Cardano has teamed up with Chainlink to initiate the integration of oracles into the blockchain. In a blog post published by the blockchain team, Cardano’s partnership with Chainlink will power smart contracts by integrating oracles into the chain. It will enable developers to build DeFi apps using smart contracts. The partnership was disclosed Today at the Cardano summit.
Chainlink’s Oracles Powers Smart Contracts for Crypto Rates and Others
The oracle network supplies blockchains with data, allowing their smart contracts to develop applications that deal with crypto rates, weather, and anything that deals with live data. Oracle can execute hybrid contracts on the DLT network and help provide security. It can secure money of any amount in the DeFi space. Teaming up with Cardano will help strengthen the blockchain and supply data to run smart contracts.
According to Cardano, adding oracles from Chainlink will provide real-world data and help developers create effective solutions with the best tools at their disposal. Data provided by Chainlink will be supplied to the smart contacts that build DeFi apps for weather, sports prediction apps, etc. Oracles can also be deployed in the area of NFTs and gaming.
Cardano’s co-founder Charles Hoskinson revealed that Chainlink oracles are vital for advanced smart contracts that offer live data. He added that he intends to provide its developers the best tools for building effective solutions.
Cardano Has Been Planning the Move Since Last Year
In July, the co-founder of Cardano confirmed that the blockchain was discussing with Chainlink about integrating its oracles into Cardano. The Cardano community has since longed for Cardano to team up with Chainlink for its oracles, but the Cardano team kept mute on the topic until later.
Although Hoskinson didn’t disclose the outcomes of the conversation, he revealed that an official statement would be soon released to the public when a partnership with Chainlink is struck. Fortunately, the collaboration later happened.
Hoskinson reveals that collaboration such as this will give developers of the blockchain options and everything to create DeFi apps and run smart contracts effectively. The integration will bring a whole lot more to the DeFi system.
Cardano’s initial oracles were built after partnering EMURGO and Ergo. The first two oracles from Ergo were integrated into the blockchain to provide price feeds for currency pairs involving $ADA/USD and ERG/USD.
Cardano recently completed its hard fork upgrade after launching Plutus-powered smart contracts. These contracts will facilitate the building of a decentralized system that allows everyone to create DeFi apps.