Inotel Becomes a Chainlink Node Operator Live on Mainnet
We are excited to announce that Inotel has joined the Chainlink Network as a new Chainlink Node Operator. Our Inotel Node is now live on mainnet providing price data as part of Chainlink’s widely used Price Reference Data oracle networks currently powering a large portion of the DeFi market.
We bring over a decade of experience in both DevOps and IT roles across traditional and blockchain technology companies, with specializations in Linux Red Hat server maintenance, VMWare cloud solutions, and PoS/Blockchain Node validation. We currently run nodes/validators for Web3 networks, securing millions of dollars for users.
Chainlink’s ability to make off-chain market data available on the blockchain has led to a surge in DeFi development, with their Price Reference Data currently securing over $3B in value for leading decentralized applications like Aave, Synthetix, Bancor, and more. Chainlink is also rapidly expanding into other use cases, markets, and blockchains, such as providing data to parametric insurance products, generating a provably fair source of randomness for blockchain games via their Verifiable Random Function, and being integrated across many of the leading blockchain networks like Tezos, Polkadot, Kava, and more.
We’re excited to be a part of Chainlink’s market leading solution that has established itself as a standard across the industry, ultimately allowing us to provide a plethora of off-chain resources to many different chains from one framework.
Decentralizing Finance with Chainlink
Many of the most exciting uses for blockchain technology revolve around creating a state of definitive truth through decentralized network consensus. Blockchains create definitive truth about asset ownership, while smart contracts create definitive truth about contract state. While this early architecture has driven advancements like multisig transactions, governance tokens, and decentralized exchanges, the introduction of definitive truth about external events in the real world (outside the blockchain) has led to a surge in value creation by smart contract developers. Accessing this off-chain information requires additional infrastructure known as an oracle.
Chainlink is a decentralized oracle network that connects smart contracts to off-chain data resources in a highly secure and reliable manner to preserve the blockchain’s inherent benefits of reliability, availability, and manipulation-resistance. This allows smart contracts to interact with data providers, web APIs, enterprise systems, cloud infrastructure, other blockchains, IoT networks, and more.
Chainlink’s most widely used oracle networks are its Price Reference Data, which consist of over 50 price feeds that are secured by decentralized networks of independent, Sybil resistant node operators. Each node operator calls the current price from one of multiple off-chain data aggregators. The nodes’ responses are then aggregated to create a single price update, which smart contract developers can use as a reference price to lock in an exchange rate, establish lending and borrowing rates, trigger an asset basket rebalance, and more.
<Chainlink’s ETH/USD Price Reference Data feed is secured by 21 Nodes and used by over 20 projects>
Decentralization enhances the reliability and security in Chainlink’s Price Reference Data, removing any single point of failure in the delivery and sourcing of data. As a Node Operator, Inotel is bringing additional decentralization to the Chainlink Network, creating even more robust guarantees for developers relying on off-chain data. In addition to price data, we plan to participate in other oracle networks in the future.
Inotel’s Founder Marius Abalaru expressed his excitement of joining the Chainlink Network, stating “As a new Chainlink Node Operator, we are excited about supplying key off-chain data feeds to smart contracts as a means to drive more advanced blockchain applications and further decentralize the emerging DeFi industry. Chainlink ability to provide developers with connection to the real world without sacrificing on security and reliability is leading to massive innovations in DeFi, gaming, insurance, and more. We are thrilled to be a part of this next evolution in smart contracts.”
Inotel is a professional validator in various Proof of Stake networks such as: Solana, Kava, E-Money, Near, Certik.
We are committed and dedicated to maintaining great standards of quality when it comes to our responsibilities as validator.
If you want to run a Chainlink Node or get connected to existing nodes, visit the developer documentation and join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow them on Twitter or Reddit.
Chainlink is an open-source blockchain abstraction layer for building and running decentralised oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.