Zilliqa now also uses the Chainlink Oracle Network, Course is rising

Zilliqa now also uses the Chainlink Oracle Network, Course is rising

Zilliqa offers a public blockchain platform for developers, and this company has announced that it will collaborate with Chainlink. The idea is that the decentralized Oracle network from Chainlink is used to connect smart contracts with data from the real world.

Chainlink helps with external data loading into smart contracts

Thanks to the collaboration, smart contracts on the Zilliqa blockchain can more easily retrieve and request external data feeds. This makes access to real-time information possible, such as exchange rates, market prices, voting results, weather forecasts and so on.

Chainlink therefore, offers Oracle solutions for blockchains and with their product data from different providers can be used and forwarded to a blockchain, and in this case the blockchain from Zilliqa.

All developers can use data

But how does something like that work? Nodes (nodes on a network) can load data into an Oracle smart contract and all developers can use this data directly.

With decentralized Oracle, independent node operators can reliably send data to an Oracle smart contract that can be used by all developers on the network.

Amrit Kumar, president and Chief Scientific Officer at Zilliqa:

With a collective vision to provide developers with technologically responsible infrastructures and resources, we believe that this collaboration with Chainlink offers value. Not only for our developers but also for the end user. As we continue to explore more decentralized financing solutions, secure and reliable price feeds become an integral part of the Zilliqa ecosystem. We look forward to exciting new applications on our network, such as decentralized stock exchanges, trading platforms and many other crypto-integrated financial services.

Many collaborations

Chainlink launched its own mainnet on 30 May. This is designed to ensure better communication between smart contracts and traditional data providers. To date, Chainlink has successfully established partnerships with Google as the official Cloud Partner and banking technology provider SWIFT. A collaboration with Quarkchain was also recently announced.

Dan Kochis from Chainlink

The launch of the mainnet shows that Ethereum’s smart contract can request market prices. After months of collaboration with the Zilliqa team, we are delighted to implement our off-chain data query capabilities on their blockchain.

For the time being this seems to be doing well for the rates of the corresponding cryptocurrency Zil and Link. Today both show a growth of 7% and 6% respectively.