Chainlink Unveils New Product
At Devcon 5 in Osaka, Japan, Sergey Nazarov took to the stage to issue the latest updates about one of Ethereum’s biggest project, Chainlink.
Nazarov, the CEO of the nearly one-billion-dollar project, revealed that Chainlink will be launching seven new price reference data oracle networks on the Ethereum Mainnet. This will allow developers to further implement off-chain price data into on-chain applications.
The seven new oracles networks pertain to Bitcoin, MakerDAO’s DAI, USD Coin, 0x, Augur’s REP, Wrapped Bitcoin, and Basic Attention Token. These seven networks join the already live Ethereum oracle network, which has been Chainlink’s flagship product so far.
1/ Today at #Devcon5, @SergeyNazarov announced that #Chainlink will be launching 7 new price reference data oracle networks on the Ethereum Mainnet for popular assets such as $BTC, $DAI, $USDC, $ZRX, $REP, $WBTC, $BAT in addition to the already live $ETH. https://t.co/VeQ6zzNySa
— Chainlink – Official Channel (@chainlink) October 10, 2019
According to the above Twitter post, these new networks are “designed to give back to the Ethereum community & to grow the
#DeFi ecosystem by giving developers easy access to high-quality pricing data that has been verified by the most decentrally secure oracle network.”
In the same post, Chainlink reminded its followers that it has recently launched tools for smart contract privacy, “including an on-chain solution called Mixicles for private DeFi contracts”.
The announcement of these new Chainlink oracles comes as data providers have shown that the cryptocurrency project’s solutions have been seeing real-world use.
Per previous reports from Ethereum World News, Glassnode, advised by crypto trader Josh Rager, published the below data this week, showing that demand for Chainlink oracles — the project’s flagship technological solution — has begun to grow at a steady pace. Glassnode notes that 80% of all daily LINK transfers are for an ETH/USD reference data contract, accentuating that Chainlink’s oracle solution is actually being used in real-world scenarios.
#Chainlink oracle usage is on the rise.
Since May, an ETH/USD reference data contract has sent 330,000+ transactions of 0.333 $LINK to various oracle addresses.
At around 5k a day, this represents over 80% of daily transfers.https://t.co/bI55ycrgar pic.twitter.com/qiDdbxOa5n
— glassnode (@glassnode) October 7, 2019
In spite of the release of this news, LINK has remained relatively flat. The cryptocurrency is effectively flat since Chainlink published the above tweet.
Regardless, the launch of these seven new oracle networks, slated to find use in DeFi, has the potential to increase LINK demand in the long run.
Other Devcon Announcements
Nazarov’s reveal that Chainlink will soon be rapidly expanding its oracle network wasn’t the only large announcement made at the Ethereum-centric Devcon.
- UNICEF Unveils Crypto Fund; Ethereum Foundation the First Donator: UNICEF’s new Cryptocurrency Fund, unveiled at Devcon and in a press release, will “be able to receive, hold and disburse donations of cryptocurrencies Ethereum and Bitcoin.” The cryptocurrencies received by the fund will be allocated towards open-source technology benefiting “children and young people around the world”. Kicking off the new UNICEF Cryptocurrency Fund will be the Ethereum Foundation, which has provided cryptocurrency, presumably Ethereum, to the French National Committee for UNICEF.
- Blockchain Developers Unveil OpenLibra: Prominent blockchain developers will be forking the blockchain to create something known as “OpenLibra”. The initiative, unveiled by Wireline co-founder Lucas Geiger, is slated to be a permissionless version of Facebook’s blockchain, which will host a cryptocurrency pegged to the actual Libra. (That works, apparently?)
- And many more…
Photo by Chris Ried on Unsplash