Web3 Foundation announced that it has signed a partnership with Chainlink in order to contribute to the Polkadot system. Chainlink is an open source Oracle system that provides smart contracts in the Web 3.0 ecosystem.
Web3 is integrating Chainlink into its technology roadmap starting with Chainlink oracles on the #Polkadot network. We’re driving towards a future of secure smart contracts on a decentralized web together with @web3foundation. #Web3 #smartcontractshttps://t.co/Crk8GP9vdy
— ChainLink – Official Channel (@chainlink) October 22, 2018
With this collaboration, Chainlink will be creating an implementation for the Polkadot project. In this way, the company will be making a large amount of off-chain data feeds, APIs and traditional payment services available to contracts operating on the Polkadot network.
In order to validate the data before triggering the contract, Chainlink works with a decentralized oracle network. This is quite important since it avoids having troubles with wrong information provided by just a few Oracles. With a highly decentralized Oracle network, it is possible to increase security and trustworthiness to the project.
All the blockchains working in the Polkadot network can leverage the data provided by Chainlink. With this data, it will be possible to trigger smart contract messages and finally settle the transactions between different chains.
On the matter, W3F Executive Director Peter Czaban, said:
“Oracles are a critical component of the Web 3.0 ecosystem enabling a new wave of exciting decentralized applications that require access to real world data on the blockchain. Chainlink is building open standards and solutions for oracles and we are excited to align our roadmaps to make it easy to leverage oracles on the Polkadot network.”
Sergey Nazarov, CEO of Chainlink, commented that they are very excited to be part of this partnership and to be the Oracle network for the Web3 ecosystem.
For those who do not know, the Web3 Foundation works in order to foster and shepherding cryptographically-enabled protocols with the intention to safeguard decentralization and Web3.0. Additionally, Chainlink is an Oracle network that allows smart contracts to have access to off-chain secure data feeds, web APIs, and traditional bank payments. It also provides support to large and small enterprises, including SWIFT.