Chainlink to be Integrated into SKALE to Provide a Wide Range of Oracle Solutions
We’re excited to announce that thanks to a Chainlink grant awarded to Web3 development company and professional Chainlink node operator Vulcan Link, Chainlink will be integrated with the SKALE Network. SKALE Network’s open-source, decentralized “elastic” blockchain network is designed to scale Web3 applications. SKALE chains are configurable, application-specific blockchains (often called “dynamic shards”) that exist one layer above the Ethereum blockchain. Through Chainlink’s market-leading decentralized oracle network, SKALE developers will have access to numerous proven oracle solutions like Price Feeds and Verifiable Randomness, as well as a flexible framework to construct customized oracle solutions and obtain any off-chain dataset and API service. This expands what smart contract developers can build on the SKALE Network, as any data input can be used to trigger an on-chain application.
SKALE chains can run full-state smart contracts, support decentralized storage, execute rollup contracts (a layer-2 scaling solution), and run machine learning algorithms using the EVM (Ethereum Virtual Machine). By integrating Chainlink, SKALE developers will also be able to leverage various Chainlink oracle services directly on SKALE blockchains without cross-dependencies on other blockchain networks. Thus, SKALE can support externally connected smart contracts integrated with real-world data and traditional legacy services while still retaining its high-throughput performance guarantees to users.
Chainlink already offers several pre-built oracle solutions live in production, which secure over seven billion dollars in on-chain value for DeFi, gaming, insurance and various other smart contract applications. SKALE developers can access these proven oracle solutions to quickly and securely launch new products and applications as opposed to spending time and resources and taking on additional risk trying to deploy their own oracle solution. Some of these solutions include, but are not limited to:
- Chainlink Price Feeds – decentralized oracle networks that provide the largest collection of on-chain price data for various assets like cryptocurrencies, FX rates, commodities, and indices. Chainlink Price Feeds are operated by numerous independent security reviewed Chainlink oracles, which source data from premium off-chain data aggregators to ensure price data is reflective of a volume-adjusted average across all trading environments, as opposed to any single or small group of exchanges. By decentralizing both the data source and oracle network via high quality data providers and secure node operators, users can be assured they are getting accurate data in a highly available and manipulation resistant manner.
Using Chainlink Price Feeds, SKALE developers can build a vast array of DeFi protocols and products, such as decentralized lending markets, on-chain derivatives products, various synthetic and pegged assets, stablecoins, and more.
- Chainlink Verifiable Random Function (VRF) – a novel Random Number Generator (RNG) solution built specifically to provide smart contracts with a secure and provably fair source of randomness. Chainlink VRF creates verifiable randomness by having participating oracles generate cryptographic proofs on-chain using a user-supplied seed, which serves to verify the integrity of the RNG process as being unbiased and tamperproof, where neither the node operator nor external users/developers can manipulate it.
SKALE developers will be able to leverage Chainlink VRF to build various types of advanced blockchain gaming applications, verifiably scare NFTs, and numerous other smart contract designs like for unbiased selection of random jurors or probably fair selection of lottery winners.
- Chainlink Proof of Reserve (PoR) – an oracle solution that uses Chainlink oracles to attest to the reserves backing an on-chain asset to ensure it’s abiding by its stated collateralization requirements. Chainlink PoR can be used to attest to cross-chain assets bridged to or from SKALE, as well as to tokenized assets that have off-chain reserves such as fiat currency in a bank account.
In addition to existing oracle solutions, Chainlink’s flexible oracle framework can be used by developers to create any type of customized oracle solution, including the use of specific Chainlink nodes and data sources, as well as determining how many node operators and data sources and the specific aggregation strategy and update frequency. This provides complete customization autonomy at every level to ensure users are able to satisfy their full suite of oracle needs.
“We’re honored to be supported by Vulcan Link and the Chainlink grant program, enabling Chainlink’s oracle technology and solutions to be integrated into SKALE to expedite and greatly expand the development of advanced smart contract designs in our ecosystem,” stated Jack O’Holleran, Co-Founder and CEO of SKALE Labs. “We believe that through Chainlink, a vibrant ecosystem of externally connected smart contract applications will take route on the SKALE Network, combining both scalability and external connectivity to harness real-world value across numerous use case verticals.”
“We’re excited to empower developers building highly scalable smart contract applications on the SKALE Network by providing them with secure and reliable oracle networks for accessing real-world data and traditional systems, ultimately opening up a wide variety of use cases in DeFi, insurance, gaming, supply chain, and beyond,” stated Sergey Nazarov, Chainlink Co-founder.
If you want to learn more about the Vulcan Link team and grant that made this all possible, check out Chainlink’s recent grant announcement post.
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.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
SKALE is an elastic blockchain network that gives developers the ability to easily provision highly configurable fully decentralized chains that are instantly compatible with Ethereum. SKALE chains can execute sub-second block times, run up to 2,000 tps per chain, and run full-state smart contracts in addition to decentralized storage, execute Rollups, and machine learning in EVM.
The SKALE Network is an open source project with many contributors including SKALE Labs, Inc. whose offices are in San Francisco, CA and Kharkiv, Ukraine. The SKALE Network’s supporters include Blockchange, ConsenSys Labs, Hashed, HashKey, Floodgate, Multicoin Capital, Recruit Holdings, Signia VP, and Winklevoss Capital. The SKALE Network is supported by top validators in the world including Blockware, ConsenSys, Certus.One, Chorus One, Dokia, Figment Networks, Hashed, Staked, StakewithUs, and Stake X, as well as key infrastructure player Bison Trails. SKALE’s utility token $SKL can be found on various international exchanges.
For more information please visit www.skale.network, @SkaleNetwork on Twitter, and @skaleofficial on telegram.