Tezos to Provide Real-Time Data Using Chainlink Oracle Services

Tezos to Provide Real-Time Data for Community Projects Using Chainlink Oracle Services

Chainlink, pricing feed protocol, announced that it has integrated with yet another blockchain, this time Ethereum rival Tezos, to provide real-time data using its oracle services.

Having teamed up with Smart Chain Arena and Cryptonomic, a pair of independent Tezos developers, Chainlink’s decentralized pricing oracles will provide real-time data for Tezos community projects.

Integration means Tezos projects can draw from active price feeds for various assets to build up products, such as the recently created Bitcoin Association Switzerland Decentralized Finance (DeFi) application.

Pricing oracles such as Chainlink provide the necessary infrastructure for scaling digital-asset products, particularly in the DeFi space. Digital assets are sold on various secondary markets, which inherently makes price discovery difficult.

To build a reliable price average, Oracle solutions like Chainlink organize and vet price feeds from both on- and off-chain sources. The company’s oracles have been integrated into Google, Oracle, and SWIFT in various forms, plus cryptocurrency projects such as bZx, Polkadot, and the Celsius Network crypto loan giant.

Smart Chain Arena and Cryptonomic are two companies that operate in the larger Tezos ecosystem. The former company produced the language of SmartPy, which will be used to create the smart contracts needed to deploy the oracles of Chainlink.

“We recommend Tezos developers use Chainlink when building smart contracts as Chainlink’s secure decentralized oracle network makes possible a plethora of new use cases across DeFi, Equities, Insurance, and much more,” Cryptonomic co-founder Vishakh said in a statement.

Many Companies Switching to Contract Oracle Solutions

Chainlink CEO Sergey Nazarov said that many companies are switching to contract oracle solutions because of the inherent difficulties of building a decentralized feed for price.

Nazarov said the undertaking itself is similar to making a completely new blockchain.

“Oracles are like a big onion … [T]he more you dig into them the more layers of problems you discover. There’s a reason they don’t build it into a chain and there’s a reason they don’t encourage people to build their own,” Nazarov said. “It’s because the depth of the problem initially isn’t obvious.”

The integration, according to a Cryptonomic blog post, was sponsored by a grant from the Tezos Foundation. By press time the Tezos Foundation has not returned a request for comment.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.