The Matic network has announced a partnership with the ChainLink network. This partnership will enable Matic to leverage ChainLink’s decentralized Oracle network to effectively access real-world data for smart contracts on the network.
Matic co-founderAnurag Arjunexplained the move as follows:
“DApp developers on Matic want easy and dev-friendly access to oracles, which can enable applications to easily integrate various real-world data points in a truly decentralized manner. Matic is working to enable an extremely rich and easy developer interface for blockchain programmers, and this collaboration is one step further in that direction. We are extremely proud to be working with Chainlink to integrate their technology on our network and help enable provably secure access to external data.”
What is ChainLink?
The ChainLink network is a platform that gives scalable tamper-proof inputs and outputs for complex smart contracts on any blockchain. This network effectively connects smart contracts to the data sources and APIs that improve their functions. This gives smart contract reliable connection to external data. This enables the smart contracts to execute tamper-proof digital agreements effectively.
ChainLink is gradually establishing itself as a reliable source of data feeds. This is despite its mainnet on Ethereum being less than 2 weeks old. The company has other partnerships with other DAG networks like IOST.
What the Partnership Will Achieve
This collaboration will facilitate Matic smart contracts to leverage ChainLinks’s decentralized network. As such, all the DApps on Matic to deploy the data they collect in practical applications with the surety of security.
This agreement will henceforth enable ChainLink to create an adapter for off-chain data feeds. Subsequently, developers can integrate these adapters into Matic smart contracts giving them secure data sources. As such, DApp developers on Matic have easy and development-friendly access to oracles. This, according to Arjun, will permit monitoring of the live feeds and effective smart contract execution.
The Matic network intends to introduce unparalleled scalability for Ethereum smart contracts. This is by using Plasma sidechains to make transactions faster and cheaper. Accordingly, Matic wants to position itself as the leading scaling solution for Ethereum applications. After this, Matic can then expand to other blockchains.
The Future Of dApps
At the moment, Apps are disrupting many industries. This invention of blockchain technology has gotten a boost with this partnership because scalability and reliability will be some of the defining issues going forward.
As such, Matic intends to do a better job in speeding up block confirmations and lowering gas fees. These will exponentially increase adoption and improve user experience. This makes it easy for millions to interact with the decentralized ecosystem.
Notably, Matic had a successful IEO on Binance earlier this year. This move is the latest in Matic’s ambition to be a true leader in global scalability. Accordingly, the ChainLink oracles will give developers greater possibilities in exploring projects that include virtual really. ChainLink, therefore, opens up the real world market for Matic to grow effectively.
ChainLink gets its accurate data by incentivizing accurate data sourcing from users. This is because the users can acquire LINK tokens for providing accurate data to the network.
In general, partnerships like the ChainLink-Matic deal provide developers the tools to have suitable smart contracts. This could have the short-term effect of improving the reliability and in the long-term, adoption of blockchain solutions.