Polkadot Targets Onboarding Ethereum Ecosystem with Chainlink Oracles

Cryptocurrency

Polkadot is readying itself for its expected network launch after it announced its integration with Chainlink oracles on February 25. The progress made with the integrations is an indication of a systematic approach that will allow porting with Ethereum infrastructure.

Polkadot Announces Integrations of Chainlink Oracles

The integration of Chainlink oracles is vital in the creation of Polkadot’s decentralized finance and other smart contracts. Chainlink has finalized the preliminary integration on Kusama, which is a Polkadot canary network synonymous with a testnet.

Following the move, Polkadot developers will now be able to get access to external data through Chainlink oracles. This is important, and it will enable most of the more advanced features connected with smart contracts. The nature of the operation of oracles is through the transmission of real-world information to a blockchain in a form that a smart contact will understand and thus act on that data.

Currently, the most prominent use of oracles is for price feeds of crypto and other digital assets. For instance, MakerDo depends on the ETH/USD price feed to create a DAU stablecoin despite being a different and exclusive oracle.

Chainlink will integrate on Polkadot with a committed parachain, which refers to a blockchain chip that has personalized features. The other parachains on the interoperable network will access data from Chainlink chips to power dApps. The heterogeneous sharding approach will help solve most of the common blockchain problems, such as scalability, interoperability, and governance, as well as network security.

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Parity Seeks to Onboard Ethereum Ecosystem Developers

Parity Technologies was the lead developer behind Polkadot because of its unique structure. Gavin Wood, the co-founder of Parity, was also among the co-founders of Ethereum. The Parity Ethereum client is one of the company’s products used in connecting with peers and processing the blockchain.

In December last year, Parity indicated that it will stop the development of its client and spin-off to a decentralized autonomous organization. Parity and the Web3 foundation have been making moves to onboard Ethereum ecosystem developers to their network. The addition of Chainlink indicates that there is a way of porting over Ethereum infrastructure.

Featured image: DepositPhotos © nazarenko

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