Blockchain project Kaden, led by former JP Morgan Chase engineers, announced on May 19 that it has integrated with Chainlink (LINK) to bring real-time price feeds to its network. Kadena will deploy the oracles so that network stakeholders can make use of real-time data feeds.
In a phone interview with CoinDesk, co-founder Stuart Popejoy said that Chainlink’s oracles would be used to price assets based on Kadena, starting with the native KDA asset. Popejoy spoke of Chainlink’s achievements positively,
Chainlink has figured out how to incentivize an ecosystem of multiple players with their LINK token. They’re already able to enforce certain concepts of governance and data quality, just [by] having a diversity of vendors.
The official announcement states that the “initial implementation will likely be a KDA price oracle feed, available to dApp developers and exchanges.” It also foresees Kadena as being useful to validate coronavirus testing kits and results. On the whole, the team is excited about the additional security and smart contract functionality that the oracles bring.
Kadena is attempting to solve the scaling problem associated with Bitcoin by running a system of multiple Proof-of-Work (PoW) blockchains concurrently. It runs at least 10 PoW networks, which the team believes solves the problem of scalability. The KDA token is expected to be listed on markets by Q3 2020.
Launched in January 2020, Kadena raised $15 million that included Multicoin Capital and the venture arm of Fidelity Investments. Its products include public and private blockchains, a desktop wallet and Integrated Development Environment (IDE), and Pact, a smart contract language for development.
Chainlink is experiencing a surge in demand for its oracles, with a few Tezos community projects recently announcing the integration. The project sees the DeFi space as being a good application of its products.