• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Chainlink LINK Polkadot DOT LINKUSDT
Nexo Logo

How Chainlink will help secure Polkadot’s environment

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Chainlink, Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Polkadot has integrated with Chainlink to incorporate its oracle service into its multi-chain environment. Thus, the different teams building on Polkadot will be able to count on a “flexible and reliable” solution to feed parachains with information.

Chainlink Price Feeds have been enabled as a Substrate Oracle pallet and can be accessed by any other pallet integrated into a parachain. Thus, deployable applications will have “powerful new functionality”.  According to a release from Polkadot’s team:

Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date and tamper-proof price reference data for powering new products and markets

Chainlink to power DApps on Polkadot

Parachains based on the Substrate network will have a direct connection to the “outside world” information provided by Chainlink via a runtime module. The pallet may be added with supported smart contract programming languages, before or after connecting it to the Chain Relay. Polkadot’s team states:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Either of these approaches allow developers to leverage Chainlink Price Feeds with limited technical effort. This integration supports the many smart contract applications and parachain pallets requesting access to Chainlink Price Feeds across Polkadot’s environment.

Additionally, a standard will be worked on to allow the use of the data feeds in all Polkadot parachains. The focus will be on an easy integration to leverage Chainlink’s 4 main features: high-quality data, decentralized infrastructure, secure nodes, cost-efficiency.

Apps connecting to Chainlink’s pallet will be able to add a collection of on-chain data sets for cryptocurrencies, FX rates, commodities, and other assets.

In addition, applications will have multiple functions such as settling cross-chain smart contracts, operating liquidation mechanisms, confirming the authenticity of reserves that collateralize a stablecoin, among others.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Head of Public Affairs at Parity Technologies, Peter Mauric believes that with this integration, Polkadot developers will be able to build the “next generation of high-performance decentralized applications”. Daniel Kochis, Head of Chainlink Business Development said:

We’re excited to empower developers across all parachains by providing them with a standardized, easy to integrate oracle solution for access to a wide range of high-quality, time-tested on-chain price feeds. By doing so, we can rapidly accelerate DeFi development within the Polkadot ecosystem, while maintaining the highest security and data quality requirements (…).

At the time of writing, DOT is trading at $43,88 with a 10.9% gain in the 24-hour chart. In the 7-days chart, DOT records a 32.4% profit and has managed to displace Cardano (ADA) in total market cap.

Chainlink LINK Polkadot DOT
DOT with moderate gains in the 24-hour chart. Source: DOTUSDT Tradingview

On the other hand, LINK trades at $30,82 with side movement in the daily chart and a 12.3% profit in the weekly chart.

Chainlink LINK Polkadot DOT LINKUSDT
LINK showing side movement in the 24-hour chart. Source: LINKUSDT Tradingview
Tags: chainlinkDOTLinklinkusdtpolkadot
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

Bitcoin Bearish Signal: Whale Ratio Continues To Stay At High Value

2 hours ago
bitcoin

Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

4 hours ago
CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

CoinEx Charity Book Donation Worldwide: Over 10,000 Books for Children’s Dreams

4 hours ago
Six Years of Relentless Efforts: ViaBTC is Always on the Way

Six Years of Relentless Efforts: ViaBTC is Always on the Way

4 hours ago
Top 3 Web3 Coins to Watch in 2022

Top 3 Web3 Coins to Watch in 2022

5 hours ago
The DAOificaiton of Games: How and Why

The DAOificaiton of Games: How and Why

5 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Interest-free Loan, New way of Assets Increase

May 26, 2022

Hoskinsea Partners with Pavia land to Setup A Virtual Headquater On The Metaverse

May 26, 2022

The first free and equal digital country – HyperNation global theme conference was held

May 26, 2022

HyperNation’s event launch sales on HITCHHIKER OF STAR (H.O.S) went out like wildfire

May 26, 2022

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.