Cardano has announced a partnership with oracle solutions provider Chainlink to accelerate the development of its DeFi ecosystem. The news was released at the Cardano Summit, a two-day conference held last weekend.
News from Cardano Summit
Cardano Summit, which was announced as “the biggest online blockchain event ever”, took place on 25-26 September 2021. The two-day conference was filled with presentations, reports, visions of the future and panel discussions.
Among the many events, there were speeches on new partnerships that are expected to be key to the further development of the Cardano (ADA) ecosystem. One of these was a partnership with telecommunications provider Dish Network.
Chainlink vs. Cardano is a common debate that traders come across when discussing popular projects in the market. Both of these tools have a strong user base and developer support. However, upon closer inspection, you will discover these networks are more likely to work together rather than compete.
Chainlink price oracles are smart contracts with public view functions that return the price of a particular asset denominated in USD. Off-chain nodes collect the prices from various sources like exchanges and write the price data to the smart contract.
The Cardano Foundation has unveiled a blockchain education initiative in collaboration with Petrobras, Brazil's state-owned energy giant. Petrobras has partnered with Cardano to implement a blockchain education program with the objective of advancing the understanding and adoption of blockchain technologies.
Cardano is controlled by three entities: Cardano foundation aims to standardize and promote the ecosystem (based in Switzerland). IOHK: an engineering company responsible for building the Cardano blockchain. Emurgo: responsible for commercial applications.
Major market infrastructure providers and institutional banks such as Swift, DTCC, ANZ, and many others have collaborated with Chainlink to successfully demonstrate how financial institutions can use existing infrastructure and messaging standards to interact with tokenized assets across any blockchain.
Chainlink addresses the oracle problem by employing a decentralized network of oracles to ensure the secure and reliable integration of external data into blockchain environments.
LINK is the native cryptocurrency of the Chainlink network. LINK can be used to pay for services associated with the Chainlink network, earn rewards for helping to secure the network via staking and participate in the governance process that determines the strategic development of Chainlink.
But why is Chainlink so important? Chainlink is essential because it significantly enhances smart contract capabilities by allowing access to data outside the blockchain and off-chain computing while keeping blockchain technology's security and reliability assurances.
History. Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, who co-authored a white paper introducing the Chainlink protocol and network with Cornell University professor Ari Juels the same year. Chainlink acts as a "bridge" between a blockchain and off-chain environments.
Part of LINK's value in the marketplace is really Ethereum (ETH) value, because Chainlink runs on the Ethereum blockchain and relies on Ethereum smart contracts to earn money.
Cardano uses a proof-of-stake (PoS) protocol named Ouroboros; this was in contrast to Bitcoin and Ethereum, which used proof-of-work protocols (though the latter switched over in 2022). Proof-of-stake blockchains use far less energy than proof-of-work chains.
Chainlink provides data feeds on the Solana network. Chainlink data feeds on Solana employ Offchain Reporting (OCR) to aggregate data from data providers who pull from both centralized and decentralized exchanges. Chainlink's Solana deployment has no dependencies on external blockchain networks such as Ethereum.
Hobby: Web surfing, Rafting, Dowsing, Stand-up comedy, Ghost hunting, Swimming, Amateur radio
Introduction: My name is Virgilio Hermann JD, I am a fine, gifted, beautiful, encouraging, kind, talented, zealous person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
