Zilliqa to Power New Breed of Decentralised Finance Apps Fuelled by Chainlink’s Real-World Data
Zilliqa, the high-throughput public blockchain platform, is integrating with Chainlink, a decentralised oracle network that connects smart contracts with real-world data, to enable an ecosystem of data-driven smart contracts. The collaboration will allow Zilliqa smart contracts to easily retrieve and query external data feeds through a custom Chainlink adapter, enabling access to real-time information such as exchange rates, market prices, voting results, weather forecasts, derived from other public blockchains and cloud service providers.
With a decentralised oracle solution, Chainlink will be able to source data from multiple providers and redirect them to the Zilliqa blockchain, effectively enriching the Zilliqa smart contract ecosystem, while ensuring its robustness and security. The decentralised oracle will allow independent node operators to reliably transmit data feeds to an oracle smart contract, which can be consumed by all developers on the network. Comprised of independent operators, the resulting system then has no single point of failure and is more decentralised than a single server.
Amrit Kumar, President and Chief Scientific Officer at Zilliqa said: “With a collective vision to empower developers with technologically-sound infrastructures and resources, we believe that this collaboration with Chainlink will enable us to deliver an exciting value proposition to our developer community and our end users. As we continue to explore more solutions in the realm of decentralised finance, access to secure and reliable price feeds will be integral to the growing diversity of the Zilliqa ecosystem. We look forward to seeing exciting new applications on our network such as decentralised exchanges, trading platforms, and many other crypto-integrated financial services.”
Having successfully mitigated limitations due to Zilliqa’s design at the protocol-level, the Zilliqa and Chainlink teams have been working closely on technical development and testing to ensure the successful querying of the Zilliqa blockchain. Automated by design, the Chainlink adapter will also help bolster the platform’s trustlessness and scalability, as no single individual will be responsible for manually updating data feeds. Simultaneously, private keys to smart contracts will be managed in the external adapter rather than a blockchain node, allowing for greater security throughout the system’s architecture.
Dan Kochis, Global Head of Business Development at Chainlink said: “Our recent mainnet launch showcased our capabilities in equipping Ethereum smart contracts with the ability to query market prices. After months of collaboration with the Zilliqa team, we are excited to expand our off-chain data query capabilities to yet another innovative trailblazer in the global blockchain ecosystem. Data driven by design, the integration of our services with a platform that champions greater standards in not only scalability and decentralisation, but also security, will help to catalyse a new generation of decentralised finance applications built for enterprise use.”
Having launched its mainnet on May 30, 2019, Chainlink is designed to address the smart contract connectivity problem by facilitating connections between traditional data providers and smart contract platforms. By leveraging an on-chain and off-chain approach to implementation, Chainlink is able to provide a secure, decentralised Oracle to facilitate interactions between blockchains and real-world data. To date, Chainlink has successfully attained partnerships with Google as an official Cloud Partner, and banking technology provider SWIFT.
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