The Ontology team announced on June 22 that it has partnered with Chainlink to enhance data management on the platform. With this significant partnership, the Ontology project has joined the long list of projects that seek to benefit from decentralized data oracles, provided by the Chainlink project. The partnership will also increase the decentralization and scalability on Ontology blockchain.
We’ve successfully completed a native integration with @chainlink, a potent combination of our high-efficiency & low transaction fees & Chainlink’s adept ability to provide secure & reliable oracles, that will drive mutually beneficial outcomes for both.🔥 https://t.co/ohaWIQZzsn— Ontology (@OntologyNetwork) June 22, 2020
The Chainlink oracles are currently available on Ontology Testnet and once available on mainnet, it will allow developers to build smart contracts connected to real world data. To make this integration possible with Chainlink, Ontology developers had to significantly rewrite code (Chainlink contracts) in platform native Python programming language.
Andy Ji, Co-founder of Ontology said, “Integrating Chainlink’s decentralized oracle protocol is a significant step that will boost Ontology’s ecosystem, creating a more robust and scalable platform for our expanding community. Ontology’s high-efficiency and low transaction fees, combined with Chainlink’s adept ability to consistently provide secure and reliable oracles is a potent combination that will drive mutually beneficial outcomes for our respective platforms and communities. Chainlink has demonstrated a stellar track record in providing bespoke oracle solutions to leading global enterprises including Google, Oracle, and SWIFT. This experience underlines Chainlink’s credentials as the undisputed, market-leading decentralized oracle network. This collaboration marks another milestone in our platforms’ long-standing and fruitful relationship and we are excited to see this integration come to life”
The partnership will create new opportunities for data management on the Ontology platform, through ONT ID – the digital identity framework and the ONTO wallet into DApps and enterprise infrastructure. The Chainlink oracles are also being explored for integration with Hydra DAO – framework for knowledge processing to enable stronger data accuracy within smart contracts, cross chain interactions and cross data source collaboration, besides allowing access to off-chain events and facilitating cross chain payments.
Commenting on the announcement, Adelyn Zhou, CMO and Head of Chainlink Marketing, said, “Having spoken at Ontology’s ‘Future of Blockchain in China’ event in New York last November, I am excited about the platform’s vision for broadening the accessibility of blockchain applications globally. We’re thrilled to expand the capabilities of the Ontology ecosystem by providing our unique set of secure and reliable oracles. The connection of real-world data and legacy infrastructure will allow Ontology to increase the value captured through its many enterprise on-chain applications.”
Ontology is a high performance public blockchain and distributed collaboration platform. It essentially provides framework for development of different blockchains, suited for specific businesses with various governance models.
Chainlink is a decentralized data oracles service, which connects smart contracts to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator.