WAX Blockchain integrating Chainlink’s decentralized oracle network

By March 18, 2020 Ethereum
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WAX Blockchain integrating Chainlink's decentralized oracle network
Published by CryptoNinjas.net March 18, 2020

WAX, an all-in-one blockchain platform enabling developers to create, sell and trade digital goods, announced today the coming integration of Chainlink’s decentralized oracle network. The integration will allow WAX to securely and reliably access data and resources from outside the EOSIO ecosystem.

Chainlink will be used by WAX to obtain market data for DeFi products, source real-world events for next-generation NFTs, and communicate cross-chain to other key ecosystems such as Ethereum.

With this partnership, the entire WAX ecosystem gets secure access to a variety of off-chain resources, such as random number generation, token prices, sports events, IoT data, interoperability with other chains, existing payment systems, enterprise backends, and much more. This helps dApps avoid the major pitfalls with trying to deploy their own oracles, such as excessive delays, extra expenses, and even fatal security flaws.

By building support for WAX, Chainlink becomes accessible to EOSIO-based chains for minimal cost. All EOSIO chains utilize the same smart contract language, and are architected virtually identical to one another. This will ‘Chainlink’ the standard oracle solution used exclusively by WAX and all other dApps in the EOSIO ecosystem.

Building Next-Generation dApps using Chainlink Oracles

The possibilities for easily integrating off-chain data into dApps on the WAX Blockchain are countless; especially for games. For example, developers can create a fantasy dApp game that retrieves live professional sports scores, gameplays, lineups and more. It is also possible to pull crypto and stock market prices; to create accurate real-time decentralized exchanges, games, and applications.

Initial use cases for WAX and Chainlink, include:

  • Data-Driven NFTs on the WAX Blockchain. Using existing partnerships, such as with Topps for digital trading cards, WAX can create NFTs that are subjective to real-world data. For example, a special baseball card that’s only issued if someone breaks the home run record.
  • Ethereum NFTs and FTs on the WAX Blockchain. Chainlink provides a bridge for broadcasting events happening on either chain to the other one.
  • Native DeFi products on the WAX Blockchain. Building a WAX owned and/or using existing Chainlink Price Reference Contracts offers a secure, easy to deploy solution; for quickly launching DeFi instruments that rely on accurate market data.
  • A stablecoin for the -EOSIO ecosystem. The WAX team believes this is something already in high demand and very needed for financial stability.

“Having a reliable and secure Layer 2 solution that augments the value of our smart contract ecosystem is paramount to achieving real-world adoption of WAX’s distributed blockchain applications (dApps). WAX’s dApp developers gain far more functionality when they can integrate with data and systems outside the native blockchain, such as accessing token prices, sports stats, etc. Chainlink will bridge that gap as the standard framework for building provably secure and redundantly reliable oracle networks for WAX and the EOSIO ecosystem, ultimately leading to next-generation dApps that retrieve and respond to real-world data and events.”
– Lukas Sliwka, Chief Technical Advisor, WAX

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