Paradigm
Published in

Paradigm

Chainlink: Integrations with Polkadot, RealT, Chiliz, DMM, Collabs with Ethereum Classic Labs and NGRAVE

Biweekly update 21st February — 6th March

Welcome to our March Biweekly update on Chainlink!

Chainlink is a proven decentralized oracle network, which allows smart contracts to interact with off-chain resources with the same security guarantees as the underlying blockchain. This is critical because smart contracts are only as secure as their weakest component, meaning that a fully decentralized smart contract is potentially insecure if it’s triggered by a centralized oracle. Chainlink can give smart contracts access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, and other blockchains.

There’s been a great number of integrations since the last Biweekly update! There’s no time to lose! Let’s get started!

Firstly, RealT Platform joined Chainlink ecosystem! RealT is one of the first companies to tokenize off-chain assets and issue representative tokens on Ethereum. Chainlink offers the vehicle to which RealT can get independent property valuations onto the Ethereum blockchain. Chainlink, and their trust-minimizing oracle system, represent crucial infrastructure for building out the RealT V2 contract system, and ultimately making real estate as liquid as possible. With Chainlink, RealT will easily be able to create a system of valuation attestation for all RealT properties, using a network of independent, local property appraisers, and online API services like Estated and Clear Capital.

Secondly, Chainlink is proud to serve on the technical steering committee of Baseline Protocol, an initiative lead by EY and ConsenSys in collab with Microsoft. They’ll be building enterprise oracle solutions to make Ethereum mainnet compatible for enterprise usage. The Baseline Protocol is an open source initiative that combines advances in cryptography, messaging, and blockchain to deliver secure and private business processes at low cost via the public Ethereum Mainnet.

What’s more, Chiliz, the leading digital currency for sports tokenization and world leaders in blockchain-based fan engagement, announced an integration with Chainlink. This integration will enable Chiliz to mint Non-Fungible Tokens (NFTs) for partners on their fan voting and rewards app Socios.com in real time, based on data securely provided by Chainlink’s decentralized oracle network. Additionally, Chiliz will launch and support a Chainlink Price Reference Contract for CHZ/USD to provide accurate on-chain pricing for conversions between $CHZ and USD.

Furthermore, Nexus Mutual is now using Chainlink’s price reference data contracts for decentralized valuations of the multi-currency capital pool. Nexus Mutual will be using Chainlink’s decentralized oracle networks to bring transparent and accurate on-chain valuations to its multi-currency capital pool. This allows Nexus Mutual to perform daily on-chain updates and rebalances of its minimum capital requirement (MCR) by consistently recalculating the value of each capital asset (currently ETH and DAI) in the multi-currency pool using Chainlink’s Price Reference Data Contracts.

DeFi Money Market (DMM) and Chainlink launch higher yield money market on the Ethereum Mainnet backed by tokenized real-world assets. The DMME is composed of different and separate DeFi Money Market Accounts (DMMA). DMMA’s are specific to each individual Ethereum-based digital asset (Dai Money Market, USDC Money Market, etc.) which empowers investors or digital asset holders to remain in the digital asset class that best suits their needs while simultaneously gaining exposure to the money market yield.

Another exciting news! Chainlink has completed an initial integration with Polkadot marking a major milestone in the mission to bring Chainlink’s market-leading network of decentralized oracles to the Substrate chain ecosystem and Polkadot. This is the first blockchain ecosystem outside of Ethereum that Chainlink will support. By being the first Substrate-based oracle solution, Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network.

Last but not least! Ethereum Classic Labs announced their collaboration with Chainlink to bring decentralized oracles to Ethereum Classic. Chainlink allows Ethereum Classic smart contracts to interact with off-chain resources with the same security guarantees as the underlying blockchain. This is critical because smart contracts are only as secure as their weakest component, meaning that a fully decentralized smart contract is potentially insecure if it’s triggered by a centralized oracle.

More news to follow!

Development

Github metrics:

Developer activity (from Coinlib.io):

Social encounters

Showcasing the Winning Projects from the ETHDenver 2020 Hackathon

the Chainlink team attended the ETHDenver Hackathon. The team worked around the clock supporting enthusiastic developers who wanted to interface their smart contracts with real-world data and systems using Chainlink powered decentralized oracle networks.

At the event, they announced their ongoing work with Off-chain Labs for computing scalable solidity smart contract off-chain using Chainlink nodes, as well as the collaboration with 0x on new DEX functionalities.

Sergey delivered a powerful speech about how Chainlink can help redefine the smart contract industry by moving it beyond tokens.

Product Manager Johann Eid gave a talk about “Securely Connecting Smart Contracts to Off-chain Data Sources,” and Senior Partnership Manager Andrew Thurman represented on a panel discussion about layer 2 technology.

Hackathon participants had 36 hours to build the best working blockchain application possible. Chainlink awarded three bounties worth $5,000 USD to the best working smart contract applications using Chainlink. Participants demonstrated how data-driven business models can be built on top of decentralized infrastructure, featuring products for parametric insurance, multi-platform automated leverage trading, and real-time attendance tracking on-chain.

Read the whole article by Chainlink here

Upcoming events

All the upcoming events can be found on Chainlink’s Community events page

Finance

Token holders and the number of transactions (information from Etherscan.io):

Chainlink Price Reference Data for DeFi

The DeFi ecosystem now has access to the largest collection of on-chain market data in the entire existence of building open financial products on Ethereum.

Use the new Chainlink Price Reference Data For DeFi to explore and gain access to this growing list of cryptocurrency, fiat currency, and commodity prices available on-chain and secured by Chainlink’s decentralized oracle networks.

Collectively, these decentralized oracle networks secure over 100M USD in value for a variety of leading DeFi products across numerous financial markets, such as ETH/USD, BTC/USD, XAG/USD, MKR/ETH, and more.

Chainlink’s Price Reference Data oracle networks vastly expand the amount of secure and reliable data accessible to Ethereum Dapps, greatly accelerating the rate at which new DeFi products can be successfully launched. Chainlink Decentralized Oracle Networks for Price Reference Data are a shared community resource supported by its users, who pay less for using these oracle networks than it would take for them to broadcast the same data individually, while benefiting from a significant increase in the security created by the decentralization of oracle networks.

The Need for Chainlink Reference Data

DeFi requires constant access to real-time market data, especially prices, to reliably execute the logic underpinning applications. For instance, money (Ampleforth), derivatives (Synthetix), lending (Aave), and decentralized exchange (Loopring) protocols are all examples of applications that need to quickly know the price of certain assets before performing a core on-chain function.

Even if the contract logic is composed of high-quality code, the outputs of the smart contract are fully dependent on the quality of the inputs received. This means that securing accurate market data is as crucial to the security of decentralized finance as the underlying smart contract itself.

While a few Dapps can operate solely using on-chain data, conservatively, 90+% of DeFi applications need a steady connection to off-chain data to function in a trusted, robust, and economically sustainable manner. Most price discovery happens outside of blockchain networks (off-chain), such as on major exchanges, and prices vary across these platforms. As a result, obtaining the most reliable price for an asset requires aggregation from multiple off-chain data sources.

The Underlying Design of Oracle Reference Data Networks

Chainlink’s decentralized oracle networks are composed of security-reviewed, Sybil-resistant, and fully independent nodes. These nodes are run by leading blockchain DevOps and security teams, many of which have extensive experience running POS nodes that secure millions of dollars in value across multiple blockchain networks.

Every time there is a request for an on-chain price update, each node in the network is tasked with retrieving and submitting the current price. The responses are then aggregated together off-chain and pushed on-chain as a single price update. Incorporating decentralization at the node level ensures high availability for all Chainlink-powered price reference data oracle networks.

They also maintain data quality via redundancy, by having each node retrieve the price from an API such as CoinMarketCap, CoinGecko, etc., which aggregates data from many sources. Currently, there are seven data aggregators being used on most networks. Thus, the on-chain price update is a cumulative aggregation of individual nodes that retrieved the price from a trusted data aggregator. This ensures that DeFi applications constantly interact with high-quality market data.

Supporting projects can call these reference contracts to access up-to-date price feeds that trigger the execution of core product functions. The on-chain updates can be programmed to occur based on time (hourly, daily, etc.), price deviation (such as every 1% change in price), or a customized combination adapted to the specific user’s needs.

Source

PRICE REFERENCE DATA

Follow this link to learn more about the DeFi Ecosystem and the ways Chainlink can accelerate adoption.

Roadmap

The team does not publish a roadmap but you can follow progress on Pivotal Tracker and Github.

Partnerships and team members

RealT Platform joined Chainlink ecosystem

RealT is one of the first companies to tokenize off-chain assets and issue representative tokens on Ethereum. Digitizing deeds has enabled hundreds of different global participants to access to the U.S. real estate market. Innovations in other sectors have enabled us to provide access to the U.S. real estate market to those that could never have accessed it before; Ethereum, ERC20, Docusign, and automatic KYC services are all part of the RealT stack that allows us to democratize U.S. real estate in a compliant and cost-efficient manner.

When RealT investors buy RealTokens for a specific property, they receive a packet of documents that enable them proof-of-ownership, linking the property to their token. This way, if RealT ever were to disappear, token-holders would retain a claim on the asset and all the funds generated from its liquidation. RealTokens are a claim on the asset, regardless of whether RealT exists or not.

Chainlink offers the vehicle to which RealT can get independent property valuations onto the Ethereum blockchain. Chainlink, and their trust-minimizing oracle system, represent crucial infrastructure for building out the RealT V2 contract system, and ultimately making real estate as liquid as possible.

With Chainlink, RealT will easily be able to create a system of valuation attestation for all RealT properties, using a network of independent, local property appraisers, and online API services like Estated and Clear Capital. By necessity, this network will need to be bootstrapped and guided by RealT, but the ultimate goal for RealT is to reduce their participation down to a minimum. Ideally, this will simply result in RealT paying for the appraisals and API services, while all the data handling and transmission is managed by non-RealT entities.

source

Chainlink is proud to serve on the technical steering committee of Baseline Protocol, an initiative lead by EY and ConsenSys in collab with Microsoft. they’ll be building enterprise oracle solutions to make Ethereum mainnet compatible for enterprise usage.

The Baseline Protocol is an open source initiative that combines advances in cryptography, messaging, and blockchain to deliver secure and private business processes at low cost via the public Ethereum Mainnet. The protocol will enable confidential and complex collaboration between enterprises without leaving any sensitive data on-chain. The work will be governed by the Ethereum-Oasis Project, which is managed by OASIS and funded by the Ethereum Foundation and the Enterprise Ethereum Alliance.

The protocol will support tokenization and decentralized financial services on the Mainnet in a way that doesn’t reveal corporate assets or activities to unauthorized parties, and it leaves enterprise data safely in traditional systems.

source

CHILIZ INTEGRATES WITH CHAINLINK TO MINT NFTs IN REAL TIME

Chiliz (Binance: $CHZ), the leading digital currency for sports tokenization and world leaders in blockchain-based fan engagement, announced an integration with Chainlink. This integration will enable Chiliz to mint Non-Fungible Tokens (NFTs) for partners on their fan voting and rewards app Socios.com in real time, based on data securely provided by Chainlink’s decentralized oracle network. Additionally, Chiliz will launch and support a Chainlink Price Reference Contract for CHZ/USD to provide accurate on-chain pricing for conversions between $CHZ and USD. This key price feed is secured by an aggregation of seven nodes that each source data from different data-aggregating APIs, ensuring the highest reliability for CHZ token conversions.

Platform partners already include major football clubs FC Barcelona, Juventus, Paris Saint-Germain, Atlético de Madrid, Galatasaray, A.S. Roma, CA Independiente, and back-to-back Dota 2 esports champions OG. Chiliz is targeting 50 IPs by the end of 2020 from sports, esports, and the entertainment industry.

Thanks to this integration, Chiliz can create dynamic NFTs that are responsive to real world, real time sporting events and mint limited availability collectible tokens to commemorate them. For example — the minting of a limited amount of tokens when a soccer player scores a hat-trick during a game.

source

Nexus Mutual is now using Chainlink’s price reference data contracts for decentralized valuations of the multi-currency capital pool

Nexus Mutual will be using Chainlink’s decentralized oracle networks to bring transparent and accurate on-chain valuations to its multi-currency capital pool. This allows Nexus Mutual to perform daily on-chain updates and rebalances of its minimum capital requirement (MCR) by consistently recalculating the value of each capital asset (currently ETH and DAI) in the multi-currency pool using Chainlink’s Price Reference Data Contracts.

They are leveraging the DAI/ETH price reference contract, which is now live on mainnet. It brings secure and reliable on-chain valuations to ETH and DAI by tapping into a decentralized network of data aggregators that pull prices from all the top liquidity sources in the market.

Nexus Mutual is a peer-to-peer risk sharing mutual built using smart contracts and blockchain technology. Instead of traditional insurance agreements between the insurance company and a policyholder, it’s a membership-based discretionary mutual that protects its members against hacks and pays out their claims based on communal voting. The first coverage plan offered is called smart contract cover, which provides discretionary coverage against technical risks, such as software bugs in smart contracts.

Nexus Mutual operates as a discretionary mutual, wherein members can stake against a contract to show they believe in it’s security, or purchase smart contract cover to protect themselves in the event there is a hack. The mutual is backed by a pool of capital. Any member can buy coverage, in ETH or DAI, in case of a failure.

One of the critical components for operating Nexus Mutual in a secure and reliable manner, which is easily verified by all its members, is maintaining the minimum capital requirement (MCR) on the blockchain. The minimum capital is a key value for the mutual as it influences how much cover can be written on any particular smart contract system, and is also the level at which redemptions are restricted. It is essentially the level of funds the mutual needs to operate.

Since the MCR is vital to calculating quotes for new coverages and rebalancing the capital pools, updating the MCR regularly is critical to managing risk and maintaining profitability in the face of price volatility. For this, we need a secure and reliable price feed for the ETH/DAI price.

Chainlink’s Price Reference Contracts come into play, as they not only provide highly decentralized pricing that secures the underlying collateral in our capital pool (DAI right now), but also source it from an aggregation of the top liquidity providers and provide it on-chain in a transparent manner. By tapping into true market price discovery, quotes more accurately reflect the current risk distributed in the capital pool. Additionally, members are always up-to-date on the risk present within the system, therefore are better equipped to make more informed governance decisions.

source

DeFi Money Market (DMM) and Chainlink Launch Higher Yield Money Market on the Ethereum Mainnet Backed by Tokenized Real-World Assets

The DMME is composed of different and separate DeFi Money Market Accounts (DMMA). DMMA’s are specific to each individual Ethereum-based digital asset (Dai Money Market, USDC Money Market, etc.) which empowers investors or digital asset holders to remain in the digital asset class that best suits their needs while simultaneously gaining exposure to the money market yield.

The DMME team is closely collaborating with Chainlink, the market-leading decentralized oracle network. An oracle is a piece of middleware that connects blockchain-based smart contracts to off-chain data and systems. However, connecting off-chain puts the entire smart contract at risk if the security of the oracle mechanism is not as high as the underlying blockchain. Chainlink’s decentralized oracle network extends the blockchain’s security guarantees to the oracle layer by decentralizing the data delivery mechanism (multiple oracle nodes retrieve the same data point) and data source (oracles retrieve information from multiple data sources). Chainlink oracles greatly enhance the overall functionality of the DMM smart contracts, yet maintain the utmost security standards to ensure DMM remains highly secure, reliable, and trustworthy.

Chainlink’s role is to reliably and securely obtain accurate information about the assets that back the DMME and publicize it on-chain. This includes anonymized (and essential) information about active loans, as well as the current valuations of these loans. Between the two prior bits of information, Chainlink will be able to accurately portray the health of the DMME by making the overall collateralization transparent through detailing each of the assets in the pool. This gives ecosystem participants the necessary information needed to assess risk by knowing how their crypto is being allocated to generate interest.

To accomplish this, Chainlink will be involved with two processes: 1) tracking the conversion of cryptocurrency loans to fiat currency; 2) documenting on-chain how that fiat is allocated to real-world assets to produce income.

source

Chainlink and Polkadot Integration Using Substrate

Chainlink has completed an initial integration with a Substrate-based blockchain, marking a major milestone in the mission to bring Chainlink’s market-leading network of decentralized oracles to the Substrate chain ecosystem and Polkadot. This is the first blockchain ecosystem outside of Ethereum that Chainlink will support. By being the first Substrate-based oracle solution, Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually the entire Polkadot network. Polkadot developers can use Chainlink’s decentralized oracle networks to quickly connect their smart contracts to all the inputs and outputs they need to run securely and reliably end-to-end, while avoiding the major pitfalls associated with trying to deploy your own oracles, such as long time delays, additional expenses, and even fatal security flaws.

This initial integration with Substrate will open a pathway towards integrating Chainlink with a dedicated parachain or even building one, following Polkadot’s launch. Prior to launching its parachain on Polkadot, Chainlink will deploy a parachain on Kusama. A Chainlink parachain would let Polkadot’s parachains and dApps access virtually any external, real-world resource. Parity Technologies, the lead development team for Polkadot and Substrate, has contributed significant code to the Chainlink’s open-source repository in Github to accelerate the integration and bring it to our developers.

Substrate, used for the Chainlink integration, is the groundbreaking blockchain development framework from Parity Technologies. Created for maximum flexibility and ease of development, Substrate’s modular and composable architecture abstracts away as much blockchain development as possible, freeing teams to focus on their project’s unique business logic. Using Substrate, projects gain access to pluggable consensus and forkless upgrades. Projects can start building on Substrate today and significantly decrease development time and expense both now and in the future.

Read the whole article about Polkadot and Chainlink Integration here

Demo of Chainlink Built with Substrate for Polkadot and Kusama Network

Watch Sergey Nazarov’s interview here: Polkadot to Use Chainlink Oracles for Interoperability Network

Ethereum Classic Labs announced their collaboration with Chainlink to bring decentralized oracles to Ethereum Classic

Ethereum Classic & Ethereum do not natively interact with off-chain services due to the underlying consensus mechanisms that maintain specific behavior in the network, particularly determinism. In this regard, blockchains can only process transactions in a deterministic manner using on-chain data.

While this leads to heightened levels of security, it comes with certain limitations, such as not being able to connect with other blockchains or non-blockchain infrastructure. Thus, developers are unable to connect their smart contract applications with market data for DeFi, IoT data for insurance, traditional payment systems for settlement, and more.

Chainlink can give smart contracts access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, and other blockchains.

Chainlink allows Ethereum Classic smart contracts to interact with off-chain resources with the same security guarantees as the underlying blockchain. This is critical because smart contracts are only as secure as their weakest component, meaning that a fully decentralized smart contract is potentially insecure if it’s triggered by a centralized oracle.

Chainlink brings decentralization to both the data source and the data retrieval process. Developers can decentralize the data source by fetching data from multiple data providers, such as retrieving cryptocurrency prices from multiple data aggregators. Additionally, developers can decentralize the data retrieval mechanism by having multiple independent Chainlink oracles fetch the same data point to ensure one oracle isn’t a single point of failure.

One such use case is providing DeFi applications on Ethereum Classic secure and reliable access to the ETH/ USD price via their Price Reference Contract. This reference contract consists of 21 independent Chainlink oracles that each submit a price that gets aggregated and submitted on-chain. This use of aggregated data provides a robust canonical result that can be queried and utilized by users or DeFi projects.

source

Introducing the LINK RSI Set on TokenSets

Set Protocol joined Chainlink ecosystem. Set will support the new LINK/USD Price Reference Data contract and use it as a trusted decentralized data feed to reliably price new token sets.

The LINKRSI Set is the first Set on TokenSets that offers a crypto-asset other than ETH or BTC and they’re excited to be using Chainlink’s decentralized LINK/USD oracle to power this Set.

Key Points

  1. You can now mint the LINKRSI on TokenSets
  2. LINK is the first crypto-asset other than ETH and BTC supported on TokenSets
  3. LINKRSI uses ChainLink’s decentralized LINK/USD price oracle
  4. Join our Discord channel to chat with fellow traders

Chainlink’s LINK/USD price oracle is backed by seven independent, security reviewed, and Sybil resistant nodes that each retrieve data from a different market-wide data aggregator. All the node’s individual responses are then aggregated together into a single data point and sent on-chain and as a new price update.

Chainlink’s decentralized price oracle ensures that rebalances for the LINKRSI Set are accurately triggered based on an aggregation of the top liquidity sources. This gives the LINKRSI Set exposure to price discovery happening throughout the greater cryptocurrency market, making it a much more reliable and secure DeFi product without a single point of failure or single source of truth.

Find out more details in the article by Anthony Sassano

source

Easy 2 Stake is launching Oracle Services on the Chainlink Network

Easy 2 Stake is a trusted proof of stake provider for top cryptocurrency projects on the market, it provide highly available and secure infrastructure for staked assets on their validating and working nodes. It ensures the highest security standards by mixing bare metal and virtual servers from reliable public cloud providers across different regions.

Together with other Chainlink node operators, they are providing smart contract applications with the most accurate and reliable digital asset exchange rates between other cryptocurrencies and fiat. Easy 2 Stake has already started adding value to the BTC-USD price reference contract and have future plans to service more trading pairs.

source

Safety beyond the grave through Chainlink and NGRAVE

NGRAVE is a blockchain security provider offering a secure and user friendly end-to-end solution for the self-sovereign management of one’s digital assets and cryptocurrencies.

Staking Facilities joins the Chainlink Ecosystem as New Node Operator

Staking Facilities is becoming part of this thriving ecosystem as a Chainlink node operator. Through their validation services for networks such as Tezos, Cosmos, the Open Application Network, Edgeware, and Kusama, they are experienced in running highly secure, enterprise-grade infrastructure. They deployed their core infrastructure at Tier 3+ data centers and use state-of-the-art monitoring to ensure high availability and security. They run multiple fullnode Geth nodes on their own bare-metal hardware, distributed for redundancy across multiple sites. They can ensure they always have access to synchronized Ethereum nodes without only relying on external providers, allowing to provide solid reliability and uptime to services like Chainlink.

source

Related comments

Social media metrics

Social media activity:

Telegram

Twitter

Reddit

Discord

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.

Subscribe to detailed companies’ updates by Paradigm!

Medium. Twitter. Telegram. Reddit.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store