Smart contracts have only just arrived on the Cardano network, but it seems like developers are not taking a break. In their quest for dominance, the team at Cardano is joining forces with Chainlink, one of the promising blockchains, to accelerate the growth of smart contracts on the network. Cardano recently revealed that it had entered a partnership with Chainlink. The partnership is intended to help to boost smart contracts through the incorporation of Oracles.
The announcement was made during yesterday’s Cardano summit. The collaboration is strategically intended to aid Cardano developers to build smart contracts for Cardano DeFi applications.
Excerpts from the announcement highlight the new development that will precede the partnership.
As quoted below:
“Access to real-world databases will be supplied through Chainlink’s decentralized ‘oracle’ networks which provide tamper-proof, high-quality external data to blockchains, enabling ‘smart contracts’ to execute around datasets such as election results, sports stats, and cryptocurrency rates.”
Chainlink poised to accelerate the growth of Cardano’s smart contracts
Chainlink seems to be the best option for Cardano at this time, as it currently provides oracle services that power the hybrid smart contracts on all blockchain. This use case alone makes Chainlink a strong partner in comparison to other blockchains. Additionally, Chainlink oracle networks also allow smart contracts to seamlessly pair with any external API, leveraging secure off-chain computations for feature-rich applications.
Furthermore, Chainlink is also behind the security of billions of dollars across the DeFi market, the insurance market, the gaming industry, and several other leading industries. With Chainlink providing global enterprises and leading data providers with a universal gateway to all blockchains, the partnership is making it into the record books as one of the bullish and promising for Cardano.
“As the preferred oracle solution for Cardano, developers using the blockchain will be able to feed Chainlink’s institutional-grade data into their smart contracts – blockchain-based digital agreements that execute automatically once certain predefined conditions are met.”
Cardano’s Hoskinson is bullish on the possible outcome
Asides from aiding Cardano achieve its goal of creating an affordable global economic system, the collaboration between Chainlink and IOHK Labs provides unlimited access to secure data. At the beginning stages, “information feeds for real-time market prices will be linked to Cardano.” In the long run, more data feeds centered around weather and sports will follow.
A bullish Charles Hoskinson noted that Oracles are especially important in the business of bringing real-world data to Cardano. In the future, the integration of Chainlink’s price feed will significantly suppress the go-to-market time for Cardano developers and also create a trusted foundation for Cardano’s DeFi ecosystem.