Web3 Foundation & Chainlink Announce Collaboration
- On 22 October, 2018 the Web3 Foundation announced Chainlink’s contribution to Polkadot.
- As part of the collaboration, Chainlink plans to create an implementation for the Polkadot project, making a large amount of off-chain data feeds, various APIs and traditional payment services available to all contracts on the Polkadot network.
- Chainlink uses a decentralized oracle network (multiple Chainlink nodes) to validate the data before it triggers the contract.
- “Oracles are a critical component of the Web 3.0 ecosystem,” explains W3F Executive Director Peter Czaban, “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. Over the longer term, we intend to drive the development of an oracle parachain together with the Chainlink team.”
- Sergey Nazarov, CEO of Chainlink stated, “We’re excited to partner with and be the oracle network for the Web3 ecosystem. Beginning with an implementation for the Polkadot project we are creating a future with secure smart contracts connected with real world off-chain data together.”
Polkadot Will Be The First Non-Ethereum Blockchain To Integrate Chainlink
- On 25 February, 2020 Polkadot announced a major milestone had been achieved which was the Polkadot and Chainlink Integration Using Substrate.
- Part of the announcement noted that Chainlink had completed an initial integration with a Substrate-based blockchain, marking a major milestone in the mission to bring Chainlink’s market-leading network of decentralized oracles to the Substrate chain ecosystem and Polkadot.
- This is the first blockchain ecosystem outside of Ethereum that Chainlink will support. By being the first Substrate-based oracle solution, Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network.
- Polkadot developers can use Chainlink’s decentralized oracle networks to quickly connect their smart contracts to all the inputs and outputs they need to run securely and reliably end-to-end, while avoiding the major pitfalls associated with trying to deploy your own oracles, such as long time delays, additional expenses and even fatal security flaws.
- This initial integration with Substrate will open a pathway towards integrating Chainlink with a dedicated parachain or even building one, following Polkadot’s launch.
Who Are Chainlink?
- Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs and traditional bank payments.
- Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams.
Give Your Smart Contract Provably Secure Access To Data Feeds, APIs & Payments
Connecting Your Smart Contracts To The Inputs & Outputs It Needs
- Building a truly valuable smart contract requires the use of multiple inputs to prove contractual performance as well as multiple outputs to affect outside systems and/or send a payment to complete the smart contract.
- Chainlink provides your smart contract with the inputs and outputs it needs to reach its full potential.
Smart Contracts Require Secure Middleware To Connect Them To Real World Data. This External Data Will Trigger The Contract Creating The Need For Its High Reliability
- Smart contracts can’t access data on their own.
- When developers implement their chosen smart contract they encounter a connectivity problem. Their smart contract is unable to connect with key external resources like off-chain data and APIs.
- This lack of external connectivity is due to the method by which consensus is reached around a blockchain’s transaction data and is a problem for every smart contract network.
- Centralized oracles are a point of failure.
- Connecting smart contracts to data inputs through a single node creates the same problem that smart contracts themselves seek to avoid, a single point of failure. With a single oracle node your smart contract is only as reliable as that one node.
- A highly reliable decentralized oracle network.
- Chainlink’s decentralized oracle network provides the same security guarantees as smart contracts themselves.
- By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure and maintain the overall value of a smart contract that is highly secure, reliable and trustworthy.
The Chainlink Network Provides Tamper-Resistant & Sustainable Price Feeds Furthering The Growth Of DeFi
- Highly decentralized and secure infrastructure- Independent and geographically distributed teams of security-reviewed node operators run decentralized infrastructure.
- High-quality data sources that avoid manipulation- Market data sourced from premium APIs provides full market coverage with rigorous validation before triggering your smart contracts.
- Prove your smart contracts’ end-to-end security to users- Easily verifiable and immutable on-chain data provides unique reliability guarantees of provable end-to-end security.
- A well maintained shared data resource- An open source community builds and funds the on-chain reference data resources for the long-term viability of your smart contracts.
Give Your Users Extensive Guarantees About The Reliability & Quality Of Your Smart Contracts
Highly Decentralized & Secure Infrastructure
- The highest quality independent node operators with strong Sybil resistance.
- Open source Chainlink software run by hundreds of security-reviewed DevOps teams.
- Highly performant monitoring systems ensuring continuous uptime.
High-Quality Data Sources That Avoid Manipulation
- Premium data sources ensure high-quality data is used to update your smart contracts.
- Validation of premium data happens within the Chainlink Network with multiple accuracy checks.
- Keep your smart contracts connected to the real market price that your users expect to see.
Prove Your Smart Contracts End-To-End Security To Users
- Prove your smart contracts end-to-end security to your users with decentralized price inputs.
- Longest running DeFi oracle proven to secure hundreds of millions of USD in assets.
- Utilize time-tested and battle-hardened oracle networks for maximum tamper-resistance.
Extensive Monitoring Of Your Oracles
- Numerous tools built by the ecosystem provide transparency and full visibility for the price feeds and the teams participating in them.
- This gives you confidence that the feeds are reporting properly at all times.
Build DeFi Products Across A Multitude Of Use Cases
- Synthetic Assets- Synthetic asset platforms require the price of real-world assets in order to mint their representation on-chain. Use Chainlink reference contracts to create tokens tied to real-world assets, such as gold, indices or even car loans.
- Lending & Borrowing- Lending and borrowing platforms require a price feed to ensure the total value of the collateral. Use Chainlink to issue and settle loans, liquidate collateral and calculate interest payments.
- Stablecoins- Stablecoins require a price feed to assert the value of the underlying collateral backing the asset. Use Chainlink to create stablecoins pegged to fiat currency, currency baskets or commodities.
- Asset Management- Asset management platforms require a reliable price feed for critical rebalancing of asset ratios. Use Chainlink to power a DEX, adjust capital pools or facilitate multiple forms of payment.
End-To-End Decentralization Of Reference Price Data
- First, high-quality data providers capture raw price data from all centralized and decentralized exchanges and aggregate it accounting for time, volume and outliers.
- Next, independent nodes in Chainlink’s decentralized network fetch market prices from various data providers and generate a manipulation-resistant price update.
- Last, Chainlink Price Reference Contracts allow any smart contract to easily reference this highly-accurate on-chain price update using a simple function call.
- Data aggregators are professional service providers with a history of accurately curating key data points from various exchanges and providing the most reliable prices to the ecosystem.
- These resilient service providers support the Chainlink Network and are leveraged by node operators to provide accurate price feeds to the ecosystem.
Running a Chainlink Node
In this section, we'll explain the requirements and basics for running your own Chainlink node. It's important to note…
- Node operators are the bridge between an on-chain price feed and an API.
- They run secure blockchain infrastructure that allows them to plug into virtually any type of API endpoint.
- Node operators on the Chainlink Network are fully transparent and identifiable with strong existing reputations in the blockchain space, verifiable by DeFi developers.
Monetize Your Data Feeds & Existing APIs By Selling Them Directly To Smart Contracts
- Offer an API directly to millions of smart contracts.
- Blockchain-based applications and smart contracts are a rapidly growing market.
- Many of the best smart contracts actively looking for reliable data feeds and various APIs.
- Chainlink is Blockchain Agnostic. Sell Directly to Every Network.
- Ethereum, Bitcoin, Hyperledger and other leading blockchains are supported.
Setup Is Quick & Easy For Individual Developers & Enterprises
- By operating a Chainlink node, you’re able to offer any API for direct purchase by smart contracts.
- Once your Chainlink node receives a request from a smart contract it fulfills that request using your existing APIs allowing you to sell your services to the large & growing blockchain economy.
- Any developer can quickly build and launch their own Chainlink to sell any API to smart contracts.
- By creating a new Chainlink as a developer, you’ll be paid by making something thousands of smart contracts will rely on.
- Larger enterprises can partner with us to offer any existing APIs for purchase by smart contracts.
- Quickly and easily sell your company’s data and any of your other APIs using Chainlink.
- Provide millions of smart contracts the ability to purchase your services directly.
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