Ontology Teams Up with Chainlink to Solve the Oracle Problem by Creating Externally Connected Smart Contracts
Alo Kingsley Nov 27, 2019 05:00
In an effort to foster the Ontology network, the platform has announced its decision to collaborate with Chainlink to build data-driven smart contracts with end-to-end security and reliability, which is centered on solving what they identified as the oracle problem.
In an effort to foster the Ontology network, the platform has announced its decision to collaborate with Chainlink to build data-driven smart contracts with end-to-end security and reliability, which is centered on solving what they identified as the oracle problem.
An oracle being a gateway to the external world, allows off-chain data inputs to come into the smart contract and also allows output data to be pushed out on to external systems. It permits a link and has control over the connection between two different systems, just like the Internet Service provider does.
By being able to control how the smart contract responds to what it sees, it has a problem, which is about developing the same rate of tamper-proof security for the real world connection that exists presently on the underlying blockchain. This then means that when an oracle is compromised, its smart contracts are also compromised. In that case, having a centralized oracle model is dangerous and unreliable because it does not support the merits inherent in end-to-end decentralization.
However, Ontology's partnership with Chainlink will effectively address the oracle problem by providing a new option that will allow the creation of externally connected smart contracts.
The report noted that Chainlink’s solution decentralized oracle network, which has the potential of giving smart contracts secure and reliable access to data providers, enterprise systems, payment systems, web API, cloud providers, IoT devices, other blockchains and so on.
With this partnership in place, the Ontology network invites more developers to follow them and make great use of the excellent tools Chainlink provides, which will help to secure smart contracts.
Image via Shutterstock
Image source: Shutterstock
