Solana, a highly acclaimed blockchain network, has announced the news about its strategic collaboration with a globally reputed decentralized oracle platform, Chainlink (LINK). The integration between the two leading entities will establish Chainlink as the chief oracle solution across all Solana Dapps. Chainlink is all set to enrich the Solana blockchain users by bringing high quality, super-fast price oracle data. The collaboration is likely to bring a revolution in the DeFi sector.
The news about the Chainlink and Solana partnership was circulated in the crypto industry through a tweet by the participating firms on their official social media handles. The tweet read:
— Solana (@solana) March 23, 2020
According to the reports, Chainlink will allow Dapps to enjoy secure access to the wide range of inputs and outputs they require while indulging in the deployment of self-made oracles. Solana has recently announced Solana Accelerator, which will help developers to design decentralized finance products of all variety as part of the integration. It will help to keep a wide range of significant hindrances, which pop-up during the deployment of self-made oracles such as additional costs, excess time, security pitfalls, etc. at bay. The Solana team aspires to extract the multiple lucrative features offered by the Chainlink network like:
- Unmatched execution speed
- Ability to avoid security risks
- Expertise in delivery and communication
- Tamper-proof inputs and outputs
- Ability to create high-end solutions that fit the needs of all the Dapps
Chainlink has become one of the most sorted and popular oracle networks in the present times. The Price Reference Contracts offered by Chainlink are quite popular amongst developers. The contracts are a group of decentralized oracle networks that secure more than 25 DeFi price feeds, including ETH/USD, CHF/USD, ETH/BTC. These contracts are pegged by a minimum of seven of the 30 independent, security review, and Sybil resistant nodes.
Solana is a revolutionary blockchain network that supports 50-65k transactions per second and 400ms block times while avoiding complex solutions like sharding and layer-two. Shining as the world’s first web-grade blockchain, Solana strives to encourage mass blockchain adoption. It uses a unique consensus algorithm named Proof-of-History.