Popular Oracle platform, Chainlink, is set to bring top-speed and high-quality data to blockchain firm, Solana.
According to its Medium blog post, the blockchain network disclosed that it has entered into a strategic partnership with Chainlink. The alliance aims to use Chainlink as the chief Oracle solution in all Solana DApps.
Chainlink, as part of this deal, would enhance Solana blockchain users by introducing high quality and super-fast price Oracle data.
Solana posted the news confirming the partnership on Twitter.
.@Chainlink is bringing high-quality, high-speed price oracle data to Solana! Get to building, yall. The future of #DeFi awaits. https://t.co/br93t0hgSC
— Solana (@solana) March 23, 2020
According to the reports, Chainlink would provide DApps on Solana with secure access to an array of inputs and outputs, along with deployment of self-made Oracle solutions.
Recently, Solana came out with the Solana Accelerator program, designed to assist developers to create DeFi products. It will also prevent difficulties like overheads, overtime situations, security snags, etc, which often pops-up during deployment.
The Chainlink network features that the Solana team is looking to make the most use of, include:
- Excellent execution speed
- Safety from security risks
- Delivery and communication proficiency
- Inputs and outputs that are practically impossible to interfere with
- Customized high-end solutions to suit a variety of DApps
Chainlink is one of the most important Oracle networks available today. Using multiple independent nodes, it provides decentralization solutions at the Oracle as well as data source level.
The feature also enables users to stop errors arising from the failure of a single Oracle network point. This also ensures that one data source does not serve as the source of truth on the network.
Chainlink currently offers credible and secure market data via its Price Reference Contracts (PRC). PRC is a collection of decentralized oracle networks, live on mainnet, offering more than 25 secure price feeds. Now, each individual PRC is designed to get support from at least seven of 30 independent, secured, and Sybil resistant nodes. All the feedback is then collated into a single data point that gives required updates at specified intervals.
Solana is a blockchain network that has been revolutionizing the space. It claims the ability to carry out 50-65 thousand transactions in just one second. It can also support 400ms block times without complexities like sharding or layer-two.
Solana is arguably the world’s first web-grade blockchain, outperforming layer 1 competitors and charging $0.00001 per transaction. Notably, it uses innovative Proof-of-History as its consensus algorithm.
On its blog post, the blockchain network stated that its entire team was “thrilled to work with Chainlink to undertake this challenge”. it also called the new partner as the go-to player for standard Oracle solutions in the industry.
Chainlink has provided reliable Oracle solutions to large enterprises such as Google, Oracle, Swipe, and SWIFT. We also reported of their partnership with ICON in their bid to “hyper connect the world”.