Smart contracts refer to computer special programs that self-execute among the parties that have permission using a code. The decentralized system in the blockchains eliminate the need to have intermediaries. Smart contracts run on blockchain and are used to exchange funds, shares or everything that has value. Blockchain and their smart contracts have become the preferred medium of exchange due to the fact that they are incorruptible, transparent as well as free of conflict.
The Web3 Foundation is delighted to announced the partnership with Chainlink (LINK). The collaboration will see Chainlink contribute greatly to Polkadot through the networks open-source systems. Chainlink integration will bring smart contracts to Web 3.0 making it easier to build decentralized oracles. Furthermore, the collaboration will allow Chainlink to use its blockchain in implementing the Polkadot project. This will allow the network to develop an immense amount of off-chain data feeds. It will also take into account several APIs alongside payments services currently in use on all contracts that operate on the Polkadot network.
Chainlink is the most preferred platform due to its decentralized oracle network that is used in the validation of data prior to triggering the contract. The multiple Chainlinks nodes abolish single points of failure. In this way, the network is able to guarantee security at the same time ensuring reliability and trust in smart contracts. Chainlink plans to leverage the data by utilizing oracles parachain. Moreover, other blockchains linked to the Polkadot network will also have an opportunity to tap into the data. In addition to that, the data will be put into used especially in triggering smart contracts messages and assist in settling transactions on various chains. Peter Czaban the executive director of W3F emphasized on the importance of oracles in the ecosystem saying:
Oracles are a critical component of the Web 3.0 ecosystem, enabling a new wave of exciting decentralized applications that require access to real world data on the blockchain. Chainlink is building open standards and solutions for oracles and we are excited to align our roadmaps to make it easy to leverage oracles on the Polkadot network. Over the longer term, we intend to drive the development of an oracle parachain together with the Chainlink team.
Chainlink (LINK) provides developers with a framework that connects smart contracts to applications and data. The special programs can be integrated with the web applications and all APIs. This seamless integrations can be used to customized USD payments services for users of the applications. The CEO of Chainlink, Segey Nazarov said in regards to the partnership:
We’re excited to partner with and be the oracle network for the Web3 ecosystem. Beginning with an implementation for the Polkadot project, we are creating a future with secure smart contracts connected with real world off-chain data together.
On the other hand, Web3 Foundation is Swiss-based platform that is spearheading and guiding the development of cryptographically-enabled protocols. The team focuses on maintaining high levels of decentralization. The main project at Web3 Foundation is the Polkadot, which assist developers to come up with cutting edge protocols that work both online and offline.
Chainlink (LINK) Price Overview
Chainlink price has skyrocketed following the above news. The digital asset is trading 22.25% higher in the last 24 hours. The same rise is reflected against BTC and ETH. The $155 million is ranked 48th in the market with a 24-hour trading volume $6.2 million. Currently exchanging at $0.445, Chainlink (LINK) is poised for more gains that could see it break above $0.5.