PlatON Integrates Chainlink as its Recommended Oracle Solution
We are pleased to announce that PlatON is collaborating with Chainlink to integrate their market-leading decentralized oracle network into our next-generation PoS blockchain platform, starting with our mainnet sandbox Alaya. This integration ensures developers building on our scalable, decentralized, privacy-preserving blockchain have access to Chainlink’s highly secure and reliable oracles for building more advanced smart contract applications that interact with real world information and systems, including premium data providers, legacy systems, IoT networks, cloud infrastructure, and more.
We selected Chainlink as our recommended oracle solution for PlatON developers because we found it to offer the highest quality data, provide the most secure oracle infrastructure, and be the most proven to secure value on mainnet, with 4B+in USD value currently secured by Chainlink. Additionally, its foundation is built upon sound research from leading academics, perfectly aligning with our own focus on academic research as a key driver of our development.
Our initial integration will be of Chainlink’s large collection of price feed oracles, so developers can build financial services on PlatON and Alaya, but can expand beyond into a variety of other data and external system connections. This integration marks an important step towards the decentralization of the central module in Alaya.
Bringing Secure and Reliable Price Feeds to the PlatON Ecosystem
The PlatON network is a next generation Proof of Stake blockchain, utilizing a new concurrent BFT consensus algorithm that is purpose built to support decentralized applications at scale. Through our testing process, we’ve been able to operate at over 3,000 transactions per second with 101 validators, where 25 of them are randomly selected per epoch to produce blocks. Additionally, by supporting both the EVM and WASM computing environments, developers are able to seamlessly port their smart contracts from less scalable networks to the PlatON ecosystem with ease.
PlatON’s ability to scale up allows for the creation of new DeFi applications previously not achievable on other networks hampered by network congestion and slow speeds. With scalability achieved, the next step is providing our developers access to external resources not
inherently generated or available on-chain, such as aggregated price feeds. Accessing external data feeds requires the use of a blockchain oracle, which acts as secure middleware for passing data bidirectionally between on-chain and off-chain environments.
As infrastructure for Privacy-Preserving Computation and Distributed Economies, PlatON and its ecosystem requires a highly secure and scalable oracle solution to power the stable and reliable price feeds required by DeFi applications on the network. After thorough discussion and analysis, we identified Chainlink’s price reference data feeds as a perfect fit to provide PlatON developers with a well defined framework for obtaining financial market data.
An example of one of Chainlink’s decentralized price feeds for ETH/USD
Chainlink’s price feeds are designed with security as a focus, being decentralized at the oracle and data source levels to avoid any single point of failure. These decentralized oracle networks only utilize secure, Sybil-resistant oracle nodes and high-quality off-chain data providers. Chainlink also provides a large degree of flexibility through its upgradeable design and ability to obtain data from any API, providing us with a highly sustainable price feed solution that can connect to all premium data sources.
In the near future, we plan to expand our work with Chainlink to enable access to real time price feeds of derivative products, various statistics of historical market data, unique calculation formula upgrades, and more as a means of offering the PlatON ecosystem an even better data feed service. Additionally, we are working on ways to dynamically adjust the price feeds based on data and unlock sensitive data feeds for on-chain use.
We believe that an in-depth cooperation between PlatON and Chainlink will empower PlatON and Alaya to expand the value they can offer for users. The future is bright and we are excited to work together to realize the full potential of smart contracts.
“Integrating Chainlink’s oracles greatly expands the number and variety of applications smart contract developers can now build on the PlatON and Alaya networks,” stated James Qu, CTO of PlatON. “Instead of spending time and resources on building oracle architecture, developers can simply leverage Chainlink’s plug’n’play oracle solution for key price feeds and off-chain resources. This allows our team and ecosystem developers to focus solely on building our blockchain platform and decentralized applications without worrying about the challenges of oracle development and maintenance.”
PlatON is a Singapore-based public blockchain network, which strives to lead in privacy-preserving computation and become the next-generation infrastructure for distributed economy. It is dedicated to developing secure, scalable, and high-performance computing network with the first-class privacy preservation features, built on its advanced computation architecture and cryptography algorithms, including verifiable computation (VC), secure multi-party computation (MPC), zero-knowledge proof (ZKP), and homomorphic encryption. PlatON aims to become the open-source public infrastructure for AI and distributed applications for developers, data providers and institutions and individuals with privacy-sensitive computing demand around the world. Alaya, a neural computing network developed by PlatON, will be available soon.
Alaya [Alaya-vijnana, key concept of the Vijnanavada (“Consciousness-affirming”) or Yogachara school of Mahayana Buddhism, postulates a higher storage consciousness, the final basis of the apparent individual.] is a secure scalable development network built on nearly the same codebase as PlatON. It’s an experimental sandbox designed for teams to develop, deploy and innovate, a bridge linking distributed consensus into traditional financial services. Going beyond the usual testnet of PlatON, Going beyond the usual testnet of PlatOn, Alaya offers functions under realistic conditions with real costs to its community and developers. As such, the decisions made in the Alaya platform carry actual economic implications.
Alaya is a significant milestone in PlatON’s evolution roadmap, marking the PlatON has entered the application verification stage from the research development and the technical test network stage. New features and DApps that are planned for implementation on the PlatON network can be tested and validated first before putting up on the main network.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.