SmartPy and Cryptonomic Brings Chainlink Oracles To The Tezos Ecosystem
SmartPy and Cryptonomic Brings Chainlink Oracles To The Tezos Ecosystem
April 30, 2020
SmartPy and Cryptonomic Brings Chainlink Oracles To The Tezos Ecosystem
SmartPy and Cryptonomic Brings Chainlink Oracles To The Tezos Ecosystem
April 30, 2020

Leading Tezos (XTZ) teams, SmartPy and Cryptonomic, are making Chainlink (Link) oracles natively available on the Tezos network. Both the teams received a grant from the Tezos Foundation to integrate Chainlink oracles into Tezos smart contracts.

Cryptonomic co-founder Vishakh says that their work has filled a key missing link within the Tezos ecosystem:

“Most of our core team has worked in finance for multiple years, especially derivatives finance. We’ve worked on mission-critical systems that handle very high notional financial trades. So that’s why we’re really attracted to Tezos because of on-chain governance and formal verification. But one missing piece of the puzzle, there have to be external inputs in order to build successful Tezos DeFi applications.”

Chainlink CEO Sergey Nazarov notes the importance of resilient data feeds for DeFi space:

ALSO READ :  Binance Moves Into DeFi With New Token Swapping Liquidity Platform

“I think it’s going to be used a lot for DeFi, maybe some decentralized insurance. But from what I can tell, there’s a lot of interest in having DeFi on Tezos. And having a good oracle mechanism is basically now a prerequisite for having a well functioning DeFi application. And I think people are starting to realize that building oracle mechanisms is akin to building a blockchain.”

Nazarov said that the integration other projects as well:

“It’s a network effect that compels data providers to put data on-chain because there’s more of a market share that they get access to with one integration. And while we will be on multiple chains, every additional chain that we’re on creates a benefit to all the other chains, because now data providers have more of a market to sell data to.”

Source: Cointelegraph | Image: Unsplash


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.