Chainlink Announces Alliance with Tezos Network to Improve Oracle Commercial Service

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This new alliance enables developers of Tezos Use the network’s decentralized market data from Chain link.

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The protocol for providing market prices in real time Chain link, announced its integration with the Blockchain from Tezos, This allows the network’s decentralized oracles to provide real-time information for projects working in the cryptocurrency network.

According to various news media, this alliance comes about shortly afterwards Tezos Announce trade agreements with Smart chain arena y Cryptonomic, Independent companies develop solutions for the digital currency ecosystem.

Chain link, Price oracle and Tezos

As such Chain link focuses its commercial proposal on the price oracle service, which provides infrastructure and market data for products from the digital asset ecosystem, particularly within the decentralized financial ecosystem (DeFi)This provides more precision and transparency in the calculation of prices that serve as a reference for different business transactions.

Solutions of this type capture and examine price sources inside and outside of blockchain networks to generate a reliable average. Companies like Google, SWIFT and many other projects in the cryptocurrency ecosystem are already working with some of the oracles arranged by Chain link.

Regarding this new integration with the Tezos, the CEO of Chain link, Sergey Nazarov assured that many companies choose decentralized oracles because of the difficulties in building a reliable decentralized price source, adding:

Oracles are like a big onion … the deeper you go, the more layers of problems you discover … The depth of these problems is not obvious at first, and therefore many do not dare to create their own network to provide this type of services. This alliance represents a step in this direction and could be seen as the creation of a new network.

Rise of the oracles

The announcement comes shortly after Coinbase announce their own financial oracle service dedicated to the U.S. ecosystem DeFi, Provides high quality data that is supported by a strong security infrastructure.

Recently Binance also announced its commercial alliance with the team at Streamr, with which it offers the market data managed by its platform for the consumption of users who work within the network.

In relation to Smart chain arena y Cryptonomic, These are two companies that are part of the ecosystem of Tezos, Currency that is experiencing a strong commercial boom today due to the large number of programs Mark out made possible by large exchanges, especially highlighting Coinbase y Binance.

Because of the alliance Tezos – – Chain link, the co – founder of Crytonomic invited ecosystem developers Blockchain Use the services provided by both companies to design smart contracts, a combination that opens the spectrum for a variety of use cases within the ecosystem DeFi, as well as in many other financial areas.


Related articles

Coinbase Announces Price Oracle Release Targeting DeFi Ecosystem

Binance announces alliance with Streamr data service, DATA token price increases by more than 70%

Source: CoinDesk /. Bloomberg

Angel Di Matteo’s version / DailyBitcoin

Images: Twitter logos

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