Chainlink is progressively becoming a key player in the smart contracts’ space. Though Ethereum popularized the technology, it is notably challenging for these smart contracts to interrelate with other blockchains and real-world systems. Chainlink comes in useful to fill the gap. It lets smart contracts communicate efficiently with existing bank APIs, software, and data feeds.
Chainlink is continuously partnering with various players to make networks co-exist and function effectively. The latest entrant is Stake.fish. The prominent validator for proof-of-stake blockchains said on July 23 that it will serve as a Chainlink “Reviewed Node Operator.” Notably, the oracle network is growing.
According to Chainlink founder, Sergey Nazarov, the platform targets to become the best blockchain middleware. It connects all systems that need a connection for some value to exist. It also attempts to build bridges between online payment services like PayPal and Visa, bank platforms like Wells Fargo and HSBC, and blockchain networks like Bitcoin and Ethereum.
Chainlink is developed to fundamentally reside on the Ethereum blockchain. It supports connectivity to many Ethereum dApps. Because interoperability is the main target of the entire project, it is planned to support more blockchains in the future. The decentralized oracle network securely connects smart contracts to different payment networks and external data sources.
According to the official site, the developers aim to assist traditional institutions to operate with smart contracts. They will do that by connecting to “enterprise-grade” oracles. The developers claim to consult with computer science academics and cybersecurity researchers regularly to offer high-security levels.
When properly implemented, the smart contracts enable users to enter “tamper-proof” digital agreements. But, contracts inputs and outputs must be secured. The Chainlink platform incorporates special software to fully secure the smart contract data.
SWIFT and Google already using Chainlink’s technology stack
The Stake.fish team thinks that oracles will play an integral role in accelerating the adoption of most blockchain-enabled software projects. Furthermore, smart contract developers require functional and dependable oracle networks to offer reliable, secure, and highly available data. Even though development teams can build oracle stacks, it could take a lot of time and concurrently pose security risks.
Many prominent researchers at Gartner have recognized the Chainlink decentralized oracle platform as highly effective in sourcing external data for smart contracts. Furthermore, tech behemoths like SWIFT and Google are already using Chainlink’s technology stack to develop secure communication conduits between off-chain data networks and blockchain platforms.
Stake.fish wants to leverage its massive experience working as a validator to enhance Chainlink’s decentralized oracle network. It has offered services to major blockchain networks like Algorand, Tezos, EOS, and many others.
Stake.fish Wants to Grow Chainlink Community
In February 2018, Stake.fish won the incentivized testnet for blockchain interoperability platform Cosmos dubbed Game of Stakes. Stake.fish’s validating services founder, Wangchun, also co-founded f2pool. F2pool is ranked among the biggest Ether and Bitcoin mining pools. Since Stake.fish is a Reviewed Node Operator, it will feature on the Chainlink Explorer and Chainlink’s official documentation.
Chainlink Explorer tracks the activity on the decentralized oracle network. Running a node on the Chainlink platform lets it provide external data directly to smart contracts. The Stake.fish team also wants to help grow the Chainlink community through the attraction of other qualified personnel and more developers.
LINK token Explodes by over 1,000% in 2019
The native token LINK soared by more than 1,000% in 2019. The insane price explosion is partly attributed to the token’s recent listing on Coinbase Pro and Coinbase. In June, Allen Day, the Google Cloud developer advocate said that Chainlink could be used to offer BigQuery data to Ethereum-based smart contracts.
Immediately after Allen explained the advantages of using the decentralized oracle network, LINK soared by over 77% within an hour.