Vite Labs Announces Plan to Use Chainlink for its Decentralized Oracles
Summary
Vite Labs is excited to announce our plan to integrate with Chainlink, the market leading decentralized oracle network. Chainlink’s vast array of oracle features and services will be critical for launching various products that require off-chain data. Our initial planned focus will be on augmenting the value of ViteX and VitePlus.
ViteX is a decentralized exchange built on the Vite public chain, a DAG-enabled smart contract platform. As examples, introduction of index and derivative products on the exchange would require off-chain data feeds. The second avenue of interest is for VitePlus, Vite’s blockchain-as-a-solution for government and enterprises. VitePlus will require a variety of “real-world” data feeds that are not native to the blockchain. Chainlink can provide the aforementioned data feeds.
The Purpose of Oracles, and Why Chainlink
An oracle is a piece of middleware that allows off-chain data to be consumed by a dApp and for a dApp to send commands/data to an external system. Off-chain data includes valuable datasets such as market data, health records, weather reports, and so on.
Quality oracles are characterized by reliable data feeds with sufficient decentralization in both the oracle mechanism and the data sourcing. Insufficiently decentralized oracles create single points of failure and are subject to data manipulation attacks, especially as the value of the smart contract they secure rises. Having a fully decentralized blockchain using a centralized oracle compromises the end-to-end security of the smart contract application.
Chainlink is one of the oldest and best-known decentralized oracle networks. Chainlink is the only oracle network that’s been battle-tested in production by a large number of projects that rely on its oracles for off-chain data.
About Vite Labs and ViteX
Vite is a feeless and fast public blockchain. It is the world’s first DAG-based smart contract platform, well suited for commercial dApps with performance rivaling their centralized counterparts. Vite’s capabilities are made possible by its unique asynchronous architecture, hierarchical consensus, and snapshot chain. Vite has a steady record of deploying practical applications on its platform, with products including a decentralized exchange, a public-financing dApp for the American City of Syracuse, multiple game dApps, and micropayment platforms.
ViteX is a decentralized exchange built on the Vite public chain. It is an open exchange run by the community, with its income passed through to the community. VX is the platform token of ViteX. VX holders enjoy the right of receiving dividends of transaction fees and other revenue of ViteX exchange.
About Chainlink
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out here. The Chainlink team can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow its Twitter or Reddit.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
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