ChainLink (LINK) Interoperability Blockchain-Based Smart Contracts and Democratic Web 3.0

By March 21, 2020Ethereum
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ChainLink (LINK) already postponed its Smart Contract summit in a way to protect the health interests of the speakers in the community, thus making it their number one priority. A future date and time were to be decided, and they already agreed to provide a full refund on all the tickets.

Sydney Ifergan, the crypto expert, tweeted: “Ethereum and Chainlink have been rumored to impact blockchain technology. Waiting to see the Interoperability of ChainLink Distributed Oracle Network and Ethereum next-gen apps.”

Both of these projects are young, but they are pushing ahead with ambitious plans for the future. Several investors are keeping a close eye on Ethereum and Chainlink, the interoperability platform. We can expect to see the development of decentralized Dapps and Deployment of Smart contracts on the Ethereum Virtual Machine. Best use of features like Beacon chains, Sharding, Ethereum flavored Web Assembly, and Proof of Stakes (Pos) is expected to facilitate new, decentralized, and democratic internet Web 3.0.

ChainLink, the decentralized oracle network, helps to connect smart contracts with off-chain data, events, and payments, further empowered by Link, its cryptocurrency, and the LINK ecosystem.

The range of data that is linked to blockchain smart contracts using ChainLink consists of details of retail payments, data from other blockchains, bank payments, Events and IOT, Web APIs, Backend Systems, and Market data. Thus in contributing to the evolution of blockchain-based smart contracts, ChainLink has a great role to play.

ChainLink (LINK) Decrease Information Asymmetry

The ChainLink Official Channel had been talking about the current challenges and about how they can start building the decentralized insurance products today. The focus was on how smart contracts will be able to decrease the information asymmetry to build trust eventually.

ChainLink (LINK) Official channels were recently talking about Troy Trade, who they state is a global prime broker that specializes in crypto trading and asset management. Troy Trade is set to use Chainlink’s decentralized oracle networks to optimize their trading platform by way of sourcing aggregated market data to facilitate reliable pricing for crypto assets.

Also, Wax_io, which is an EOSIO blockchain meant for digital goods, is to use ChainLink to obtain market data for DeFi.

They are focused on using real-world events for NFTs and others. Applying the Wax Integration, ChainLink will become very accessible as the go-to oracle solution meant for the EOSIO ecosystem.

B_Harvest, a new ChainLink Operator, now procure multiple price reference contracts on the mainnet. The infrastructure facilitated by B_Harvest already secures assets across several dPOS chains, and it adds increased decentralization and reliability on the Chainlink Network.

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