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Chainlink: Ztake as a node operator, Ultrain and Etherlime Integration

Biweekly update 15th October — 29th October

Ztake officially became a part of the Chainlink ecosystem. Ztake is a team of highly trained professionals specialized in operating validator nodes and based in Seattle, Washington. As savvy blockchain developers, Ztake took care of all the technical setup needed to run secure and reliable node operations. As of today, it is successfully operating nodes on Cosmos, Wanchain, xDai, POA and a newly added Chainlink.

Ultrain, a world-leading public blockchain optimized for commercial use, will officially integrate with the Chainlink oracle network to overcome the “oracle problem” — the inability for blockchains to natively interact with data and systems outside their network (off-chain) in a secure manner. As part of this integration, Chainlink will provide Ultrain with a better smart contract data solution based on its superior technology and powerful network effects. This enables smart contracts to securely and reliably connect with various resources outside the Ultrain network.

The integration with LimeChain will significantly speed up the process of creating, testing and deploying new dApps that base their business logic on data provided by the Chainlink system. The developers that prefer Etherlime and ethers.js now have viable options to develop their, fast, stable and scalable dApps that incorporate real-world data and systems.

More to follow!

Development

Github metrics
Developer activity (from Coinlib.io)

Social encounters

Upcoming events:

Chainlink is hosting its first virtual hackathon with over $60k in bounties to inspire you to think big and build a meaningful project that connects smart contracts to the real world.

Source

Finance

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

They will be offering Binance X Fellowship opportunities for qualifying projects.

What is the Binance X Fellowship?

Binance started this program to support talented developers and researchers in creating free and open-source software that would enable new innovations and businesses in the crypto economy.

By joining this program, you have the freedom to work on open-source projects that have a meaningful impact but may not necessarily have stand-alone commercial viability in the near-term.

As a Binance X Fellow, you will have access to the wide network of founders, researchers, portfolio companies and developers for mentorship and advice.

Program Details

  • Fellowship participants will receive a monthly stipend.
  • The project will receive support and guidance on defining a roadmap and fostering a community of users and contributors.
  • Open to applicants globally and admitted on a rolling basis.

Node operators

As a DAG platform specializing in big data processing, Constellation will make refined enterprise data available for on-chain smart contracts. More details in the technical paper.

Ztake is now officially a part of the Chainlink ecosystem as a reviewed Chainlink Node Operator.

Ztake is a team of early blockchain adopters with an extensive background in the tech space. As savvy blockchain developers, enthusiasts, and even zealots, Ztake already took care of all the technical setup needed to run secure and reliable node operations. As of today, Ztake is successfully operating nodes on Cosmos, Wanchain, xDai, POA and a newly added Chainlink.

a diagram of Chainlink capabilities

Smart contracts promise to revolutionize how all agreements work through an entirely new level of technologically enforced guarantees, making them a superior form of digital agreements. Chainlink’s decentralized oracle network provides the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, Ztake eliminates any one point of failure.

Here at Ztake, it is the belief that in the immediate future there will be a growing demand for reliable off-chain data as the enterprise adoption of the decentralized technologies grows. Oracles are necessary because blockchains cannot directly access data and events outside of their network. Decentralized oracles could help to eliminate single point of failure setups.

There are three ways in which you could be at the forefront of the movement:

  1. If you are a contract creator looking to leverage one of the myriads of datasets available, start by following this guide and joining the Chainlink Telegram or Discord developer’s channel for technical discussions.
  2. Developers can write a custom adapter to supply even more data for smart contracts using the details in the following link that explain the process.
  3. Or you can experiment with your own Ropsten node by following this guide designed for helping first-timers get acquainted with the software.

Operating a mainnet node is not a trivial job and requires significant expertise in running production-based software. You will be required to set up backups, monitor the node for glitches or failures, and respond to outages in a timely manner just to name a few.

Roadmap

Source

Partnerships and team members

Figment Networks has been successfully running a Chainlink oracle and data processor node for the past several months.

Its goal in running a Chainlink node is to support a strong team that’s working on solving the “the oracle problem,” the inability for smart contracts to obtain secure and reliable off-chain connectivity.

In short, some blockchain networks can have a bigger immediate impact by integrating existing real-world data with systems, rather than trying to recreate entirely new infrastructure from scratch. There are many high demand data sources already out there that may be accessed with a trustless bridge such as Chainlink.

Solving the oracle problem is an important part of making smart contracts more useful and connected to the real world. By supporting Chainlink’s infrastructure, Figment Networks are helping to decentralize their network.

The team behind Chainlink is iterating quickly and responding to market demand for continual protocol improvements. Figment Networks are excited to work together to solve the oracle problem by helping to decentralize the Chainlink network and connect more data on-chain.

Figment Networks provides trusted token delegation, secure staking infrastructure, and compliance tools for long-term token holders and Proof of Stake (PoS) blockchains. Beyond staking infrastructure, Figment is dedicated to growing PoS blockchains via open-source software tool development and active governance.

Ultrain will officially integrate with the Chainlink oracle network to overcome the “oracle problem” — the inability for blockchains to natively interact with data and systems outside their network (off-chain) in a reliably secure manner. By allowing blockchains to connect with off-chain resources (Web data, IoT, payment systems, etc), commercial applications with real-world impact become much easier for developers to build.

Ultrain is a world-leading public blockchain optimized for commercial use. Ultrain has built a truly decentralized, fast and secure general-purpose blockchain. It also has its own user-friendly smart contract layer based on JavaScript and the world’s first fully-integrated zero-knowledge proof solution on-chain. Ultrain’s founding team consists of top cybersecurity and blockchain experts from Alibaba, Google, and IBM, as well as well-known banker/tech-investors from China, the U.S., and Europe. Ultrain is committed to constructing a robust blockchain ecosystem that empowers a wide range of industries and is already supporting businesses in industries such as e-commerce, logistics, media and entertainment, health care and energy. Currently, Ultrain has 1000 nodes in its mining network and is completely open-source.

The mission of Ultrain is to use blockchain technology to promote new business models and support novel ways of interconnecting people all over the world using improved social, entertainment and commerce platforms. With strong R&D capabilities and a plethora of business resources, Ultrain is steadily building a vibrant application ecosystem day by day.

As part of this integration, Chainlink will provide Ultrain with a better smart contract data solution based on its superior technology and powerful network effects. This enables smart contracts to securely and reliably connect with various resources outside the Ultrain network and allows the network better access to the outside world in a manner that scales globally. Integrating the two technologies ultimately creates foundational infrastructure for blockchain application developers, accelerates commercial applications, and opens up new use cases that can be applied today in the real economy.

The new “etherlime chainlink shape”, a novel developer product that leverages Etherlime and Chainlink to speed up and stabilize the development process around bringing real-world data on-chain was launched.

Limechain and Etherlime

Limechain is a premier blockchain development and solutions provider with more than 40 completed blockchain projects. It provides DLT and blockchain solutions to clients worldwide, with a focus on development for public and private blockchains, as well as smart contracts. With headquarters in Europe, LimeChain is positioned to enable businesses to accelerate their software development in this growing market.

LiemChain’s main purpose is innovation and giving back to the community. One of these give-back moments brought to life Etherlime — the Ethereum development framework based on ethers.js.

Etherlime has been supported by ECF and ETHPrize and has been used by some of the flagship Ethereum projects.

Etherlime and Chainlink

One of the core features of Etherlime is the development of “shapes”. A shape is a boilerplate project ready to be continued by any developer. Some of the popular shapes are those for React, Angular, Vue and Monoplasma.

Now the power of Etherlime is combined with the awesomeness of Chainlink to create and etherlime Chainlink shape. Through the cli-command for code scaffolding, the etherlime Chainlink shape creates a ready to use dApp with chainlink already integrated into it and all the settings needed to run automatically generated.

The Chainlink shape presents a smart contract that uses the Chainlink ecosystem (a decentralized oracle that can provide external data to smart contracts). It contains a Chainlinked contract that has the ability, for example, to send a request to the CoinMarketCap API for the most recent price of any given coin in any particular market. It also records received data on the blockchain and comes with scripts for local and test net (Ropsten) deployment. The provided tests show examples for local usage of the contract and an already deployed testnet contract that is filled with Link tokens needed to make requests.

DeFi applications can use Chainlink oracles to access Binance’s industry-leading API, covering 637 price trading pairs with extensive liquidity.

Along with being the most liquid exchange in the world, Binance offers an industry-leading API, covering 637 price pairs via websocket and rest API. For high-frequency traders, having a powerful, dependable API with low latency is essential to staying competitive in fast-moving and constantly fluctuating markets. With the most expansive coverage of coins in the cryptocurrency ecosystem and a registered user base in the millions from over a hundred countries across all timezones, Binance is an extensive breeding ground for 24/7 price discovery. As such, this wealth of information about pricing in the cryptocurrency world ought to be available to power all DeFi Dapps. Gone are the days of trying to create a price oracle with just a few illiquid exchanges on a DEX.

As Binance’s ecosystem grows, its data will continue expanding to cover more projects, more jurisdictions, and more derivatives. Making these datasets available on public blockchains allows interoperability across centralized and decentralized worlds, whereas DeFi Dapps can greatly benefit from data produced by highly liquid centralized exchanges.

Bringing Binance’s Data On-Chain

Due to the underlying consensus mechanisms underpinning blockchains, blockchains cannot interact with off-chain data without threatening their underlying security. For this reason, most smart contracts are built around tokenization because all the information needed to create it is on-chain. However, many useful applications in DeFi, Insurance, Trade Finance, Gaming and more need access to off-chain data to replace backend business processes. In DeFi specifically, market prices are different across exchanges, but some hold more weight than others, given their differences in volume.

An oracle is a digital agent employed by a smart contract to retrieve and/or connect it to data and systems outside its native blockchain (off-chain). Oracles enable this off-chain connectivity for the smart contract by reformatting external connection points (APIs) so that two different software applications are compatible with data exchange. The oracle then pulls data into the smart contract and/or pushes data out based on predefined instructions and endpoints outlined in the Service Level Agreement (SLA).

Chainlink is a decentralized oracle network that 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. Leveraging the Chainlink network, smart contracts can directly access Binance’s data, employ various aggregation strategies, and incorporate different security designs to secure the connection. Ultimately, Chainlink offers users a variety of customization tools to determine how they want to connect with Binance’s API, as well as making integration simple, given that the data is already formatted for consumption and can be implemented into any smart contract by adding in a simple function.

To allow smart contracts to integrate data from the Binance API, Chainlink has built an external adapter to enable connectivity so that any node operator can provide data. External adapters extend the functionality of a Chainlink node by providing application-specific services from an API to smart contracts. This external adapter is built with serverless architecture in mind, allowing for node operators to run as many external adapters as they like, and only be charged by the cloud provider when that external adapter is used. Binance’s API is available for anyone to connect to their unauthenticated endpoints and the external adapter makes it easy for smart contracts to request and consume the data it provides.

A potentially powerful combination is creating DeFi applications that trigger automated transactions on Binance based on predefined conditions. With Binance possessing the world’s highest liquidity for the most expansive range of digital assets, DeFi products can use oracles to relay exchange instructions from the smart contract to Binance’s API. These payment instructions can automate certain actions on Binance such as peer to peer exchanges, market buys/sells, and even involve multi-user transactions.

Leveraging Binance’s exchange opens up a whole new range of products not previously available in the current DeFi market. For example, users wouldn’t be limited to smart contracts built solely around a particular asset, but instead could create very customizable terms around the 100 plus cryptocurrencies listed on Binance. This could include direct exchanges of different assets or derivatives instruments such as futures, options, and swaps. Not only will this bring greater flexibility to application development, but it can open up different hedging strategies for assets outside of the current infrastructure that’s limited to top marketcap coins.

DeFi applications using Binance can introduce a plethora of new options for traders who want to automate trades around a variety of different data points. That could include trades triggered by large transaction alerts, hashrate fluctuations, or automated portfolio adjustments based on market data. The possibilities are really limitless given that the Chainlink oracles can use any data point to trigger some type of action. This is particularly appealing to Binance given its liquidity will ensure less slippage on transactions, its large selection of assets offers more expansive product creation, and its industry-leading API provides more reliability of users with time-sensitive trades.

Tokenview integrated with Chainlink, a reliable and leading decentralized oracle network, and became a Chainlink node. Integrating with Chainlink will allow any smart contract to easily and quickly obtain crypto data, including the buy and sell signals of Bitcoin, Ethereum, Ripple, and many other popular coins.

As a multi-crypto block explorer, Tokenview provides a one-stop for blockchain data query services and related data analysis like address-tagging, large transaction alert, and market trends forecasts. Tokenview is committed to providing investors, institutions, and developers of crypto and blockchain with a variety of accurate and reliable data services, including all-in-one transfer information query services that everyone needs, hashrate and mining pool data that miners are concerned about, and a variety of professional data and API services for institutions and developers.

The buy and sell signal stated above is a useful product for both institutions and individual investors that assists in decision-making when trading. Tokenview team hopes to build and expand its professional and reliable data platform by working with real experts in the industry.

Rumors

No updates.

Social media metrics

Social media activity
Social media dynamics
Social media dynamics

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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