Web3 Foundation and Chainlink Announce Collaboration
Web3 Foundation is excited to announce Chainlink’s contribution to Polkadot. Chainlink’s open source oracle system provides smart contracts in the Web 3.0 ecosystem with decentralized oracles that will reliably connect those contracts with key off-chain resources like data feeds, APIs and various payment methods. As part of the collaboration, Chainlink plans to create an implementation for the Polkadot project, making a large amount of off-chain data feeds, various APIs, and traditional payment services available to all contracts on the Polkadot network.
Chainlink uses a decentralized oracle network (multiple Chainlinks nodes) to validate the data before it triggers the contract. This eliminates single points of failure and maintains the overall value of a highly secure, reliable, and trustworthy smart contract. Data made available by the oracles parachain, that Chainlink plans to implement, can be leveraged by all blockchains in the Polkadot network. This data can be used to trigger smart contract messages and settle transactions across different chains.
“Oracles are a critical component of the Web 3.0 ecosystem,” explains W3F Executive Director Peter Czaban, “enabling a new wave of exciting decentralized applications that require access to real world data on the blockchain. Chainlink is building open standards and solutions for oracles and we are excited to align our roadmaps to make it easy to leverage oracles on the Polkadot network. Over the longer term, we intend to drive the development of an oracle parachain together with the Chainlink team.”
Sergey Nazarov, CEO of Chainlink states, “We’re excited to partner with and be the oracle network for the Web3 ecosystem. Beginning with an implementation for the Polkadot project, we are creating a future with secure smart contracts connected with real world off-chain data together.”
The Web3 Foundation is a Swiss foundation fostering and shepherding the cryptographically-enabled protocols that safeguard decentralisation and enable the vision of Web 3.0. The Web3 Foundation employs researchers who research novel cryptographic methods and funds teams developing bleeding-edge software protocols. Our primary project is the Polkadot project. We help set standards and to organise both online and offline to better coordinate teams and document progress, including workshops, meetups, and the annual Web3 Summit.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams. To learn more about Chainlink’s latest developments, visit their website or join them on Telegram or Twitter.