Chainlink x Polkadot Ecosystem Integration
Chainlink x Polkadot Integration

Chainlink x Polkadot Ecosystem Integration


Chainlink x Polkadot

Written by: Isaiah Payton 3/25/21

Chainlink & Polkadot Ecosystem Integration via Parachain

 

Integration Date: February 24, 2020

 

ORIGINAL ARTICLE LINK
 

Key Takeaways:

- Chainlink will be integrated with the Polkadot ecosystem to enhance Polkadot's parachain development

- Parachain: An application-specific data structure that is globally coherent and upheld by the validators of the Polkadot Relay Chain. Parachains will commonly take the form of a blockchain, but there is no specific need for them to be actual blockchains

- Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network.

- The integration of Chainlink’s decentralized oracle network on a dedicated parachain can unlock multiple use cases on Polkadot.

Major Milestone Achieved: Polkadot and Chainlink Integration Using Substrate

Polkadot adds market-leading network of decentralized oracles in critical step towards parachain development

Chainlink has completed an initial integration with a Substrate-based blockchain, marking a major milestone in the mission to bring Chainlink’s market-leading network of decentralized oracles to the Substrate chain ecosystem and Polkadot. This is the first blockchain ecosystem outside of Ethereum that Chainlink will support. By being the first Substrate-based oracle solution, Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network. Polkadot developers can use Chainlink’s decentralized oracle networks to quickly connect their smart contracts to all the inputs and outputs they need to run securely and reliably end-to-end, while avoiding the major pitfalls associated with trying to deploy your own oracles, such as long time delays, additional expenses, and even fatal security flaws.

This initial integration with Substrate will open a pathway towards integrating Chainlink with a dedicated parachain or even building one, following Polkadot’s launch. Prior to launching its parachain on Polkadot, Chainlink will deploy a parachain on Kusama. A Chainlink parachain would let Polkadot’s parachains and dApps access virtually any external, real-world resource. Parity Technologies, the lead development team for Polkadot and Substrate, has contributed significant code to the Chainlink’s open-source repository in Github to accelerate the integration and bring it to our developers.

Chainlink is a decentralized oracle network that extends the security guarantees of the smart contract using a similar security model as the blockchain supporting it, namely decentralized computation. Smart contract developers can leverage Chainlink to decentralize data delivery by using multiple independent oracles (nodes) to fetch the same data point, and ensure data quality by having them pull data from multiple independent sources. Users can then incorporate customized aggregation models to formulate a single, reliable data point to trigger their critical smart contract.

Substrate, used for the Chainlink integration, is the groundbreaking blockchain development framework from Parity Technologies. Created for maximum flexibility and ease of development, Substrate’s modular and composable architecture abstracts away as much blockchain development as possible, freeing teams to focus on their project’s unique business logic. Using Substrate, projects gain access to pluggable consensus and forkless upgrades. Projects can start building on Substrate today and significantly decrease development time and expense both now and in the future.

 

2021 Update for Chainlink x Polkadot Ecosystem (According to Polkadot's Launch Roadmap)

 

Since the integration of Chainlink into Polkadot's ecosystem last year February 24, 2020, Polkadot has been charging full steam ahead with its Parachain rollout. We are actually in the current phase of the rollout, and as mentioned above, Chainlink will deploy a parachain on Kusama's network before it does on Polkadot. Kusama is basically a testnet for Polkadot but also acts as a living platform built for developers to be able to spark innovation and disrupt the status quo. It acts as a "canary in the coal mine" for Polkadot, helping developers work out kinks on projects as well as create new ones to release on the Polkadot platform. This is useful because it allows the network to evolve while simultaneously improving its performance via the Substrate integration, giving the developers the freedom to improve the network performance instead of also worrying about "trying to deploy their own oracles, long time delays, additional expenses, and even fatal security flaws while running inputs and outputs securely end-to-end". This is a testament to Chainlink's Blockchain Agnostic direction in being able to connect various networks to ensure a truly decentralized network of Oracles for data inputs and outputs. This further shows the importance of Chainlink and the development of the various spaces in cryptocurrency as well as Web 3.0. Crypto is reaching far beyond peer to peer transactions but is creating a seamless ecosystem on top of the current one we are participating in at the moment. This will be crucial in the development of ALL projects considering to enter the space and shows the interconnectedness of each industry and the developing platforms. With this technological push will come enhanced performance, security, decreased latency, transparency, and new markets for the upcoming generations to conquer giving us limitless possibilities for the future. Is this the future?

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As this article is being written, Polkadot ($DOT) is currently the #6 Coin overall in the market and has an ecosystem that is growing to be a top contender with the likes of Ethereum and Cardano. This is being pushed forward with Chainlink and their current integrations including: Polkatastic; Dipole Tech; Akropolis; Poolz Finance; Rai Finance; Acala Network; Equilibrium; Zenlink; and ETHA Lend just to name a few (I'm sure there are more but I'm hungry). The roadmap for both Chainlink x Polkadot are looking very promising in the near future as DeFi and various other ecosystems are growing. One thing is for sure, Chainlink is most likely integrated with your favorite project. What major project will Chainlink integrate with next? We'll just have to wait and see...

 

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CryptoCulture
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A newly invested cryptocurrency advocate for the progression of our communities. Putting the power of the people back into the system instead of the powers that be and institutions leveraging their power over the people.


Chainlink: The D.O.N of Cryptocurrency
Chainlink: The D.O.N of Cryptocurrency

This blog will focus on Chainlink and its network effect on the cryptocurrency economy. This blog will focus on the implementation of Chainlink and what it will mean for the Global Cryptonomics Industry. All claims will be purely speculative based on confirmed and factual information regarding the Chainlink Ecosystem.

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