KardiaChain On-boards Chainlink As Its Recommended Oracle Solution
We are pleased to announce that we are integrating Chainlink’s market-leading decentralized oracle network as the go-to oracle solution for developers building decentralized applications (dApps) on KardiaChain. This allows dApps to connect to real-world data and traditional infrastructure in a highly secure and reliable manner.
Our immediate focus will be using Chainlink to obtain sporting outcomes and statistics for our eSports Incentive Platform. This data allows us to reliably settle user-created prediction markets, such as determining who will get “first blood” in our ‘Arena of Valor — Lien Quan’ multiplayer game. Additionally, we will be actively exploring the use of Chainlink oracles for DeFi applications, real estate contracts, and various other enterprise and government focused projects.
Having examined multiple solutions in the market, Chainlink is the only oracle that provides our developers with the ability to access premium APIs and credentialed systems, a prerequisite to building real-world applications in eSports and across nearly all major markets. Chainlink’s decentralized architecture also provides high availability and strong security guarantees that data will be delivered on time and maintain resistance to manipulation, allowing our users to trust the outcome of events.
We did not find these same capabilities and guarantees in any other solution, which is why we consider it the recommended oracle provider for all developers on KardiaChain. Not only will it help developers save time and resources, but it helps them avoid large risks with deploying their own oracle solution or using lower quality options.
Integrating Chainlink Within the KardiaChain Ecosystem
Most smart contract applications need data from outside the blockchain (off-chain) to build useful products. For example, using a smart contract to represent a bond requires access to interest rates, and building an automated weather insurance application requires satellite weather data.
The blockchain can’t interact with data from the external world on its own; it requires a piece of middleware called an ‘oracle’. Oracles provide a way to retrieve off-chain data and upload it to the blockchain. However, in order for this data to be trusted to trigger exchanges of real economic value between users, the oracle mechanism and the data itself must be highly secure and reliable. Controlling the oracle gives one control of the application, so this risk must be mitigated against.
Chainlink is a decentralized oracle network for connecting blockchain-based smart contracts to off-chain data. Kardiachain developers can utilize Chainlink to deploy multiple oracles (nodes) to retrieve the same piece of data to ensure it’s delivery on-chain is highly available and resistant to manipulation. They can also use Chainlink to call data from multiple different APIs and aggregate them together into a single piece of data to ensure it’s accurate and hardened against tampering.
In addition to decentralization, developers can leverage Chainlink’s external adapter technology to retrieve data from any paid/credentialed API. This is key since most high quality data sources that a smart contract application needs to trigger large amounts of value are not free to access and therefore require the oracle to be able to manage credentials.
Our initial integration will utilize both Chainlink’s decentralization and their external adapters to provision oracle networks that supply our eSports platform with sports data from LiveScore and various Vietnamese data providers.
Once established, we plan to start building DeFi products on KardiaChain using Chainlink’s Price Reference Data for access to asset prices, exchange rates, interest rates, and much more. We can use this proven framework that currently supplies price feeds for many leading DeFi applications responsible for hundreds of millions of dollars to create Vietnamese specific financial products that are priced in Vietnamese dong. This brings customized DeFi products to the Vietnamese market for the very first time.
We feel this is just the beginning of a multitude of different solutions possible with open access to any real world data and traditional infrastructure. We plan to explore how some of Chainlink’s more advanced functionalities around privacy and single source data validation can be applied to real-estate, enterprise, and government solutions. We are excited to start building this exciting new decentralized future and look forward to more integrations with Chainlink.
Huy Nguyen, CTO at KardiaChain, explained the importance of integrating Chainlink’s decentralized oracle network:
“Chainlink’s decentralized oracle network is the only oracle solution that provides us with the proven ability to get high quality data in a secure manner. We look forward to leveraging these 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.”
KardiaChain is building Vietnam’s leading unified blockchain ecosystem, focused on emerging use cases such as eSports, governance, and enterprise adoption. We aim to build the first fully decentralized, self-optimized, and interoperable blockchain ecosystem in Vietnam.
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized 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 Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to KardiaChain, view official announcement.