Nervos Network Will Use LINK’s Oracles For Off-Chain Connectivity

Nervos Network will use Chainlink’s oracles in order to create off-chain connectivity as per the announcement earlier today so let’s find out more in the Nervos news today.

The open-source public blockchain ecosystem and protocol collection Nervos Network announced its integration with the decentralized oracle provider chainlink to use its services as a data provider for dapps built on the former’s platform as the company said in a blog post. Nervos said that the off-chain connectivity forms one of the most important aspects of a decentralized network and by integrating a third-party data feed there are often hundreds of challenges that can impact the security of the platform which Nervos doesn’t want to compromise.

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

To prevent these issues, Nervos Network will use Chainlink’s oracle solution as it fetches data from the “outside” ensuring verifiability and data authenticity which is required as blockchains can only store data and not verify the contents. With the integration, the developers that are interested in the dapp deployment and will test the Nervos platform can utilize the Chainlink data from an independent pool of node operators and other high-quality data resources. The integration will help to unlock a variety of new use cases including DeFi financial contracts, insurance products, and gaming apps. The co-founder of Chainlink Sergey Nazarov said:

 “We’re excited to help integrate Chainlink’s secure and reliable oracles into Nervos, opening up a wide array of next-generation data-driven applications built on Nervos’s innovative layer-1 architecture.”

He added that making off-chain data resources available on the on-chain will allow Nervos to get more value for both the users and the developers and will lead to more use cases in Defi. Nervos said that the developers can join the existing oracle networks and will build their own customized designs by listing some of the features below:

• Huge collection of Sybil-resistant node operators that can be aggregated safely to ensure on one oracle node is a single point of failure
• More than 35 existing oracle networks for accessing pricing data of assets, commodities, indices, and more. The price reference data is mutually supported by a few different Defi applications thus creating a public model that will lower the costs for each individual user.
• Chainlink’s verifiable random function can obtain a fair and unbiased source of on-chain randomness which can be verified by smart contracts.

The co-founder of the project Terri Tai believes that oracles have a huge role in building protocols such as advanced smart contract applications:

 “Chainlink not only greatly expands the amount of data our developers can use when building on Nervos, but it gives them the tools to secure this new surface in a highly secure and reliable manner.”