We are excited to announce that Chorus One is joining Chainlink as a node operator. Starting today, our Chainlink node will assist in providing highly available and reliable data feeds to the crypto ecosystem.
Solving The Oracle Problem
The Chainlink team is providing a core piece of infrastructure for blockchain applications by allowing them to handle off-chain data. On their own, blockchains are unable to verify “real world” data that is created outside their native network. This creates a conundrum, as many blockchain use cases need to stay informed about external events to trigger the execution of smart contracts. For example, financial contracts need market data, insurance contracts need IoT data, and gaming applications need provable randomness.
Not only do smart contracts need off-chain connection, but they need that connection to be as secure as the underlying blockchain. Hence, there needs to be a way for external data to be fed into blockchains in a secure and reliable manner. This is widely referred to as the oracle problem, and Chainlink is leading the effort in making integrating off-chain data, such as price feeds, simple, yet secure for decentralized applications.
Chainlink relies on node operators providing streams of data to the network from external sources. These Chainlink-powered decentralized oracle networks are live on the Ethereum mainnet with additional plans to become blockchain agnostic over time. At the moment node operators are vetted by the Chainlink team to maintain Sybil resistance in the early stages of the network. A staking incentive model is in the works that will allow LINK holders to stake their tokens with trustworthy node operators. This will help create a permissionless, decentralized network focused on reliably providing accurate data to be consumed by blockchain applications.
What Made Us Join The Chainlink Ecosystem
We have valuable experience in working with networks that rely on price oracles. The Terra stablecoin protocol allows anyone to exchange their stablecoins with the network’s native staking token Luna through an automated market maker. The Terra community has implemented an incentivized, stake-based oracle protocol in which validators provide price data on-chain in frequent time intervals. While this approach may be suitable for some large applications and networks; it appears that a general, customizable solution that works across blockchains and applications will be more scalable, reliable, and ultimately trustworthy, if designed with the proper incentives.
Following Chainlink’s progress over the last couple of months, it is our belief that the protocol has a good chance of becoming the standard for providing off-chain data to blockchain applications. Our thesis is further supported by the transition of several major decentralized finance projects on Ethereum to the Chainlink network instead of running their own oracle implementations. Examples include Aave and Synthetix, which made this decision after their early price reference feed was exploited by a trader.
We are excited to join the Chainlink community to help make blockchain adoption for real-world applications a reality. We will be supporting the network with our infrastructure and knowledge of staking systems and look forward to publishing further content around Chainlink and the planned staking implementation in the future.
About Chorus One
Chorus One is building validation and staking infrastructure for Proof-of-Stake networks.
We will offer staking for Chainlink when it goes live. You will be able to support our work and earn staking rewards by delegating LINK to our node.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to great companies like Google, Oracle, SWIFT, and many other large enterprises, as well as many of the world’s best smart contract projects/teams such as Web3/Polkadot, Synthetix, Loopring, Kaleido, OpenLaw, Reserve, and many more.
Learn more by visiting the Chainlink website, Twitter or Reddit. If you’re a developer, visit the developer documentation or join the technical discussion on Discord.