Polkadot integrates Chainlink - Goodbye Ethereum?

in #english3 years ago (edited)

Chainlink is expanding its sphere of influence: After the Oracle network previously supplied data exclusively to Ethereum-based Smart Contracts, the technology will also be used in Polkadot in the future. Bad news for Ethereum?

"An important milestone has been reached" - Polkadot comments on the integration of Chainlink into the ecosystem of Substrate, which in turn forms the technological basis of Polkadot. The use case of Chainlink consists of supplying Smart Contracts with off-chain data from third parties (so-called oracles).

Until now, however, this has only been possible for Ethereum-based smart contracts. Through its integration with Substrate, Chainlink can now also feed Smart Contracts with external data in the planned cross-Blockchain Polkadot network. Initially, however, Chainlink will be used as a Parachain in the restricted polkadot network Kusama. Chainlink's Oracle network will become the primary data supplier in Polkadot. Chainlink's team is already excited about the wide range of applications that Chainlink will enable. Whether DeFi or digital identity, Chainlink will ensure that Smart Contracts are fed only with reliable data.

For example, a parachain optimised for independent identity would be able to reliably request off-chain data such as digital signatures of identity data [...] using Chainlink's oracles. On a Polkadot-Parachain that is optimized for decentralized finance (DeFi), Smart Contracts and dApps could use decentralized price feeds for crypto-derivatives, real data for decentralized prediction markets or stock price feeds for tokenized stock trading,

explains Polkadot in the announcement of the Chainlink integration.

T-Systems relies on Polkadot

Polkadot is scheduled to start this year. First of all, final safety audits will be performed. The launch is then scheduled for the third or fourth quarter. Deutsche Telekom is already positioning itself as a blockchain infrastructure service provider through its subsidiary T-Systems. In Kusama, T-Systems intends to offer staking as service. Gleb Dudka of T-Systems had already built a bridge between Chainlink and Polkadot in an interview with BTC-ECHO:

This interaction of interoperability and the use of oracles alone gives rise to various use cases. One example would be weather data, which can be useful for Decentralized Insurance. In principle, Polkadot, just like Ethereum 2.0, provides a reliable infrastructure for third-party applications,

so Dudka. Meanwhile, the project is increasingly developing into a serious competitor to the smart contract primus Ethereum. Ethereum's core development team recently announced the switch to ProgPow - the decision is considered highly controversial.

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Posted from Crypto Mastermind Go to the original article

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