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Ontology Teams Up with Chainlink to Solve the Oracle Problem by Creating Externally Connected Smart Contracts

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.

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Coinbase Reveals New Price Oracle Competing with Chainlink as a Major Rival in the DeFi Ecosystem

San Francisco-based crypto exchange Coinbase is taking the decentralized finance (DeFi) industry to the next level by releasing its Coinbase Price Oracle, a reliable source of signed price data for crypto pairs. Blockchain oracles provide paths between off-chain and on-chain events and are third-party information sources that supply data to blockchains. Blockchain oracles offer useful data for DeFi applications and other blockchain services.

The Coinbase Oracle aims to create a safe DeFi ecosystem by providing a secure and trusted source for crypto price information. This could significantly reduce the reliance on signed price data from other types of exchanges that are susceptible to attacks, including less liquid exchanges, and decentralized exchanges.

The addition of the Coinbase Price Oracle was described as a critically important service to the DeFi ecosystem, which will be made available through the Coinbase login into the CoinbasePro API. The trading pairs currently available are Bitcoin to USD, and Ether to USD.

The Coinbase Oracle price feed is updated every minute and uses the “same infrastructure that is storing large amounts of crypto assets on behalf of Coinbase customers. The Coinbase Oracle API generates prices that are compatible with Open Oracle Ethereum smart contracts which are used to standardize data from different oracle sources. These smart contracts are created by Compound, a decentralized money market which powers DeFi applications and is backed by Coinbase.

Third parties are able to access Coinbase Oracle data using the Oracle API to publish on-chain as the data has already been signed by Coinbase’s secure private key, which could be verified using the public key.

A filtering mechanism is used by the Coinbase Oracle to remove price data outliers, and Open Oracle contracts ensure data that are skewed to be rejected. Some crypto community members took it to twitter bet on that because of Coinbase, “every crypto bank will follow,” and “exchanges will work for Ethereum too.”

As reported by Blockchain.News, Coinbase’s mobile app Coinbase Wallet has previously enabled the access of decentralized applications, Dapps, the crypto giant has taken one step further in the decentralized world. Coinbase has announced that the integration of DeFi applications will be made available directly via the Coinbase Wallet on both iOS and Android.

According to Coinbase’s announcement, the new feature would enable an easier way for wallet users to use DeFi platforms including Compound and dYdX. As the integration of DeFi apps is built on the Ethereum blockchain, users would be able to lend and borrow crypto with interest through smart contracts that would automatically execute when actions have met with their parameters.

Competition with Chainlink

Chainlink is one of the most recognizable blockchain oracle providers, with over 25 trading pairs and partnerships with well-known blockchain companies including Brave New Coin and Celsius.

Chainlink is a system consisting of oracles that are built on top of the Ethereum blockchain. The firm joined forces with EY, Consensys, and Microsoft to develop the baseline protocol, an open-source initiative that combines advances in blockchain, cryptography, and messaging to deliver secure private business processes at low cost using the Ethereum mainnet.

The addition of the association with the Baseline Protocol drew attention to Chainlink, generating hype for the DeFi space.

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World Economic Forum Recognized Six Blockchain Companies as “Technology Pioneers” in 2020, Including MakerDAO and Chainlink

The World Economic Forum (WEF) has honored six blockchain companies on its list of 100 “early to growth-stage” firms Technology Pioneers for 2020, including MakerDAO and Chainlink.

The other blockchain and crypto firms that were recognized as pioneering new technologies and innovations in 2020 include Lightning Labs, Elliptic, Ripio, and Veridium Labs.

These blockchain companies were chosen along with the 94 other companies around the world for their contributions to the use of “artificial intelligence to diagnose cancers and quantum computing systems to carbon capture and removing technologies.”

According to the Forum, Technology Pioneers are an integral part of the organization’s Global Innovators community, an invitation-only group of the world’s most promising startups in the tech industry. The World Economic Forum noted:

“Technology Pioneers begin a two-year journey where they are part of the World Economic Forum’s initiatives, activities, and events, bringing their cutting-edge insight and fresh thinking to critical global discussions.”

The MakerDAO project took off in December 2017, with DAI as a US dollar stablecoin and MKR functioning as the governance token. MakerDAO has become the most popular application running on Ethereum and the project has reached its all-time high market cap of $97 million in July 2019.

Blockchain.News previously interviewed Gustav Arentoft, Business Development and Dai Speaker at MakerDAO, who offered his insights into the success of his organizations in transparency and governance.

Sergey Nazarov, co-founder of Chainlink, one of the companies selected by the Forum said:

“Using smart contracts on the blockchain to bring enforceable guarantees to contractual obligations has widespread social and economic benefits. We’re proud to play a role in bringing accountability and automation to global and local economies, and we look forward to contributing to Forum dialogues on this challenge.”

As far as blockchain companies go, Ripple has been named as the World Economic Forum’s Technology Pioneer in 2015, while Blockchain.com has been named in 2016, for its role in empowering millions around the world to authenticate and conduct transactions globally.

Chainlink’s LINK Crypto Price Surges to a New All-Time High, Signaling a Strong Altcoin Season

Chainlink has surged to an all-time high, $8.48, as recent new partnerships have instigated its bull run. Likely factors that pushed the crypto into its strong momentum were recent high-profile partnerships, price discovery, and the strong altcoin market.

Chainlink (LINK) has reached its risen by more than 34%, reaching its new all-time high and a market capitalization of $2.5 million. A week earlier, on July 6, LINK’s price also hit a record high at $5.31, which at the time, entered a price discovery phase which led to a new rally among investors.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, has it has been chosen to provide decentralized oracles services to a range of applications.

Chainlink’s recent surge in partnerships caught the eye of former NBA player

Chainlink recently partnered with crypto lender Nexo, a platform that has over 800,000 users who will implement the Oracle solution presented by Chainlink. Nexos provides loans in US dollars, and other currencies backed by digital assets. With this partnership, Nexos would be able to use Chainlink price feeds to ensure borrowers have enough collateral to secure their loans.

According to former NBA player Kris Humphries, since April 7, Chainlink has had over 45 additional partnerships — including with China’s Blockchain Service Network (BSN). Humphries made a comment saying that in a world that “increasingly relies on data,” Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

Recently, Cardano’s ADA cryptocurrency has also surged dramatically, reaching a two-year high on July 8. The recent surge in ADA price has pushed rankings up, surpassing Chainlink’s LINK, and VeChain’s VET. While its market capitalization remains lower than Bitcoin and Ethereum, Cardano’s ADA has surpassed Bitcoin Satoshi Vision (BSV), which currently ranks the seventh.

Worries of a dump ahead

Whale alert tweeted today regarding 1 million LINK tokens, worth almost $8 million, were transferred from an unknown wallet to Binance. In a previous tweet, Whale Alert also found that another 1 million LINK tokens were transferred from Nexo to an unknown wallet.

The crypto community on Twitter has been worried about a possible dump, saying that a dump could be coming and that the rally was nice while it lasted.

Jul 13 Trading Analysis: Dont confuse the lack of volatility with stability

Trading Crypto with Eugene is a series of daily commentary of market analysis and trading advice shared by Eugene Ng of Matrixport, a veteran trader with 10 years of experience in top-tier global investment banks. If you like the article, please follow us here on Blockchain.News so you won’t miss our future publications.

BTC has been relatively unaspiring this weekend as ALTs continue to steal the limelight with LINK, Tezos, and Defi names making good gains. For example, ChainLink has hit an all-time high over the weekend with the market pundits citing near record network usage and mainstream adoption (over 45 partners since April). Staking and DeFi names also put on a good show and isnt surprisingly given the low vol environment in BTC. For DeFi, over $2bn has been locked across the various platforms this weekend and wrapped BTC on ETH has now exceeded $100 million. ETH however has been rather dull with headlines over the weekend that ETH 2.0 Phase 0 may not go live until 2021.

In macro-land, this week, we got EU summit on Friday – leaders will discuss the recovery fund, ECB and BoJ and others make their latest monetary policy decisions, U.S. earnings season kicks off with banks kicking off this Tuesday and China’s Q2 economic data. Despite Florida’s biggest daily increase in Covid19 cases, Saudi Arabia proposing to reduce cuts in Oil, and continued US-China rhotheric over the weekend (from trade war to tech), we are still heading into the week “risk-on” with U.S. equity futures showing an uptick in early Asia trading. Strategy: Continue to load up BTC options 8-8.5k puts and 10-10.5k calls. While I am a little surprised that it’s been risk-on from Monday open, I’ll be a little cautious on where we head in the next few days. Gdluck, and speak to me if you want to discuss trade ideas.$9,350 should see some stops and potential leg higher in BTC… May be temporary and highly dependent where S&P 500 moves this week....

More than $2bn locked across various platforms in DeFi…

DisclaimerOpinions expressed are solely the analyst’s own and do not express the views of Matrixport the company.The views and opinions expressed in this article are those of the contributor and do not necessarily reflect the view of Blockchain.News.

Top Banks in South Korea Select CenterPrime And Chainlink To Bring FX Rates Data to DeFi

In South Korea, leading commercial banks have selected local fintech platform CenterPrime and Oracle system Chainlink to bring foreign exchange rate data feeds from local banks to the decentralized finance (DeFi) space. CenterPrime has access to the Korean open banking API that streams foreign exchange data from several local banks in the country.

Developing Country’s Perspective

Such integration would see CenterPrime share foreign exchange rates from leading Korean banks, including the Industrial Bank of Korea (IBK), Ngonghyup Bank, Shinhan Bank, and Hana Bank to Chainlink’s decentralized oracle network.

Access to foreign exchange rates would be enabled in Korea’s local currency Korean Won. The price feeds would include Korea Won (KRW), China Yuan (CNY), Euro exchange rate (EUR), US dollar (USD), and many more.

The data would be accessible for DeFi service providers operating in the network, thus allowing them to access decentralized exchange rate data when creating smart contracts on blockchain platforms.

The development would bring more Korean users to DeFi while DeFi service providers would be leveraged as their exchange rates are provided by top commercial banks.

The development opens floodgates for a tremendous expansion in blockchain-based fintech applications operating DeFi and cross-border applications that build unique home-group products priced in the local currency Korean Wons. The development also transforms the capabilities of fintech and open banking services, therefore, bringing breakthrough innovations for the fintech industry in the country.

This is the first time in history that has happened in which blockchain apps would have the capability of accessing decentralized foreign exchange rates compiled by leading banks in South Korea.

Saving Traditional Finance with DeFi

DeFi has created a new wave of innovation that is shaping traditional finance. Just like Bitcoin is a peer-to-peer-cash, the DeFi system is a peer-to-peer service that functions without the need for intermediaries. With such a peer-to-peer electronic financial instrument system, projects are using blockchain and cryptographic tokens to enable anyone to own, transfer, and issue financial instruments.

South Korea is one of the most advanced and largest economies in the world. The country has one of the highest rates of cryptocurrency adoption in the globe. Having access to the decentralized data from the traditional financial markets makes the country set to expand the base of the DeFi use case.

Chainlink (LINK) Massive Bull Run Rallies to Another New All-Time High, Up 700 percent in 2020

Chainlink (LINK) has surged by 52 percent in the past 24 hours, reaching its new all-time-high at $13.8799.

Chainlink’s LINK price declined and showed a correction on Aug. 5, however, the current uptrend has proved to be strong. While LINK has attempted to reach $14, most other altcoins are in the green, meanwhile Bitcoin is hovering around the $11,700 level.

Decentralized oracle network Chainlink’s native cryptocurrency LINK has been one of the best performers in 2020. Chainlink’s price was about $1.73 at the start of 2020, and surged 700 percent in just eight months, with a 60 percent return on investment (ROI) in the past week.

Chainlink managed to climb up the market capitalization ladder, reaching the sixth place on CoinMarketCap. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Chainlink has been one of the major beneficiaries of the rise of decentralized finance (DeFi) in 2020, as it has been chosen to provide decentralized oracles services to a range of applications.

The crypto community on Twitter was previously worried about a possible dump, as Whale Alert tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance.

Former NBA player Kris Humphries pointed out that Chainlink had over 45 additional partnerships as of April 7, and said that Chainlink would be influential in transitioning the world to decentralized and blockchain-based systems.

China’s Blockchain Service Network also integrated Chainlink Oracles into its ecosystem. According to Yifan He, CEO of Red Date Technology and BSN co-founder, Chainlink was initially the top choice for BSN; however, the network was convinced by the strength of Chainlink’s community and team.

However, this time, Chainlink (LINK) price surge was potentially due to the squeeze of short contracts in the futures market. In the futures market, funding stayed below 0 percent, while LINK’s price rallied, which indicates that many traders were attempting to short the cryptocurrency.

Cryptocurrency trader Benjamin Blunts commented on the recent Chainlink rally:

“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

Band Protocol (BAND) and Chainlink (LINK) DeFi Tokens Outperform Bitcoin by Gaining 100%

With the recent boom of the decentralized finance (DeFi) industry, DeFi tokens have undergone more than a 100% gain on the crypto market over the past few weeks, outperforming Bitcoin.

Altcoin Season

Recently, with the growth of the DeFi industry, Band Protocol (BAND) and Chainlink (LINK) have been recorded to soar by 348% and 88% respectively, outpacing Bitcoin’s surge. The DeFi tokens bull run took effect in the span of 10 days. Since the beginning of this month, cryptocurrency BAND was recorded to peak at $17,78 from $3.9, and LINK rose from $7.6 to $14.45.

As for Bitcoin, the cryptocurrency surged past $12,000 on the market. However, according to Holger Zchaepitz, the global stock market has reached what experts call a “bubble territory,” which refers to an economic situation where asset prices experience a surge, before eventually falling back down in stock pricing.

2020, The Year of DeFi

Market experts point to the increasing popularity of decentralized finance apps (Dapps) and the growth of the DeFi sector to explain the sudden surge of Band Protocol (BAND) and ChainLink (LINK).

The boom of DApps enables avid crypto investors to trade, loan, and earn interest from cryptocurrency transactions easily and rapidly. Band Protocol (BAND) and Chainlink (LINK) both run on the oracle blockchain network, which is the underlying technology used to leverage DApps. On CoinMarketCap, ChainLink (LINK) was also recorded to have reached sixth on the market capitalization ladder.

Crypto data analytics firm Messari also explained BAND’s bull run by pointing at LINK’s trajectory. Their crypto experts pointed out that ChainLink might have spurred its counter rival’s growth on the market by stating:

“BAND has recently taken a page straight out of the LINK handbook with a slew of partnership and integration announcements, including a Coinbase Pro listing. Up over 32x on the year, its relative valuation play and anchor to LINK has worked so far.”

As BAND and LINK cryptocurrencies operate on different blockchain networks, they support separate DeFi ecosystems, which run on Ethereum blockchain.

Ethereum, A Big Player in The DeFi Industry

Ethereum has been having quite a year. With the recent launch of Medalla and the blockchain ecosystem celebrating its 5-year anniversary recently, Ethereum has been making headlines left and right. Its native cryptocurrency Ether also experienced a recent surge on the market, with investors hoping for it to push past the $400 mark.

At the time of writing, its cryptocurrency Ether is trading slightly north of $390. Ethereum is reputed to have the most DeFi applications run on a blockchain, leveraging smart contracts rather than an intermediary.

Chainlink Flippens Bitcoin Cash by Market Cap, DeFi Push May Take LINK Price Even Higher

Despite a slight correction seen in the last few days, Chainlink (LINK) has continued to rally higher, reaching another new all-time-high, almost reaching $17.

Chainlink has set a new all-time high, the third time in less than two months, reaching $16.98 on Binance. LINK has surpassed Bitcoin Cash (BCH) by market capitalization and claimed the number 5 spot on CoinGecko.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Investment analyst Timothy Peterson previously predicted the Bitcoin Cash flippening, back in mid-July, before Chainlink showed promising gains. He said that LINK would eventually be worth the combined value of Bitcoin Cash and Bitcoin SV (BSV) in terms of market capitalization. He tweeted:

“#ChainLink is a young & promising iteration of Blockchain 3.0 with practical application to nearly every industry on the globe. $BCH and $BSV are cult-of-personality based Blockchain 1.0 that will by washed away by digital fiat. $LINK mktcap should be worth twice these combined.”

Will LINK edge out Tether and XRP?

The decentralized finance (DeFi) space has seen massive growth this year, which could be due to the reasons the demand for oracles, including Chainlink and Band Protocol have spiked. In June, the total value of locked in DeFi protocols have surged by four-fold.

At this rate of injection of capital and steady double-digit gains, Chainlink could be gunning for Tether or even Ripple (XRP)’s spot in terms of market capitalization. However, for LINK to have a chance to flippen Tether at its current market cap at $10.06 billion, Chainlink must be valued at around $28.9. To overtake XRP, Chainlink would need to be valued at $36.53 at Ripple’s current market cap of $12.84 billion.

Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 might not be sustainable. He added:

“Did some quick analysis of Chainlink’s network growth rate and historical deviations in price put LINK at $32 by the end of the year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

Chainlink (LINK) to See Potential Correction as Investor Sentiment Show Concerning Signs

Chainlink (LINK) has been one of the best-performing cryptocurrencies in 2020 and has seen a 20% surge in the past 24 hours. Chainlink has set a new all-time high, the fourth time in less than two months, reaching $17.59 on Binance.

LINK also flippened Bitcoin Cash (BCH) by market capitalization and claimed the number 5 spot on CoinGecko yesterday. Investment strategist Timothy Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 would not be sustainable.

Although Chainlink’s price has rallied this year, Chainlink investors are increasingly uncertain bout the asset’s bullish trend. According to Santiment, a blockchain analytics firm, speculative interest has exploded and it has seen some concerning signs:

“$LINK is up a whopping +68.7% in the last week. However, we are seeing signs that investors are becoming increasingly uncertain in its prolonged rally. Speculative interest has exploded, and we’ve looked into some concerning signs for the #1 trending coin.”

Santiment added that there are three crucial metrics regarding the future of LINK’s price, including deposits into exchanges, daily active deposits, and Chainlink’s mean dollar invested age metric.

LINK deposits in exchanges have reached an all-time high, meaning that a lot of Chainlink holders are looking to liquidate their position in LINK, while the daily active deposits in LINK has also seen a surge. Chainlink’s mean dollar invested age metric has been plunging; this trend was seen near LINK’s February 2020 highs.

Cryptocurrency fund Zeus Capital also expects Chainlink to plunge exponentially, saying that the end is near:

“$LINK’s fully diluted market capitalization already exceeds the one of industry leaders like Dropbox, Western Union, and Lufthansa. Users will never pay north of $12 per data retrieval. Speculative buying is a textbook example of a bubble. The end is near.”

Previously reported by Blockchain.News, in mid-July Whale Alert, tweeted regarding 1 million LINK tokens, worth almost $8 million, were transferred from an unknown wallet to Binance. In a previous tweet, Whale Alert also found that another 1 million LINK tokens were transferred from Nexo to an unknown wallet.

The crypto community on Twitter has been worried about a possible dump, saying that a dump could be coming and that the rally was nice while it lasted.