Given the technical nature of Mixicles, Chainlink broke down their core concepts into a more digestible format. Mixicles facilitate private transactions on public blockchains and have profound potential to drive enterprise demand for DeFi products.
Along with @Intel, @Hyperledger, @EntEthAlliance & others, Chainlink presented a new Trusted Computation Framework that leverages public blockchains, Chainlink oracles & trusted computing to drive enterprise blockchain adoption.
One of the most noteworthy presentations of Devcon 5, was Chainlink’s. Sergey Nazarov, the CEO of Chainlink spoke briefly on the topic of connecting smart contracts to off-chain data. While the presentation was relatively short, Nazarov did unveil some rather nifty plans.
Chainlink is launching seven new price reference data oracles for popular cryptocurrency assets. This will include Bitcoin, USDC, Basic Attention Token, and DAI token to name a few.
Adding the price reference on-chain will create a multitude of opportunities for DeFi (decentralized finance). Financial smart contracts will be able to execute the moment when the price of an asset reaches a certain mark. This greatly improves the usability of smart contracts for financial purposes.
One of the major roadblocks prohibiting the rapid development of useful smart contracts is their inability to access off-chain resources. While tokenization has become a novel mechanism for representing the ownership of assets, smart contracts have far greater potential to revolutionize industries like finance (DeFi), insurance, supply chain, gaming and more if they extend their connectivity to data and systems off-chain.
A derivative is a financial instrument that derives its value based on an underlying asset or entity. Derivatives are deeply ingrained across global industries and used to hedge operational risk, manage exposure to price movements, gain access to typically inaccessible assets or markets, and more.
Chainlink-enabled smart contracts bring a paradigm shift to the derivatives market that is centered around low overhead trust, deterministic execution/settlement, and information parity between parties. These new derivative smart contracts can not only help prevent a global catastrophe, but also enhance derivatives’ operational functionality by improving multi-party efficiency through automation and increasing the market size through lower entry barriers and customizable options.
Partnerships and team members
Parallel Markets is excited to announce that it will be connecting its investor identity data to the Chainlink network to help build the first portable investor identity solution available on the blockchain.
Financial transactions are a leading use-case for blockchain-enabled applications. Distributed ledger technology (“DLT”) promises to bring liquidity to traditionally illiquid private assets and democratize access to high-quality investments. Securely and accurately verifying identity is the critical piece of infrastructure necessary to fully realize the benefits DLT can bring to the financial services industry.
The combination of Parallel Markets and Chainlink will enable individuals to become accredited through Parallel and then assert that accreditation on the blockchain using Chainlink. This will be a major step forward for companies and people building fintech solutions in the blockchain space that require knowledge of participant identity and/or accreditation status.
Parallel Markets has developed an accredited investor identity solution that gives participants the ability to frictionlessly assert their identity and accredited investor status online across multiple platforms. Transfers of digital assets typically require an understanding of both the identities of the participants involved as well as those participants’ status as accredited investors. Parallel Markets is proud to announce that it is making its data available to Chainlink users and bringing identity service to the blockchain space.
Chainlink is a platform that bridges the gap between smart contracts on the blockchain and real-world, off-chain applications. This is accomplished via the use of “oracles”, which find and verify real-world data and bring it on-chain to be integrated into smart contracts. Parallel Markets will provide an identity and accreditation status service that can be queried by Chainlink nodes via an oracle contract. Writers of smart contracts can build applications that access the oracle to determine whether or not a specific wallet belongs to an accredited investor.
Integrating with Chainlink allows TomoChain to harness real-time information. Smart contracts will have access to a wide range of informational databases, including market prices, exchange rates, sports scores, and more. Furthermore, by allowing developers to consume and transmit oracle-obtained data between smart contracts and run independently as node operators, ChainLink’s oracles will also contribute to TomoChain’s decentralized nature.
A major purpose of connecting TomoChain with Chainlink is the innovation of data-driven smart contracts that helps dApp developers expand and customize products to meet market demand. Enabling smart contracts to interact with external data helps expand the scope and impact of blockchain applications across unique use-cases for enterprise and mass-market solutions.
TomoChain is built on a performance layer that achieves high transaction speeds without compromising decentralization. TomoChain uses an innovative consensus method called PoSV (Proof of Stake Voting) which gives an incentive to all TomoChain token-holders to play an active part in staking across a network of 150 high-quality master nodes, and to monitor their performance and governance actively. Its staking-governance dApp, TomoMaster, is recognized as one of the leading staking platforms in the industry.
Social media metrics
The graph above illustrates changes in the number of Chainlink Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.