MARKET Protocol and ChainLink Team Up to Enable Off-Chain Asset Trading on the Ethereum Network
MARKET Protocol is especially excited to announce its latest partnership with ChainLink, the industry leader in decentralized oracle networks and securely providing data to smart contracts. Oracles are crucial for inter-blockchain and off-chain functionality; they are key to decentralized derivatives trading systems’ incorporation of all asset types.
ChainLink’s reliable and secure network connections enable MARKET Protocol derivatives traders to create highly complex derivatives smart contracts. MARKET Protocol contracts can now be made using any/all market data, on-chain events, and off-chain events, which will allow them to become a superior alternative to legacy derivatives contracts.
MARKET Protocol
MARKET Protocol’s vision is to bring the $100+ trillion derivatives market to the blockchain by powering the safe, solvent & trustless derivative trading of any asset.
You can trade stocks, cryptocurrencies, and traditional assets. MARKET Protocol smart contracts are always solvent and transparent. Our revolutionary framework offers leverage without margin calls or funding liquidations. MARKET Protocol is open source, allowing users to create decentralized exchanges (DEX) and decentralized apps (dApps) of their own.
There are many additional ways in which derivatives traders can benefit from using MARKET Protocol:
- To purchase crypto assets through the use of smart contracts.
- To trade ICO tokens before they are officially distributed or have begun trading.
- To allow traders to decouple price volatility from token utility.
- To eliminate the need to manage multiple wallets or exchanges, thereby enabling safer trading.
- To trade non crypto assets, including: stocks (TSLA, AAPL), commodities (oil), or even kitchen spices.
- To short crypto assets, earning a profit from declining prices without the need to borrow the asset.
ChainLink and the Use of Oracles
A partnership with ChainLink, the leading provider of secure oracles, with a proven record of execution in the blockchain and fintech space, benefits MARKET Protocol and its platform users by strengthening the reliability through decentralization aspect of the platform’s protocol and derivatives contracts.
ChainLink’s expertise lies in bridging smart contracts with key off-chain resources, data feeds, various event APIs, and traditional bank payments.
An “oracle” is used to assure secure interaction to effectively allow private and public blockchains interactions. ChainLink is a leader in decentralized oracle solutions and their expertise is a perfect fit for MARKET Protocol’s development of a platform that securely utilizes off-chain market data, cross-chain events, and on-chain trading relationships for any asset class.
Because decentralized systems are dependent on the honesty of their nodes to achieve a consensus with the most truthful outcome, ChainLink utilizes a system that prevents potential issues resulting from faulty nodes. ChainLink handles the risk via three basic complementary approaches:
● Distribution of data source,
● Distribution of oracles, and
● Use of trusted hardware
ChainLink’s oracle network was designed to enable secure delivery of data on-chain, inter-blockchain communication and traditional off-chain payments functionality. This partnership is beneficial not only for MARKET Protocol and ChainLink, but also for the entire derivatives industry.
To start your own ChainLink, visit their website. To learn more about their latest developments, join them on Telegram or Twitter.
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