March 28, 2024

Chainlink will give Polkadot developers the ability to collect data off-chain

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Chainlink will give Polkadot developers the ability to collect data off-chain

Decentralized oracle network Chainlink is completing its integration with Moonbeam to provide DeFi developers with building blocks.

The network has integrated its Chainlink servicePrice Feeds in the smart contract parachain on Polkadot (DOT) Moonbeam. The Chainlink team assured that the integration will allow developers using the platform to access price information that is compiled and collected from a variety of cryptocurrency exchanges.

The integration should allow developersdecentralized finance (DeFi) services to ensure price accuracy in their decentralized applications (dApps). Moonbeam founder Derek Yoo said that accessing off-chain asset prices has many uses in DeFi. However, it is quite difficult to achieve resistance to attacks and manipulations of price data:

“Chainlink has been the most requested in our community. This integration is necessary to provide a complete set of building blocks for Moonbeam’s DeFi developers.”

 Oracles such as Chainlink arethird-party services that extract data from outside the blockchain and enter it inside, guaranteeing the absence of errors. Services are necessary because blockchains and applications based on them cannot themselves verify the correctness of input data, but only function as immutable data stores.

According to Chainlink CEO Niki Ariyasinghe, the integration will allow Polkadot developers to create new use cases for the network on DeFi platforms.

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Previously, Chainlink Labs announced the launch of a program to help cryptocurrency startups build a business on the blockchain.