ICON, a promising blockchain working to “Hyperconnect the World,” is one step closer to its vision. Announcing its ChainLink partnership on Jan 23rd, the project fueled the community’s excitement. ICON aims to break the existing silos inside the blockchain ecosystem. And it intends to do that by building the largest decentralized network. It does not stop there.
Over the last two years, the team has been trying to lay a strong foundation that connects the traditional non-blockchain systems to blockchains. For the smart-contracts to interact with real-world data and systems, oracles play a pivotal role. However, ICON desires the interaction to be risk-free and tamperproof just like blockchain. And Chainlink’s decentralized oracle network fits in like a glove here.
Implications of ICON-Chainlink’s partnership
As per the official announcement, once the integration is complete, anyone using ICON Public Blockchain to build a dApp can make use of real-world data. All the data will interact with the blockchain solutions using the Chainlink decentralized oracle network. Currently, the network is capable of providing smart contracts secure access to multiple data points. Some of these are web APIs, IoT devices, cloud providers, enterprise systems, payment systems, and other blockchains.
Tech giants like Web3, Google, Oracle, and Swift trust Chainlink’s oracle network.
The first implementation of a Chainlink oracle on ICON Public blockchain will be an ICX/USD pricing data from the real world. And will find its use in an ICON based financial apps or marketplaces. The ICON team is looking forward to seeing how creative developers can be with this integration.
Mass adoption meet-up
ICON foundation has also planned a meet-up on February 11th to understand the roadblocks to the mass adoption of blockchain. The focus areas of the meet up are oracle, finance and interchain. The event is being hosted along with Chainlink and MakerDAO, the leading projects in the space.
Previously, we covered Chainlink’s partnership with AAVE protocol for instant loans.