Why Radix integrates Chainlink?
Radix DLT is a fast, secure and simple in usage Layer-1 Protocol designed both for users an developers. Recently they announced an integration with Chainlink.
About Chainlink
Chainlink is network providing reliable data various smart contracts on any blockchain. It is also one of the most widely used and secure oracles on the cryptocurrency market. Using Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real world data. It is used my such DeFi-giants as Synthetix, Loopring, AAVE, Ampleforth, Set Protocol and many others, so Chainlink network currently secures billions of dollars in value for smart contracts on different blockchains. Apart from DeFi, their solutions are also used in insurance and gaming ecosystems.
Why Chainlink?
Chainlink is not the only oracle-services provider on the cryptocurrency market. Band Protocol, Tellor, DIA are good oracles as well — still there were some factors why Chainlink was finally chosen:
- Decentralized Oracle— Chainlink provides complete decentralization at both the data source and data delivery level, so that users can trust that price feeds will be delivered on time and be resistant to any form of suspicious activities.
- High-Quality Price Data — Chainlink uses only premium off-chain aggregators as their price feeds data sources, which ensures prices have strong market coverage and reflect all trading environments
- Sybil Resistant Nodes — all Chainlink Nodes powering its decentralized price feeds are constantly reviewed and operated by leading security teams/blockchain DevOps, providing strong guarantees that the oracle infrastructure is secure, reliable, and highly performant.
Integration with Radix
Radix will integrate with Chainlink to connect their industry-leading oracle network to the Radix Public Network. Chainlink oracles will provide Radix developers access to a wide range of secure and accurate off-ledger data.
By using decentralized data-sources, developers will be able to build both traditional financial services like Decentralized Apps (dApps) and innovative DeFi products on Radix platform. Due to this integration, Radix ecosystem users will get access to Chainlink’s widely used price feeds and other useful data.
The process of integration
Phase one
During the first phase of Chainlink integration, there will be two steps:
- Development of additions to the Chainlink Node software to allow it to connect directly to the Radix network.
- Creation of the native Radix smart contracts needed to make Chainlink data available on Radix.
The two modules, called and Initiator and an Adapter, will operate on Chainlink Node side in order to “speak” with Radix Node using their libraries.
After the completion of this first phase, Radix developers and dApps will have access to secure and accurate data in order to operate a powerful DeFi ecosystem.
Phase two
During the second phase extra components, including LINK Token Component and LockDeposit Component, will be implemented in order to enable direct, incremental payment in LINK tokens for custom data queries on Radix. This will be reached by using a Radix-native version of the LINK token which will be interacting with native LINK token on the Ethereum network.
Summary
Integration with Chainlink will bring accurate and secure data from other blockchains and real world to Radix which will significantly increase the power of Radix Ecosystem.
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