IRISnet Integrating with Chainlink to Support Interchain Interoperability Using Real-World Data
IRISnet is excited to announce an integration with Chainlink, the market-leading decentralized oracle network, through the addition of a Chainlink “oracle” module to the IRIS Hub. By making Chainlink easily accessible on the IRIS Hub, developers can build next-generation decentralized applications that span across multiple blockchains and incorporate secure and reliable data feeds from trusted off-chain sources. Many Cosmos SDK based chains don’t support smart contracts right now, and this integration enables them to use reliable Chainlink-powered smart contracts that interoperate between blockchains and connect to traditional non-blockchain infrastructure. IRISnet dev team also plans to upstream this Chainlink “oracle” module to the Cosmos SDK to benefit all the Cosmos SDK based blockchains .
Chainlink Oracles Open Up Real World Applications
IRISnet is an independent blockchain in the Cosmos Ecosystem focused on being a one-stop shop for blockchain services. IRISnet is predominately focused on cross-chain communication and interaction with non-blockchain systems via pre-built modules.
Oracles allow smart contracts to take in external data and use it in their execution, as well as trigger actions on external systems. Chainlink is the most used and trusted oracle network across blockchain environments, securing nearly 200 Million USD in value for projects such as Synthetix, Aave, and Loopring. As a decentralized oracle network, Chainlink allows the aggregation of multiple data sources and oracles when sourcing and delivering data to the smart contract. This avoids any single point of failure in the smart contract.
Chainlink also allows nodes the unique capability of handling credentials via external adapters. This enables Chainlink oracles to source high-quality off-chain data from premium/password-protected APIs. Since most enterprise quality data exists as premium APIs, Chainlink’s external adapters are a key function to building enterprise applications on IRISnet.
As such, IRISnet will integrate Chainlink oracles as a new module accessible to developers needing off-chain data. We recommend it as the preferred oracle solution for IRISnet developers, given its proven security guarantees and reliable data quality. The combination of IRISnet and Chainlink opens up many real-world applications across numerous markets.
Enterprise Blockchain Applications
IRISnet is focused on servicing the unique needs of enterprises wanting to use blockchain technology. While some applications are indifferent to open infrastructure, enterprises must maintain privacy when dealing with counterparties.
Chainlink is developing the most advanced oracle network for trusted execution environments (TEE). A TEE is a black box computing environment that guarantees code execution and input data with respect to confidentiality and integrity. Chainlink’s Town Crier is the first successful implementation of a TEE based oracle.
IRISnet can combine its own enterprise services with Chainlink’s TEE oracle functionality to enable end-to-end privacy for enterprise blockchain applications. For example, trade finance solutions can use Chainlink oracles for retrieving IoT and Web Data. This data is used to check the current location of goods, confirm adequate quality control (e.g. containers maintained a certain temperature), or verify Customs approval. Once conditions are met, IRISnet can execute key blockchain functions such as making payments for goods.
IRISnet can also apply Chainlink’s TEE-based approach to the medical industry. Chainlink’s TEE-based oracles allow medical information to be passed between two parties hosting an application on IRISnet without sacrificing patient confidentiality. This medical information can lead to a more efficient distribution of medical resources and better tracking of reported cases in an epidemic.
Decentralized Finance (DeFi)
IRISnet has already launched several DeFi modules, including Coinswap (a Uniswap-like automated market maker) and atomic swaps (HTLC). Both of these modules provide unique value to DeFi developers and do not require external data.
However, we see an opportunity to expand IRISnet’s DeFi capabilities through the use of Chainlink Price Oracles, which retrieve and aggregate off-chain market data. Chainlink’s DeFi Price Reference Contracts serve as a proven oracle design pattern for launching IRISnet specific oracle networks for key price feeds, such as IRIS/USD, IRIS/ATOM, etc. Chainlink’s secure and reliable price feeds enable the development of stablecoins, derivatives, stop-loss functions, and more.
Non-Blockchain Data Services
The IRIS Services (a.k.a “iService”) function can leverage Chainlink oracles to provide an innovative “off-chain to off-chain” data service. While oracle functions have mostly been used as a bridge between on-chain and off-chain environments, we believe that oracles can function as a trusted method of passing data between two off-chain systems. The primary advantage is having a standard method of messaging between disparate systems, which can be customized to meet higher security and reliability requirements.
How to Use Chainlink on IRISnet
The oracle module of Cosmos/IRIS SDK
The IRISnet’s development team is building a module called “oracle” into the Cosmos/IRIS SDK, which is powered on the backend by the iService function. The oracle module invokes the data service provided by Chainlink, which returns the required data to the application hosted on the IRIS Hub. Developers can use this module to read off-chain data from Chainlink oracles. Chainlink oracles can be adapted and registered on the IRIS Hub as trusted off-chain data service providers. This way, even a blockchain that doesn’t support smart contracts (most Cosmos SDK chains don’t) can use the oracle service provided by Chainlink smart contracts.
iService is a powerful tool developed by IRISnet to bridge the gap between the IRIS blockchain and legacy systems. iService will also be refactored, such as supporting multi-requests and repetitive requests, etc. to better support the oracle connections, especially for price feeds.
IRISnet is an Interchain Service Hub for NextGen Distributed Applications — A BPoS Blockchain that is Self-evolutionary. IRIS Hub is designed to support not only token transfers across the internet of blockchains but also to allow the consumption of data and computing resources across heterogeneous systems. IRIS Hub is the first Hub that lives in the Cosmos ecosystem. IRIS Hub enables cross-chain interoperability through a unified service model while providing a variety of modules to support DeFi applications.
IRISnet dev teams include Bianjie, a national award-winning blockchain technology team based in Shanghai, and Tendermint, the world-famous team that created the Tendermint consensus engine and the Cosmos project.
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out here. We can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow us on Twitter or Reddit.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to IRIS Network, view official announcement.