Switzerland-based Web3 Foundation has recently collaborated with Chainlink (LINK) to enhance the performance of its native Polkadot project. Chainlink is an open-source Oracle network enabling smart contracts.
Chainlink made the news of its partnership with Web3 public, on its official Twitter handle:
Web3 is integrating Chainlink into its technology roadmap starting with Chainlink oracles on the #Polkadot network. We’re driving towards a future of secure smart contracts on a decentralized web together with @web3foundation. #Web3 #smartcontractshttps://t.co/Crk8GP9vdy
— ChainLink – Official Channel (@chainlink) October 22, 2018
Understanding Smart Contracts
Smart contracts are special computer programs on a blockchain with self-executable capabilities. The two parties involved in the smart contract can design or code it as per their requirement. It helps to remove all the intermediaries from the process while ensuring enforceability.
Smart contracts can exchange anything that has value. Its potential application can greatly help businesses to ensure an incorruptible and transparent work process.
The Web3 Foundation and Chainlink (LINK) Partnership
The Chainlink’s open-source Oracle system will help to create smart contracts in the Web3 ecosystem. It will further help to create decentralized oracles. Additionally, as part of the partnership, Chainlink will create a smart contract implementation for the Polkadot project.
Hence, it will make “a large amount of off-chain data feeds, various APIs, and traditional payment services available to all contracts on the Polkadot network.”
However, to validate data before triggering the contract, Chainlink uses a decentralized Oracle network. The decentralization eliminates a single point of failure and ensures security, reliability, and trustworthiness of the smart contracts.
All the blockchains within the Web3 Foundation’s Polkadot network can leverage data made available by the oracles parachain. The parachain implementation in the Polkadot network shall be done by Chainlink. Furthermore, the available data will help to trigger smart contract messages and ultimately settle transactions between different chains.
Web3 Executive Director, Peter Czaban, also expressed optimism on its new partnership with Chainlink:
“Oracles are a critical component of the Web 3.0 ecosystem,” explains Czaban. Oracles help to enable “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.”
Chainlink CEO Sergey Nazarov said that they are very excited about the partnership with Web3. Nazarov also added:
“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.”
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