Scalable layer-1 PoW public network, developed by former JP Morgan blockchain team, will deploy Chainlink’s oracles for tamper-proof on-chain data feeds
Chainlink and Kadena are working together to integrate Chainlink’s market-leading decentralized oracle network to Kadena’s scalable layer-1 Proof of Work public blockchain. This will be an industry first in deploying oracles to a public/private hybrid blockchain platform. Enterprises and entrepreneurs in the Kadena ecosystem can utilize Chainlink oracles to create end-to-end Pact smart contracts using Chainlink’s large collection of pre-made inputs and outputs. Kadena developers can benefit from Chainlink’s high-quality data by building Price Reference Contracts for market prices and leveraging its external adapter technology for off-chain access to credentialed APIs and legacy systems. Chainlink also provides strong security and reliability guarantees via decentralization, wherein multiple independent oracles and data sources can be aggregated together to protect against any single point of failure or a sole arbiter of truth.
Having completed its mainnet launch at the start of 2020, Kadena is eager to make Chainlink oracles available to production-ready smart contracts. All parties involved will feel a greater degree of security and reliability with smart contract transactions that consume accurate, real-time data feeds. Chainlink has extensive expertise in developing oracle solutions, as evident by their ongoing work with technology leaders such as Google, Oracle, and Polkadot. Kadena previously announced an agreement with Web3 Foundation to examine how its Pact smart contract language can get implemented on Polkadot. For blockchain technology to go mainstream, it is important that credible projects commit to cooperating on interoperability between ecosystems.
Kadena has already identified use cases where the live data accuracy of Chainlink’s oracles will service key functionality for on-chain applications. The initial implementation will likely be a KDA price oracle feed, available to dApp developers and exchanges. When Kadena’s KDA token gets a major listing, currently projected for the second or third quarter of this year, reliable fiat-denominated price feeds for KDA will become important for enterprises wanting to pay for gas in traditional currencies. Dependable and instantaneous market data will also be a requirement for launching many decentralized and traditional finance applications, such as with Kadena’s ongoing collaboration with $3 billion asset manager USCF. Furthermore, Kadena can provide a critical tool for addressing the COVID-19 pandemic by using Chainlink oracles to validate coronavirus testing kits and test results. Over time, Kadena and Chainlink look forward to sharing additional information about the industry’s first integration of leading oracles with a hybrid blockchain.
“Terminals provide an essential service in asset management with real-time market data. As USCF works with Kadena to identify opportunities to leverage blockchain for investments, we see merit in having credible oracles provide consolidated data feeds on-chain. Kadena’s latest news is another step forward in showing the full value of hybrid blockchain,” said Nicholas Gerber, CEO of Concierge, USCF’s parent company.
Chainlink’s highly reliable network of independent and verified node operators will perform decentralized computations to improve the accuracy of external data before being committed to the blockchain. Kadena will leverage its scalability and low gas fees to increase the frequency and accuracy of external data available on the network, thus creating a cost-efficient and high-quality platform for DeFi and other decentralized applications.
“We’re excited to augment the value created through Kadena’s unique hybrid blockchain by bringing secure and reliable data feeds on-chain via Chainlink decentralized oracle networks. With this access to high-quality credential API data via Chainlink oracles, the Kadena ecosystem can begin developing next-generation smart contracts that depend on real-world data,” said Sergey Nazarov, Chainlink Co-Founder.
“When Sergey and I met to talk through the integration between Chainlink and Kadena, we were both immediately excited about what we can accomplish together,” said Stuart Popejoy, Kadena Co-Founder. “Kadena’s Pact smart contract language is becoming the standard with its powerful features such as allowing for multi-sig transactions and formal verification. Combined with the Kadena public blockchain’s scalability, throughput, and low gas costs, we’re enabling high-quality financial market data in a way previously unseen on crypto platforms. Chainlink’s decentralized oracle network adds further security and value to developing and executing smart contracts.”
To learn more about developing on Kadena’s blockchain, contact our team on Discord, visit GitHub, or subscribe to our newsletter. To learn more about developing on Chainlink, contact their team on Discord or visit their developer documentation.
About Chainlink Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
About Kadena Kadena provides a hybrid blockchain platform, including the only scalable layer-1 PoW public network. Kadena solves the scaling challenges of Bitcoin and the security issues of Ethereum. Kadena’s founders created JP Morgan’s first blockchain and worked at the U.S. Securities and Exchange Commission. Kadena is live with partners including Cosmos and USCF (a $3 billion fund).
For more information, visit www.kadena.io or follow @kadena_io on Twitter.