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Tezos Integrates Chainlink's Oracle Technology For Smart Contracts

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May 3, 2020 | 

Dan Mitchell |  0 Comments| 

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Blockchain platform Tezos (XTZ) has officially announced a partnership with Chainlink, a company which specialises in the subject of blockchain data oracles

The primary aim of this partnership is to integrate Chainlink’s technology into the Tezos platform, enabling users of the latter to utilise ‘decentralized oracle networks’ to “securely and reliably access key off-chain resources and use them in their on-chain applications”.

According to a press release published on behalf of the two organisations, two of the “top teams” from Tezos (SmartPy and Cryptonomic) are responsible for leading this project.

"We are thrilled to collaborate with Cryptonomic and bring Chainlink's leading decentralized oracle network to Tezos. The quality and functionality of applications built on Tezos will be significantly enhanced with this ability to access Chainlink oracles natively on Tezos." - SmartPy Team

Tezos Network, Coin, Price, and News

Tezos uses a proof-of-stake consensus mechanism and is often compared to Ethereum, due to their shared purpose (or vision) of enabling the development and deployment of third party smart contracts.

An open source and decentralized blockchain based project which utilises its own proprietary cryptocurrency, Tezos utilises a modular architecture. This makes the platform easier to update without the necessity for holistic downtime and allows clients to pick and choose the specific applications or elements they wish to deploy.

XTZ is the symbol for the Tezos cryptocurrency, which is called ‘tez’ or ‘tezzie’. In a recent article, we discussed the general state of the cryptocurrency markets (both in terms of market-cap and token value) as well as Bitcoin in particular. Over the past 24 hours: the XTZ token has followed a similar trajectory as many of its peers, and cryptocurrency collectively, in terms of value (against fiat) as well as market cap.

Despite this, the Tezos cryptocurrency has notably been decreasing in its value against bitcoin / BTC for longer, than it has against fiat alongside the market in general. XTZ-BTC has been dropping in value in favour of the latter since April 29th, 2020.

Chainlink, News, Crypto, and Price

"We look forward to bringing Chainlink's oracle infrastructure to the Tezos ecosystem, supplying Tezos developers with high-quality data to power secure, truly reliable decentralized applications." - Sergey Nazarov, Co-founder of Chainlink

Chainlink (LINK) has been focusing on its partnerships of late, with one of the most recent being with Celsius Network back in early April 2020. The agreement sees the former agreeing that Celsius can hold “several million dollars” worth of the Chainlink’s digital assets within its interest-bearing wallets in return for interest returns, and the opportunity to stake existing funds for future loans.

According to Bravenewcoin, “This means that Celsius is providing a secure treasury service to Chainlink, which is able to earn interest on its assets, as well as being able to borrow dollars if needed, without the need to sell assets”.

The platform is specifically targeted towards facilitating blockchain solutions for distinctly non-blockchain, non-cryptocurrency, and non-digital applications in the real world. One of the key features which enables Chainlink to achieve this is the implementation of “data oracles”.

Oracles are providers of third party data (such as APIs) which have been created specifically as a means of securely transmitting information to blockchains - informing the execution and decision-making of smart contracts.

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