The efforts would see Nervos use Chainlink’s services as a data provider for dApps built on the former’s platform, the firm said in a blog post.
Blockchain platform @NervosNetwork is integrating Chainlink oracles to power universally connected smart contracts. Chainlink greatly expands the amount of data Nervos developers can use when building dApps while not compromising on security & reliability. https://t.co/tjuECe6r2o
— Chainlink – Official Channel (@chainlink) August 17, 2020
Chainlink oracles to help dApp development
Nervos said off-chain connectivity forms one of the most important aspects of a decentralized network. However, integrating with third-party data feeds and sources often create a myriad of challenges that can negatively impact network security and reliability, neither of which Nervos is willing to compromise, it added.
To counter such issues, the firm integrated Chainlink for its decentralized oracles solution. The latter fetches data from “outside” a blockchain to within, ensuring verifiability and data authenticity. This is required as blockchains, by design, can only store data, not verify the contents.
With the integration, developers interested in dApp deployment and testing on the Nervos platform can utilize Chainlink’s data, sourced from a large, independent pool of node operators and other high-quality data resources.
This integration would help “unlock a variety of new use cases on Nervos, including DeFi financial contracts triggered by real-time market data, insurance products connected to IoT networks, gaming applications dependent on verifiable randomness,” said Nervos.
Meanwhile, Chainlink co-founder Sergey Nazarov said of the development:
“We’re excited to help integrate Chainlink’s secure and reliable oracles into Nervos, opening up a wide array of next-generation data-driven applications built on Nervos’s innovative layer-1 architecture.”
He added that making off-chain data resources available on-chain would allow Nervos to more value to “both its developers and users, leading to additional use cases in DeFi, Gaming, Insurance, and more.”
Nervos said developers can join existing oracle networks or build their own customized designs. It listed some of these features as below:
- A large collection of independent, Sybil-resistant node operators that can be aggregated in unique ways to ensure no one oracle node is a single point of failure.
- 35+ existing decentralized oracle networks for accessing pricing data of digital assets, FX rates, commodities, indices, and more. Chainlink’s Price Reference Data is mutually supported by multiple different DeFi applications, creating a public good model that lowers the costs for each individual user as more projects join.
- Chainlink’s Verifiable Random Function to obtain a fair and unbiased source of on-chain randomness that is verifiable on-chain by smart contracts. This allows developers to use provable randomness in their smart contract applications such as within blockchain games to seed rare NFTs and augment in-game scenarios.
Nervos co-founder Terry Tai believes oracles play a critical role in building protocols like advanced smart contract applications.
“Chainlink not only greatly expands the amount of data our developers can use when building on Nervos, but it gives them the tools to secure this new surface in a highly secure and reliable manner.”
Both Nervos Network and Chainlink are part of China’s ambitious Blockchain Service Network, which aims to build an “internet of blockchain” and power dApps, projects, and both private/public applications as part of the project.
The post Nervos Network integrates Chainlink oracles for off-chain connectivity appeared first on CryptoSlate.
By: Shaurya Malwa
Title: Nervos Network integrates Chainlink oracles for off-chain connectivity
Sourced From: cryptoslate.com/nervos-network-integrates-chainlink-oracles-for-off-chain-connectivity/
Published Date: Mon, 17 Aug 2020 23:00:17 +0000