Chainlink joins Elastos blockchain network

Chainlink, the smart contract network, will officially conduct its business on Elastos ETH's blockchain network.

By · Jul 25, 2020 . 5min read

Chainlink will join the Elastos ETH sidechain, as the latter has announced. Elastos ETH will integrate resources with Chainlink in order to support the cross-chain stability agreement on the Elaston ETH sidechain platform.

According to Coiness, Elastos ETH will make use of Chainlinks price reference data to generate an ELA/USD decentralised price. Guarantee checks for user collateral debt positions are carried out in this way. ELA’s current trading price is up 15.86%.

Chainlink is a smart contract network of the decentralized oracle network. With Chainlink you can connect to any API and send payments anywhere. Gartner recognises Chainlink as one of the top blockchain technologies. Moreover, companies like Google, Oracle, SWIFT, and web developers like Web3/Polkadot, Kaliedo, Synthetix, OpenLaw, Reserve, etc. are some of its clients.

Vulcan Link, an approved Chainlink node operator has already started on the Elastos ETH Sideline and is expected to have its first prototypes ready by next week. The following is the list of goals as stated by Vulcan Link.

  • Deploy on-chain contracts (Token Wrapper, Oracle, Aggregator)
  • Run Vulcan Link ELASTOS-Chainlink Node
  • ELA/USD Oracle Aggregator Contract (with trigger every 5minutes)
  • Select min 3 partner oracle providers (Deploy own Oracle contract and node, added to Aggregator)
  • Add ELASTOS Oracle to frontend

About Elastos

Rong Chen combined his network operating system with blockchain technology for the inception of Elastos in 2017. Chen’s network operating system was essentially the OS for the internet. The purpose was to create a version of the internet with complete decentralization, ownership, and security of data. Therefore, this makes all data identifiable and scarce. As a result, users will not only have the ability to own and store their data, but will also be able to monetize on it . Moreover, it will also enable them to control the number of copies created. This is due to the fact that Elastos does not use IP addresses, central servers, or centralized entities.

Follow Cryptodose for more updates

         All News