With a special goal of promoting blockchain interoperability and true utility, KardiaChain has announced its integration of Chainlink decentralized oracles as per a blog post on July 16, 2020. Oracles enable smart contracts to obtain external triggers. These are verified data availed through a tamper-proof system, a business Chainlink is heavily involved in.
KardiaChain Partnership With Chainlink
This deal will directly benefit developers launching decentralized applications (dApps) on the interoperable blockchain platform and for punters placing bets on KardiaChain’s eSports Incentive Platform. Trusted data for activation of predictions market smart contracts will be from LiveScore and Vietnam-based data providers. KAI tokens power the KardiaChain ecosystem and are used for settlement.
Considering the fragmentation in blockchain, off-chain data will come in handy for the Vietnamese predictions platform. Through Chainlink, smart contracts will be furnished with up-to-date data required for settling posted transactions.
Besides utility in KardiaChain’s dApp scene and their recently launched predictions market, KardiaChain is also exploring the potential use of acquired data in the wildly popular DeFi scene—via Chainlink’s Price Reference Data, government projects, and in real estate contracts.
Chainlink Data is Reliable and Secure
In a statement, KardiaChain creators–most of whom are based in Vietnam, said they chose Chainlink over competitors because its protocol reliably and securely provides access to premium APIs in a credentialed system.
This combination makes it possible for developers to roll-out dApps activated with real-world data shaping the gaming scene—a fact that advised this partnership.
The Chief Technology Officer (CTO) of KardiaChain, Huy Nguyen, said:
“We look forward to leveraging Chainlink’s unique functionalities to expand into multiple new product offerings that bring real value to everyday citizens. The ability to create real-world applications in eSport and DeFi via Chainlink brings us one step closer to our goal of becoming the leading blockchain in Vietnam and South East Asia.”
In H2 2020, KardiaChain plans to roll out an interoperable platform with atomic swap capability. Tron, Ethereum, and NEO will be the first supported blockchains. Earlier, RevPop announced its partnership with Chainlink.
Chainlink smart contracts will allow developers and applications – both centralized and decentralized – to easily access and on-board to the decentralized data exchange. The price oracles will allow accurate pricing for both users and media firms placing adverts on the platform.
For the uninitiated, oracles are a third-party service that fetches data from “outside” the blockchain to withing, ensuring a faster network and reliable data feeds. Chainlink has emerged as the leader in this regard.
Chainlink Protocol Seeing Massive Demand
The partnership is yet another feather in the cap for Chainlink. The blockchain agnostic tool has quickly become sought-after among blockchain and crypto-projects, as evidenced by a number of partnerships in 2020.
Chainlink’s price oracles and verifiable randomness function services are a catalyst. Firms reliant on pricing, exchange, and similar services choose the former, while the latter is popular with blockchain-based gaming platforms and NFTs.
Major partnerships this year have been those with DeFi token swap protocol Kyber Network, crypto loan service Nexo, and China’s Blockchain Service Network.
With increasing high-quality partners, the price of Chainlink’s ERC-20 token, LINK, is now perched at eight, flippening Litecoin and Binance Coin (BNB).