NEW: WAX to Use Chainlink Oracles to Bring Off-Chain Data and Resources to the WAX and EOSIO Ecosystem
WAX is excited to announce its planned integration of Chainlink’s decentralized oracle network to securely and reliably access data and resources from outside the EOSIO ecosystem. WAX will use Chainlink to obtain market data for DeFi products, source real-world events for next-generation NFTs, and communicate cross-chain to other key ecosystems such as Ethereum.
With this partnership, the entire WAX ecosystem gets secure access to a variety of off-chain resources, such as random number generation, token prices, sports events, IoT data, interoperability with other chains, existing payment systems, enterprise backends, and much more. This helps dApps avoid the major pitfalls with trying to deploy their own oracles, such as excessive delays, extra expenses, and even fatal security flaws.
By building support for WAX, Chainlink becomes accessible to EOSIO-based chains for minimal cost, as all EOSIO chains utilize the same smart contract language and are architected virtually identical to one another. This will Chainlink the standard oracle solution used exclusively by WAX and all other dApps in the EOSIO ecosystem.
WAX Building Next-Generation dApps using Chainlink Oracles
The possibilities for easily integrating off-chain data into dApps on the WAX Blockchain are endless, especially for games. For example you can create a fantasy dApp game that retrieves live professional sports scores, game plays, lineups and more. Or pull crypto and stock market prices to create real-time accurate decentralized exchanges, games, and applications.
That’s because by integrating Chainlink into the WAX Blockchain, a variety of real-world applications become possible thanks to a secure and reliable connection to existing non-blockchain infrastructure and other blockchain ecosystems.
Some initial use cases we’re exploring using both WAX and Chainlink, include:
- Data-Driven NFTs on the WAX Blockchain. Using our existing partnerships, such as with Topps for digital trading cards, we can create NFTs that are subjective to real-world data. For example, a special baseball card that’s only issued if someone breaks the home run record.
- Ethereum NFTs and FTs on the WAX Blockchain. Chainlink provides a bridge for broadcasting events happening on either chain to the other one.
- Native DeFi products on the WAX Blockchain. Building our own and/or using existing Chainlink’s Price Reference Contracts offer a secure, easy to deploy solution for quickly launching DeFi instruments that rely on accurate market data.
- A stablecoin for the -EOSIO ecosystem. This is something already in high demand and very needed for financial stability. Given their extensive experience building secure oracles, which is evident in adoption by other stablecoin/currency projects, Chainlink is the main and only trusted oracle for these applications.
Due to the way blockchains form consensus, they can only process computation using data already stored inside the blockchain while still retaining security. Similar to computer networks, blockchains can be far more effective when connected to data and systems outside their immediate network (off-chain).
Connecting off-chain is important, but only if the actual data and delivery of that data is highly secure. What’s the point in having secure underlying smart contracts running on a decentralized blockchain if the connection off-chain is insecure?
An oracle is a digital agent employed by a smart contract to retrieve and/or connect it to data and systems outside its native blockchain (off-chain). Oracles enable this off-chain connectivity for the smart contract by reformatting external connection points (APIs) so that two different software applications are compatible for data exchange. The oracles can then pull data into the smart contract and/or execute actions on external systems based on predefined instructions and endpoints.
Chainlink is unique in that it’s a decentralized oracle network that currently provides decentralization at both the oracle and data source level. By using multiple independent Chainlink nodes, the user can protect against one oracle being a single point of failure. Similarly, using multiple data sources for sourcing market prices, the user can protect against one data source being a single source of truth.
It has a growing pool of 30 independent node operators run by leading blockchain DevOps and security teams, many of which have extensive experience running POS nodes across multiple blockchain networks. Chainlink has a very expansive ecosystem of over 120+ projects, representing multiple different blockchains and large enterprises, as well as encompassing many different use cases, such as finance, insurance, and regulated gaming. It currently has 29 Data Feeds for DeFi (Price Reference Contracts) used by many top Ethereum dApps.
“Having a reliable and secure Layer 2 solution that augments the value of our smart contract ecosystem is paramount to achieving real-world adoption of WAX’s distributed blockchain applications (dApps),” says Lukas Sliwka, Chief Technical Advisor, WAX. “WAX’s dApp developers gain far more functionality when they can integrate with data and systems outside the native blockchain, such as accessing token prices, sports stats, etc. Chainlink will bridge that gap as the standard framework for building provably secure and redundantly reliable oracle networks for WAX and the EOSIO ecosystem, ultimately leading to next-generation dApps that retrieve and respond to real-world data and events.”
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to us 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.
About WAX (Worldwide Asset eXchange)
WAX is an all-in-one blockchain platform enabling developers to easily create, sell and trade digital goods to empower businesses to profit from the next era of digital commerce. For more information, please visit wax.io and follow along on Twitter, YouTube, and Telegram.
Visit the WAX Developer Hive for all our developer resources, and join our communities to stay up to date on WAX developments:
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Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Wax, view official announcement.