Integration of Chainlink’s Oracle network is imminent

Cardano has announced a strategic partnership with Chainlink to provide Oracle integration for smart contract developers.

InputOutput (IOKH) announced a new partnership at the ongoing Cardano Summit 2021. From now on it will work with the decentralized blockchain Oracle network Chainlink. IOHK is the technology company behind the open source blockchain project Cardano. From the announcement shows that Cardano is integrating Chainlink’s Oracle as part of the partnership. Developers are thus supported in the creation of smart contracts for decentralized financial applications (DeFi). It is worth remembering that Cardano has only been compatible with smart contracts since the Alonzo network upgrade on September 12, 2021.

Commenting on the partnership, Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, noted that the Oracle network has “tremendous respect for the Cardano ecosystem”. This is particularly due to the technical team behind the project and the collaborative nature of the community.

Ariyasinghe thinks the timing for the collaboration is optimal. Cardano have only just entered the world of smart contracts. Chainlink is the ideal partner to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts. He added that the integration could make it possible to secure hundreds of billions of dollars of locked value on the Cardano protocol, especially in the DeFi sector.


New information about the stablecoin “Djed”

Apart from the announcement of the partnership with Chainlink, Cardano provided new information regarding its own stablecoin project “Djed”. Charles Hoskinson, Head of Cardano, and Shahaf Bar-Geffen, CEO of the COTI Group, shared at the Cardano Summit your plans with. The value of “Djed” is kept stable through an algorithmic design. This uses the smart contract design on the Ethereum competitor’s blockchain to keep the price as close as possible to USD 1. According to the white paper, there will be two versions of Djed. A minimal version, which is primarily intended to serve as a medium of exchange, and a more complex smart contract variant.

Cardano is also doing common cause with DISH

The first day of the Cardano Summit 2021 also announced several announcements and strategic partnerships between Cardano and other companies. Charles Hoskinson announced that the project was working with the Telecommunication services from DISH has teamed up to drive blockchain adoption while transforming the entire telecommunications industry model. The company has already been speculated as a possible takeover target by Amazon. That’s because of DISH’s 5G growth strategy. It could take a while before Hoskinson realizes his lifelong dream of breeding bison. Just last week we also reported on the introduction of a platform for certified, decentralized applications, the Plutus dAppStore.

The project also announced that the global land restoration and tree planting company Veritree was keeping its records as part of a strategic partnership with the Cardano blockchain. Interestingly, Cardano is already known as the “green” blockchain because it uses relatively little energy. The Foundation is also working to become completely carbon neutral. Other partnership announcements include the leading esports and gaming platform Rival, a fintech venture studio and fund UBX, and the identity-based financial solution AID: tech.



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