The latest partnership from Cardano helps build a more robust smart contract system to meet the growing demands of decentralized finance.
Cardano Plays Chain Game
The Cardano Summit has brought a slew of changes to the Cardano Community, notably the integration with Chainlink’s oracles to significantly upgrade the Decentralized Finance (DeFi) capabilities to the growing chain.
The collaboration was announced on Friday, Sept. 24, during the Summit, and will be spearheaded by a combined effort of Input/Output (IOHK) and Chainlink. The integration will look to build reliable and transparent financial products using oracles and smart contracts.
“As the preferred oracle solution for Cardano, developers using the blockchain will be able to feed Chainlink’s institutional-grade data into their smart contracts – blockchain-based digital agreements that execute automatically once certain predefined conditions are met,” wrote Tim Harrison, Director of Marketing & Communications at IOHK in a blog from September 24.
Cardano recently upgraded their blockchain with a hard fork capable of handling smart contracts, and the latest move significantly increases the safety, accuracy, and reliability of those contracts. The Chainlink oracles are premium industry tools to help boost the functionality of any DeFi system.
“Oracles are essential to making real-world data accessible on Cardano, and they support advanced smart contracts, such as DeFi applications,” said IOHK Founder Charles Hoskinson.
The Viability of Oracles
The team at Cardano has been building the project over the past few weeks. The team was savvy to build on the smart contract fork quickly. Reliable and transparent financial products build on the backs of oracles, and smart contracts are at the center of all DeFi potential.
“Not only will integrating Chainlink price feeds reduce the go-to-market time for Cardano developers, but it will establish a secure foundation for Cardano’s DeFi ecosystem, helping make Cardano more trusted by users around the world,” Hoskinson added.
The Cardano Summit ran from September 25-26 with a mix of real-world meetups in London, Miami, Berlin, Cape Town, Wyoming, and New York and several virtual events.
Where to find Cardano:
Source : bsc.news
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