31 Jul 2019 Josphat Kariuki
Zilliqa And Chainlink Experience Major Gains Through Partnership
The Zilliqa platform announced that the company is entering an integration phase with Chainlink. The announcement states that the partnership will allow smart contracts on the Zilliqa high-throughput network to effectively parse and generate various data through a custom Chainlink API. The partnership will enable Zilliqa users to gain access to real-time data such as exchange rates, market prices, weather forecasts and other details derived from public blockchains and cloud service providers.
The primary mechanism in Chainlink’s “adapter” code is to provide a decentralized data sourcing solution, called Oracle. Chainlink would gather information from various providers, including Google and SWIFT, and would pass it on the Zilliqa blockchain. By doing so, information providers can transmit data feed to a special “oracle smart contract”. The information will be available to all developers on the Zilliqa’s network. The decentralization, according to ChainLink, grants users with a platform that has a high level of security.
Consensus protocols like Zilliqa`s practical Byzantine fault-tolerant protocol (pBFT) had no means of communication with APIs until now. Data providing companies could not obtain the information they need directly from the smart contract. ChainLink solves this problem with a “a highly reliable decentralized oracle network" as opposed to using "existing oracles" which are "centralized services". Chainlink connects smart contracts by sorting them by inputs and outputs that they need, allowing them to connect to any API.
The Chainlink “adapter” will help support Zilliqa’s scalability even further as there will be no one in charge of storing, refreshing and keeping information clusters up-to-date. At the same time, private keys in the smart contract will be monitored through the oracle instead of a blockchain hub. As a result, blockchain will have an added layer of security.
On January 31st 2019 Zilliqa’s mainnet went live, allowing a throughput of 2,400 transactions per second (TPS), as opposed with Ethereum with only 20 TPS, Litecoin with around 50 TPS and Bitcoin Cash with 60 TPS average. Amrit Kumar, CSO, and President of Zilliqa, announced that their smart contract algorithm is also live.
Price-wise, both Zilliqa’s ZIL and Chainlink’s LINK cryptocurrencies saw a massive boost. Zilliqa’s ZIL is almost 8% up, shaking hands at 0,011234 USD. Trading volumes, however, sky rocketed as ZIL marked nearly $15 million in daily trading volumes, as opposed to $5,5 million on July 30th.
Chainlink’s LINK got a 5% boost and is trading at $2,21 as of press time. Trading volumes, however, remained unchanged. The 5-percent price jump is a gasp of fresh air amid a month of a constant downhill price movement form LINK, which started at $4,18 on 1st July 2019.Cryptocurrency Crypto Market cryptocurrency news zilliqa crypto coin news