It’s a new series of biweekly updates on Chainlink.
Chainlink is a decentralized oracle network that helps resolve connectivity issues with smart contracts, enabling users to build blockchain-based smart contracts that securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink transforms the role that smart contracts can play in a vast number of sectors, including financial services, insurance and supply chain.
Using Chainlink, developers can securely connect their NFTs to IoT data, web APIs, and any other data provider. Additionally, they can leverage Chainlink VRF to access verifiable randomness, interface with existing backend systems, and even trigger cyber-physical systems. All these connections can be used to create dynamic NFTs that react to data and fully integrate with existing infrastructure. To better understand the evolution towards Dynamic NFTs, you can get acquainted with 16 use cases currently accessible to developers.
Moving on to the latest integration with Chainlink.
To begin with, CurioInvest collaborates with Chainlink to provide the world’s first real-time benchmark price for collectible cars. CurioInvest.com is a go-to blockchain platform for tokenized investments in ultra-rare cars, which uses the blockchain to democratize investment into ultra-rare cars by tokenizing them on the blockchain. CurioInvest will leverage Chainlink to aggregate multiple data feeds into a single trusted valuation, bringing price transparency to each rare car or collectible asset available on the platform.
Secondly, China’s recently launched national Blockchain Services Network (BSN) Integrates Chainlink Oracles. BSN is a blockchain infrastructure service layer designed to be a one-stop-shop for companies to access ultra low-cost blockchain cloud computing services. Chainlink will be integrated into BSN via IRITA’s interchain service hub.
Furthermore, Orchid is collaborating with Chainlink on two new tools to allow users to estimate the cost of bandwidth on Orchid, both in its native token — OXT — and U.S. dollars. The OXT/USD feed is already live.
What’s more, FinScore integrates with Chainlink that will allow lenders to access real-world data about their users with the FinScore Social Presence Score, one of their fraud prevention products. Together with Chainlink, the Social Presence Score will allow potential DeFi platforms to offer more competitive terms to their borrowers and greater security guarantees to lenders.
Last but not least, KyberSwap is now using Chainlink Price Reference Data to update their asset prices. This allows users to verify on-chain the price of assets whenever they are performing a token swap. Chainlink’s price feeds will complement the existing Kyber Network feeds.
Read on for more details!
Development
Github metrics:
Developer activity (from Coinlib.io):
What is a Smart Contract and Why it is a Superior Form of Digital Agreement
What is a Blockchain and How Can it Impact the World
The Pivotal Tracker is how you can track development progress. (Guide to understanding Pivotal Tracker)
The Chainlink team doesn’t give timelines/estimates for development targets.
A great community made overview of the project is here
This article is a good overview of staking.
Take a look at this FAQ.
Chainlink White Paper.
For a deep dive check out this repo.
Chainlink can be stored anywhere ERC20’s can, even though it isn’t one. It doesn’t have its own blockchain and never will, so you don’t need to worry about a token swap.
Chainlink is actively securing value on a number of DeFi platforms via their Price Reference Data Feeds. This blogpost provides a bit more context.
Chainlink VRF: On-chain Verifiable Randomness
Chainlink VRF is a first-of-its-kind randomness product offering robust security guarantees for smart contract developers and users. Chainlink VRF employs the Chainlink network to generate randomness with an input seed, and then publishes both the result of the calculation and a proof that the randomness was generated with the supplied seed on-chain. It is built specifically for blockchain-based games to add tamper-proof randomness to smart contracts. Chainlink VRF ensures that external attackers, miners, and even our own development team cannot control the RNG (Random Number Generation)
Developers can easily integrate Chainlink VRF to utilize verifiable randomness in their smart contracts through Chainlink’s recently released developer documentation.
Chainlink Oracle Reputation
Chainlink Oracle Reputation (‘COR’) illuminates historical and real-time performance of Chainlink oracles on the Ethereum network.
COR provides data insights and visualisation tools that are designed to enable Chainlink oracles to analyze and improve their performance. COR’s engine allows Ethereum users and builders to evaluate and reach consensus on oracle reliability quickly and efficiently.
Social encounters
The Evolution of Smart Contracts and Cryptoeconomic Security
“The Evolution of Smart Contracts and Cryptoeconomic Security” discusses how smart contracts are improving, their growing use of oracles and new data sources, as well as the cryptoeconomic security that externally connected smart contracts will come to rely on.
Please, follow the lonk to watch the video
TomoChain Q&A: Decentralized Oracles, and Blockchain in Vietnam
This video Q&A is with Long Vuong, the CEO & Co-Founder of TomoChain. They discuss TomoChain’s unique approach to DeFi and its integration of Chainlink’s decentralized oracles. As well, you’ll find out about TomoChain masternodes, staking, and the blockchain landscape in South East Asia.
Wildcards and Chainlink VRF: Bringing Verifiable Randomness to NFTs
New features will be based on randomness provided by Chainlink VRF (Verifiable Randomness Function). Chainlink VRF is a randomness solution for smart contracts, providing auditable, cryptographic guarantees that each random result is unbiased and fair.
Conflux, ETC, and Chainlink Virtual Meetup
The Force Protocol Q&A: The Importance of Decentralized Oracles in DeFi
This video Q&A is with David Lei CEO of The Force Protocol. The discussion will be centered on decentralized oracles meeting the needs of DeFi.
The Importance of Data Quality in Smart Contracts
Upcoming events
Every Saturday 12–1pm EDT — #Chainlink Developer Office Hours
1 July [MEETUP] — Chainlink and Certus.one — German-speaking Virtual Meetup
Finance
Token holders and the number of transactions (information from Etherscan.io):
Chainlink Price Reference Data for DeFi
Ways to Create Dynamic Non-Fungible Tokens (NFT) Using Chainlink Oracles
Using Chainlink, developers can securely connect their NFTs to IoT data, web APIs, and any other data provider. Additionally, they can leverage Chainlink VRF to access verifiable randomness, interface with existing backend systems, and even trigger cyber-physical systems. All these connections can be used to create dynamic NFTs that react to data and fully integrate with existing infrastructure.
A Non-Fungible Token (NFT) is a cryptographically secured token existing on the blockchain that represents ownership of something unique. NFTs can represent tokenized ownership claims to real-world assets like a specific piece of land, or actual ownership of digital assets as in a rare digital trading card. Unlike fungible tokens such as Bitcoin where one BTC can be exchanged for any other BTC, each NFT is completely unique and represents verifiable digital scarcity.
Most of the NFT community is familiar with the idea of storing unique items as pieces of data on the blockchain. The blockchain acts as a standardized medium for listing and trading non-fungible assets that are transparent, globally accessible, and more liquid. It also provides a protected environment to store a trusted set of historical records about an asset dating back to its provenance.
Registering unique assets and freely trading them on a common decentralized platform (blockchain) has standalone value. The limitation is that the blockchain creates its value of decentralized security by disconnecting from all other systems, meaning NFT-based assets do not interface with data and systems outside the blockchain (static). Oracles have the ability to resolve this connectivity problem by allowing NFTs to interact with the outside world.
The next evolution in NFTs is moving from static NFTs to dynamic NFTs — perpetual smart contracts that use oracles to communicate with and react to external data and systems. The oracle allows the NFT to use external data/systems as a mechanism for minting/burning NFTs, trading peer-to-peer, and checking state. For example, a smart contract that automates the minting of a limited edition digital soccer card if the oracle informs it that a player scored a hat-trick.
To better understand the evolution towards Dynamic NFTs, you can get acquainted with 16 use cases currently accessible to developers.
Roadmap
The team does not publish a roadmap but you can follow progress on Pivotal Tracker and Github.
Partnerships and team members
Chainlink’s Partners, Clients, and Integrations
CurioInvest collaborates with Chainlink to provide the world’s first real-time benchmark price for collectible cars
CurioInvest.com is a go-to blockchain platform for tokenized investments in ultra-rare cars,
which uses the blockchain to democratize investment into ultra-rare cars by tokenizing them on the blockchain. Investors can buy “car tokens” which trade like shares and represent a stake in a particular vehicle. The car tokens can then trade on open markets, providing liquidity to typically illiquid markets.
CurioInvest will leverage Chainlink to aggregate multiple data feeds into a single trusted valuation, bringing price transparency to each rare car or collectible asset available on our platform.
The benefits are tangible as traders can invest in any of CurioInvest’s car tokens and trade against a reliable benchmark. By combining a Chainlink-enabled benchmark with independent valuations across secondary sources, CurioInvest will bring real-time access to the valuations of collectible cars.
The CurioInvest ‘Founders Series’ collectible, a 2015 Ferrari F12tdf CT1, has been chosen for the first iteration of the integration: It’s currently in the fundraising round, of which more details can be found here.
BSN Integrates Chainlink Oracles
China’s recently launched national Blockchain Services Network (BSN) is bringing Chainlink oracle functionality to its network.
BSN is a blockchain infrastructure service layer designed to be a one-stop-shop for companies to access ultra low-cost blockchain cloud computing services. It’s supported by major Chinese entities and corporations, and its founding consortia partners include China’s State Information Center, China Mobile, China Unionpay, and Red Date Technologies.
This key integration will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. Professional Proof of Stake (POS) operator SNZ Pool will run nodes to support the operation.
Chainlink will be integrated into BSN via IRITA’s interchain service hub. IRITA is a consortium blockchain product built using the Cosmos/IRIS SDK. The IRITA service hub will allow BSN blockchains to receive external off-chain data through Chainlink oracles. SNZ Pool, a professional node operator will provide node services to run the network.
Sergey Nazarov, co-founder of Chainlink, stated, “We’re excited to help build out BSN’s global infrastructure project by providing secure and reliable oracle services. By connecting BSN applications to real-world data, smart contracts can bring new levels of automation and trust to global agreements.
Ontology Announces Native Integration With Chainlink
The integration, currently live on the Ontology TestNet, will allow Ontology developers to build smart contract applications connected to real-world data. To facilitate the integration, the Ontology team committed significant code to the Chainlink repo, rewriting Chainlink contracts in Ontology’s native Python smart contract programming language.
The deployment of Chainlink’s decentralized oracle network will bridge Ontology’s on-chain applications with off-chain resources. The initial focus will be on creating new data management capabilities for Ontology, through the integration of ONT ID, Ontology’s digital identity framework, and the ONTO wallet into a range of dApps and enterprise infrastructure.
Ontology is also exploring the possibility of integrating multiple Chainlink oracles into HydraDAO — its open framework for knowledge processing — as a means of enabling stronger data accuracy within smart contracts, cross-chain interactions, and cross-data source collaboration. This would also allow for the reading of off-chain events and other blockchains, while also facilitating cross-chain payments.
Learn more about Ontology by visiting their website: Ontology website
SyncNode Is Joining Chainlink as a Node Operator
SyncNode is a Romanian based software development company, with experience in building telecommunications infrastructure and cybersecurity solutions.
SyncNode already provides highly trusted staking services for a number of blockchain projects, having committed fully to the blockchain space in 2017.
The SyncNode team has been following Chainlink from its early development, witnessing a vibrant and optimistic community grow around the project — both through the expertise of the Chainlink team and through the solid concept behind the project.
Find out more about Syncnode here
Orchid collaborates with Chainlink to build USD bandwidth-pricing oracles
Orchid is collaborating with Chainlink on two new tools that make it easier for Orchid users to determine the price of VPN bandwidth.
The first oracle,already up and running, is a OXT/USD price feed, giving users the ability to price VPN bandwidth in U.S. dollars. Chainlink’s decentralized price oracle will help limit the distorting effect of short-term pricing volatility by smoothing moment-to-moment price fluctuations. This provides a more consistent and accurate understanding of the price of OXT than sampling the spot price at a given instant.
The second oracle, which is currently in development, aggregates information from Orchid providers to give users a better estimate of the cost of bandwidth. It will act as a “secret shopper” that samples bandwidth pricing from all the providers on Orchid, synthesizing the data into generalized pricing information for users. This will make it easier for people to estimate the price of services on the network.
Combined, the two oracles serve a joint function of letting people estimate the approximate cost of bandwidth on Orchid, both in OXT and U.S. dollars. The OXT/USD oracle allows people to understand OXT price movements relative to USD, while the second allows users to estimate how much their bandwidth is likely to cost. Together, they can be used to project how much service a given amount of USD is likely to purchase.
FinScore integrates with Chainlink
This integration will allow lenders to access real-world data about their users with the FinScore Social Presence Score, one of their fraud prevention products. The Social Presence Score provides partial information about the identity, existence, and creditworthiness of the borrower, allowing better decision making for lenders and potentially reducing mandatory collateral requirements or interest rates for the crypto-backed trading of loans. The Social Presence Score is known to be a strong fraud indicator, thus allowing the lender to improve their understanding of the borrower.
Together with Chainlink, the Social Presence Score will allow potential DeFi platforms to offer more competitive terms to their borrowers and greater security guarantees to lenders. This is achieved by connecting their credit scoring API to Chainlink oracle nodes, which can in turn feed borrower information directly into smart contracts.
More integration details are here
KyberSwap Integrates Chainlink Price Reference Data for Enhanced Price Feeds
KyberSwap is now using Chainlink Price Reference Data to update their asset prices. This allows users to verify on-chain the price of assets whenever they are performing a token swap. Chainlink’s price feeds will complement the existing Kyber Network feeds.
KyberSwap’s price feeds are taken exclusively from Kyber Network. While using Kyber Network as an on-chain feed for token prices is viable, users are recommended to take adequate measures to verify the rate obtained on Kyber with multiple other price feeds to ensure the most accurate market rate when making a swap.
By referencing Chainlink’s price feeds for supported tokens, KyberSwap enhances the reliability of key price feeds that users count on for calculating slippage rates. Adding Chainlink Reference Data also hardens KyberSwaps’s security, further safeguarding against price manipulation by malicious parties. When swapping tokens, market reference prices are now displayed on KyberSwap as deriving from both Chainlink and Kyber Network.
Ecosystem & Community Celebrations
· OpenCourt: Legally Enforceable Blockchain-Based Arbitration
· NBA Star Spencer Dinwiddie says he is a LINK Marine
· Orchid’s decentralized VPN will price bandwidth using Chainlink on The Decrypt
· Chainlink Awarded as Technology Pioneer by World Economic Forum on Yahoo Finance
· World Economic Forum Picks Eigen + Chainlink for Tech Pioneers 2020 Group on Artificial Lawyer
Other
The graph above illustrates changes in the number of Chainlink Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
This report is not financial advice.
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