Chainlink can help secure Polkadot’s environment now as the platform integrated with Chainlink and incorporated its oracle services into the multi-chain environment so let’s read more In today’s Chainlink news.
The different teams that are building on Polkadot will be able to count on the “flexible and reliable” solution to feeding the parachains with more information. The price Feeds were enabled as a Substrate Oracle pallet that can be accessed by any other pallet that is integrated into the parachain. The deployable applications will have another functionality and as per the press release from the team we can see that:
“Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date and tamper-proof price reference data for powering new products and markets.”
Parachains based on the Substrate network will bring a direct connection to the “outside world” information that is provided by Chainlink in its runtime module. The pallet could be added with supported smart contract programming languages before or once it is connected to the Chain Relay as the team stated:
“Either of these approaches allow developers to leverage Chainlink Price Feeds with limited technical effort. This integration supports the many smart contract applications and parachain pallets requesting access to Chainlink Price Feeds across Polkadot’s environment.”
The standard will be worked to bring the usage of data feeds in all Polkadot parachains and the focus will bring an easy integration to leverage Chainlink’s features which include decentralized infrastructure, secure nodes, cost efficiency, and high-quality data. The apps connecting to the LINK pallet will be able to add a collection of on-chain data sets for the crypto assets, commodities, and FX Rates.
In addition, the applications will have more functions like settling cross-chain smart contracts and the ability to confirm the authenticity of reserves and liquidation mechanisms that will collateralize a stabelcoin. The head of Public Affairs at Parity Technologies Peter Mauric thinks that the integration will be able to build the “next generation of high-performance decentralized applications. Daniel Kochis commented on how Chainlink can help:
“We’re excited to empower developers across all parachains by providing them with a standardized, easy to integrate oracle solution for access to a wide range of high-quality, time-tested on-chain price feeds. By doing so, we can rapidly accelerate DeFi development within the Polkadot ecosystem, while maintaining the highest security and data quality requirements (…).”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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