Tezos Enlists Chainlink Oracle Service

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Tezos also recently partnered with Cryptonomic and Smart Chain Arena. The importance of Oracle data in building a successful blockchain network cannot be overemphasized. So working alongside Cryptonomic and Chainlink, Tezos developers can now also enjoy Chainlink’s Oracle solution.

According to a blog post, with this integration, Tezos will provide its developers with access to decentralized Oracle networks. It will be not just for off-chain resources but also to use for on-chain decentralized applications (DApps).

Moreover, with Chainlink Oracles, developers on Tezos can now easily and securely build smart contracts that make use of off-chain data. This will result in activating payments in already existing payment systems and making use of external API service.

Also, the integration of Chainlink secure inputs and output will provide Tezos with safe enterprise-grade smart contracts. And this will result in facilitating the launch of top-notch data-based applications.

Chainlink’s Oracle framework

The blog post highlighted selecting Chainlink as the preferred oracle solution that resulted after comprehensive analysis. Tezos also mentioned some of the characteristics of Chainlink’s advanced and secure structure for oracle solutions helping with the selection.

  • Safe and reliable Oracles

Chainlink consists of a fast-rising list of 30 independent, safety assured, and Sybil resistant node operators. All operated by blockchain DevOps and security teams. The idea of sharing nodes encourages seamless integration. And also lessens the network susceptibility to attacks. With Chainlink’s Oracle structure, developers can also easily build decentralized networks. The idea is to make use of several nodes within a decentralized Oracle network. This ensures that no single node becomes a central point and multiple nodes serve as data points.

  • High-quality data

Oracle network has one of the most top-notch data available in the DApp space. Unlike most Oracle networks that make use of the open/free APIs or trial plans, Chainlink employs external adaptors. They permit nodes to manage their passwords and call data from only credentialed API. These, in turn, provide developers with much more access to a wider range of data types.

For now, Chainlink’s Oracle networks currently secure top-notch market data for about 30 price feeds. Also, most of the top decentralized finance (DeFi) apps are already live on Ethereum.

Every price feed has at least seven nodes sourcing data from different data aggregators and ensuring complete decentralization at all data levels. The nodes’ responses are combined and sent as a new price update on-chain.

Tezos also touched upon Chainlink’s experience and expertise in this field, their long-term viability, and flexibility as contributing factors for choosing their Oracle service over other solution providers.

About Tezos DeFi platform

Though an outstanding blockchain for DeFi apps, Tezos developers still need to expand the network’s financial services. Chainlink will also provide the network with a high-quality data chain to help it achieve its vision. With it, Tezos will be able to carry out important functions like loan allocation, derivatives liquidation, spot trading, etc.

According to the blog post, this partnership with Chainlink will also stimulate the next generation of Tezos smart contracts and DApps.

Chainlink has already been integrated on several other platforms including Swipe, Celsius, Contentos, Kava, Solana, Chiliz, etc. Tezos has also been in the news recently partnering with ETH developer suite, Truffle, tZERO digital securities protocol, and several Swiss crypto firms to launch new tzBTC token.

 5/5/2020

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