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Chainlink and Kadena will be first in the industry in deploying oracles to a public/private hybrid blockchain platform.
Chainlink and Kadena decided to work together in order to integrate Chainlink’s market-leading decentralized oracle network to Kadena’s scalable layer-1 Proof of Work public blockchain. Chainlink, being a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments are 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.
Kadena, on the other hand, provides a hybrid blockchain platform, including the only scalable layer-1 PoW public network. The company solves the scaling challenges of Bitcoin and the security issues of Ethereum. Kadena’s founders created JP Morgan‘s first blockchain and worked at the U.S. Securities and Exchange Commission (SEC) and the company is live with partners including Cosmos and USCF (a $3 billion fund).
Chainlink and Kadena: Integration
This partnership will be an industry first in deploying oracles to a public/private hybrid blockchain platform. Enterprises and entrepreneurs in the Kadena ecosystem can utilize Chainlink oracles to create end-to-end Pact smart contracts using Chainlink’s large collection of pre-made inputs and outputs.
Kadena developers can benefit from Chainlink’s high-quality data by building Price Reference Contracts for market prices and leveraging its external adapter technology for off-chain access to credentialed APIs and legacy systems. Chainlink also provides strong security and reliability guarantees via decentralization, wherein multiple independent oracles and data sources can be aggregated together to protect against any single point of failure or a sole arbiter of truth.
Having completed its mainnet launch at the start of 2020, Kadena is eager to make Chainlink oracles available to production-ready smart contracts. All parties involved will feel a greater degree of security and reliability with smart contract transactions that consume accurate, real-time data feeds. Chainlink has extensive expertise in developing oracle solutions, as evident by their ongoing work with technology leaders such as Google, Oracle, and Polkadot.
Interoperability between Ecosystems Crucial
Kadena previously announced an agreement with Web3 Foundation to examine how its Pact smart contract language can get implemented on Polkadot. For blockchain technology to go mainstream, it is important that credible projects commit to cooperating on interoperability between ecosystems.
Kadena has already identified use cases where the live data accuracy of Chainlink’s oracles will service key functionality for on-chain applications. The initial implementation will likely be a KDA price oracle feed, available to dApp developers and exchanges.
When Kadena’s KDA token gets a major listing, currently projected for the second or third quarter of this year, reliable fiat-denominated price feeds for KDA will become important for enterprises wanting to pay for gas in traditional currencies. Dependable and instantaneous market data will also be a requirement for launching many decentralized and traditional finance applications, such as with Kadena’s ongoing collaboration with $3 billion asset manager USCF.
Chainlink Oracles for Validating Coronavirus Testing Kits
Furthermore, Kadena can provide a critical tool for addressing the COVID-19 pandemic by using Chainlink oracles to validate coronavirus testing kits and test results. Over time, Kadena and Chainlink look forward to sharing additional information about the industry’s first integration of leading oracles with a hybrid blockchain.
Nicholas Gerber, CEO of Concierge, USCF’s parent company said to Coinspeaker:
“Terminals provide an essential service in asset management with real-time market data. As USCF works with Kadena to identify opportunities to leverage blockchain for investments, we see merit in having credible oracles provide consolidated data feeds on-chain. Kadena’s latest news is another step forward in showing the full value of hybrid blockchain.”
Chainlink’s highly reliable network of independent and verified node operators will perform decentralized computations to improve the accuracy of external data before being committed to the blockchain. Kadena will leverage its scalability and low gas fees to increase the frequency and accuracy of external data available on the network, thus creating a cost-efficient and high-quality platform for DeFi and other decentralized applications.
“We’re excited to augment the value created through Kadena’s unique hybrid blockchain by bringing secure and reliable data feeds on-chain via Chainlink decentralized oracle networks. With this access to high-quality credential API data via Chainlink oracles, the Kadena ecosystem can begin developing next-generation smart contracts that depend on real-world data,” explained Sergey Nazarov, Chainlink Co-Founder.