dig into them the more layers of problems you discover.” – Chainlink CEO on partnership with Tezos. “The depth of the problem initially isn’t obvious.”
Smart Chain Arena launched the SmartPy language which will provide the bridge –through smart contracts –to deploy Chainlink’s decentralized oracles. Cryptonomic stack will support deployment, indexing and querying.
Several blockchain platforms have turned to Chainlink to offer reliable data as the various external data sources are a barrier to development. Speaking on the integration of Chainlink’s oracles, Cryptonomic co-founder Vishakh said,
“We recommend Tezos developers use Chainlink when building smart contracts as Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more.”
The partnership project will be fully funded by the Tezos Foundation through a grant in order to allow the quick completion of the project. The Foundation has been an important pillar in Tezos development offering universities and crypto developers several grants to improve the Tezos ecosystem.
Sergey believes Tezos will use the decentralized oracles in decentralized finance and insurance as its DeFi space grows. He further said,
“And having a good oracle mechanism is basically now a prerequisite for having a well-functioning DeFi application. And I think people are starting to realize that building oracle mechanisms is akin to building a blockchain.”