ICON Plans Integration with Leading Oracle Solution Chainlink

ICON Foundation
Jan 23 · 3 min read

Bringing Real World Data to ICON’s Public Blockchain

Greetings ICONists,

We are excited to announce our collaboration with Chainlink, one of the leading oracle solutions in the blockchain industry. Oracles allow smart contracts to interact with data and systems from outside their native blockchain (off-chain). This opens up interchain communication and enables smart contracts to interact with traditional non-blockchain systems that currently power global economies.

However, centralized oracles can be a single point of failure, which puts at risk the entire value proposition of smart contracts having decentralized, tamperproof security end-to-end. In our quest to bring off-chain connectivity to ICON DApps, while maintaining the highest security standards, we discovered Chainlink.

Chainlink is a decentralized oracle network that allows developers to customize how their smart contract communicates with anything off-chain using varying levels of decentralization, data aggregation, and oracle selection. It gives smart contracts secure and reliable access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains and much more.

Upon completion of this integration, anybody building on the ICON Public Blockchain will have the ability to bring real-world data into their blockchain based business using a secure and decentralized oracle network provided by Chainlink.

Integration with Chainlink has exciting implications for the ICON Ecosystem. We thought it would be helpful to share a few ideas on how developers could utilize this integration:

  • Chainlink could be used to bring real-world professional sports data into NFTs that represent sports players. One could imagine creating a baseball game DApp where users must form a team of collected NFT baseball cards, all of which would periodically update with real-world statistics using Chainlink oracles.
  • Chainlink could be used to bring pricing data from traditional markets into decentralized financial products. For example, a variable rate blockchain-based bond could use Chainlink interest rate data feeds to calculate the total interest on the bond in a secure and decentralized way.
  • Chainlink could be used to include data from other blockchains in your ICON app. A way to utilize this would be to use Chainlink oracles to trigger a payment on the ICON blockchain after confirming that a payment occurred on the Ethereum blockchain.

The initial implementation of Chainlink on ICON will be an ICX/USD pricing oracle that can be utilized by any ICON DApp. This integration will allow ICON Dapps to easily build financial products and market places based on the USD equivalent of ICX. The possibility of decentralized applications that leverage off-chain data and systems is limitless, and we look forward to seeing what people decide to build using both ICON and Chainlink!

About Chainlink

Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to great companies like Google, Oracle, SWIFT, and many other large enterprises, as well as many of the world’s best smart contract projects/teams such as Web3/Polkadot, Synthetix, Loopring, Kaleido, OpenLaw, Reserve, and many more.

Learn more by visiting the Chainlink website, Twitter or Reddit. If you’re a developer, visit the developer documentation or join the technical discussion on Discord. If you would like to join the Korean community, check out the recent blog post outlining how to get involved!

Thank You,

ICON Foundation

ICON official community

Homepage : https://icon.foundation

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Hello ICON World

ICON is one of the largest blockchain networks in the world. ICON boasts independent blockchains comprised of reputable institutions in major industries.

ICON Foundation

Written by

Founded in August 2017, the ICON Foundation oversees the ICON project's core activities which includes the promotion and development of the ICON protocol.

Hello ICON World

ICON is one of the largest blockchain networks in the world. ICON boasts independent blockchains comprised of reputable institutions in major industries.

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