https://u.today/cardano-partners-with-chainlink-to-integrate-oracles-for-advanced-smart-contracts?amp&__twitter_impression=true
Cardano and Chainlink; chainlink their oracles(An oracle is software that acts as an intermediary that translates real-world data into smart contracts on the blockchain) Cardano has joined forces to provide additional support to developers creating smart contracts by integrating it into its platform.
The Cardano team announced a collaboration that will result in the integration of Chainlink’s oracles into the platform, in a blog post they published today. This collaboration will help developers create smart contracts for Cardano’s DeFi applications.
Cooperation; announced today, September 25, during the Cardano Summit.
NEW BLOG: Announced just moments ago at #CardanoSummit2021, our collab with Chainlink Labs gives #DeFi developers #BuildingOnCardano secure access to a wealth of real-world data through Chainlink’s decentralized oracle networks @Chainlink @Smart_Contract https://t.co/kOWFpjhtpL
— Input Output (@InputOutputHK) September 25, 2021
Cardano collaborates with Chainlink
Chainlink oracles are systems that assist in executing hybrid smart contracts on any DLT (Distributed Ledger Technology) network. These oracle networks provide data to blockchain networks and smart contracts; election results, sports statistics, crypto rates, etc. allows them to work with Oracles that can also process weather data (Chainlink is also working with some fintech companies that are already bringing parametric insurance to South Africa) can also process other types of data.
In addition; Chainlink is now known to secure billions of dollars in DeFi apps, gaming apps, insurance platforms and other high-end industries.
Cardano smart contracts will be powered by Chainlink
The integration of these oracles into Cardano DLT will allow dev teams to incorporate enterprise-grade data provided by Chainlink into their smart contracts. Oracles will support forecasting applications dealing with sports data, weather data required for parametric insurance applications. Also NFTs etc. They will be used through multiple partnerships in the field of gaming and digital collectibles, such as
Charles Hoskinson, the founder of IOHK, made a statement on the subject; He stated that Chainlink oracles are required for advanced smart contracts and will provide real-world data to the Cardano blockchain. In addition, Hoskinson, Cardano; He stressed that it aims to provide developers with the best tools to create real-world solutions.
Hoskinson believes the Chainlink oracle integration will provide a solid foundation for the Cardano DeFi ecosystem.