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- The power and ease of Chainlink oracles can now finally be used by developers working in subsidiary chains
- Polkadot developers are ostensibly the most benefited from this new feature
- Smart contracts can now make use of massive off-chain real-world data for computations
Ever since the inception of the Ethereum chain, smart contracts have taken center stage in the realm of blockchains. With the development of several chains operating on various heterogeneous data, newer systems were needed to be developed to handle contingencies. The development of Polkadot and Chainlink networks provided the answer. The introduction of a new feature recently spells good news for the developer community.
Oracle Price Feeds integration
Since Polkadot operates on heterogeneous data, developers must be provided with tools to customize blockchains according to networking layers and consensus algorithms. However, such a multi-chain network’s robustness cannot be fully realized until it has access to real-world data not available locally on the chain. This is where Oracle integration plays a significant role.
Chainlink’s oracles are software that allows developers to access off-chain data. Recently it has released a feature allowing Polkadot developers to access Oracle pallets, thus essentially solving the issue. This feature enables parachain developers, especially the Substrate community, using Price Feeds to access high-end, real-time, and accurate market statistics, which can be used to power new products and settle smart contracts.
Unique advantages offered
Chainlink’s new feature integration offers apparent advantages to the Polkadot community, and some of them solve significant issues that have plagued it in the past. Data is broadcast from a set of decentralized Oracle nodes whose security is guaranteed by DevOps teams to give rise to high-quality, secure, and reliable data, which is immune to API malfunctions or data liabilities. As many teams are allowed to fund and use the Oracle network, the price is reduced to a fraction of the original cost.
Powering scalable decentralized apps
The current trend of blockchains has evolved far beyond financial use cases and now covers a wide variety of sectors ranging from supply chain management to gaming. Smart contracts are the glue that holds them together, and the new feature allows settlement of cross-chain smart contracts. Moreover, it also enables liquidation and collateralization of on-chain tokens, especially stablecoins. Now on-chain market strategies can be executed with the aid of reliable and tamper-proof data.
In summary, the recent feature introduction is an excellent move that will enable ease-of-integration of several real-world data with on-chain products.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
