Oracles x Clarity Solutions


Oracle is a Greek Mythology for a priest or priestess acting as a medium to predict the future. The same terminology works with Blockchain Oracles to help make decisions for developers. Blockchain platforms such as Bitcoin does not have  available information outside of the chain,  thus makes it difficult to validate the conditions of the smart contracts. 

The importance of oracles is that it allows smart contracts to interact with data outside of the blockchain environment. This provides necessary information for smart contracts to execute the original terms to meet the conditions of the contract. However, without access to sources of information, the use cases of smart contract will lose a portion of their potential to work. 

Therefore, Oracle will leverage Blockstack’s smart contract language Clarity on Stacks 2.0. 


Blockstack PBC and Chainlink

Blockstack and Chainlink announced that they are collaborating to integrate oracles to Clarity- the smart contract language, leading up to the launch on Stacks 2.0 main net. 
(For more information on smart contracts, check out my previous post DeFiOnBTC)

Chainlink is a decentralised oracle network that provides real work data to smart contracts on the blockchain. This will allow developers to build more advanced applications as they are able to avoid manipulation that are triggered by the smart contract, as well as to deliver high quality data for building the smart contract infrastructure, and end- to- end security.

The oracle contract will deliver high quality data  that needs to be easily useable for developers to pass and receive data beyond the blockchain platform delivering:


Developers will benefit from this with the following:
  • Access to Any API: Chainlink will allow developers to access off-chain API such as  password-protected data, and credentialed enterprise systems
  • Secure network infrastructure: Oracle services will benefit Blockstack’s applications by using Chainlink’s Sybil resistant node in relation to the decentralised oracle design.
  • Flexible Oracle Framework: Chainlink’s oracle solution is ready for production in market prices and verifiable randomness, building tool that can be customised by using the oracle design. 



Overall,  the collaboration between Blockstack and Chainlink will leverage and strengthen STX ecosystem’s security and infrastructure. Furthermore this  will support developers as a translator of information, allowing reliable data for real life events with the strength of Oracles that will provide smart contracts with necessary information off-chain -outside of the blockchain environment. 


References:

https://docs.chain.link/docs/glossary#oracle-node

https://docs.chain.link/docs/glossary#section-consumer-contract-

https://chain.link/solutions

https://cointelegraph.com/explained/blockchain-oracles-explained

https://blog.blockstack.org/combining-stacks-2-0-and-chainlink-oracle-technology-brings-developers-new-smart-contract-possibilities/

https://twitter.com/muneeb/status/1312026581263618048

https://cointelegraph.com/news/chainlink-to-partners-with-hyundai-ceo-founded-firm-for-oracle-problem

Comments

Popular posts from this blog

My Top 3 Blockchain Projects

What Is Freehold?