Matic Network Launches Live Chainlink Price Feeds to Support its Growing DeFi Ecosystem.
Matic becomes the first outside Ethereum to launch native Chainlink feeds. Chainlinks have been successfully deployed on Matic Network as a recommended oracle solution for developers. Five price feeds have already been launched on the Matic mainnet: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD, with many more to come as a way of supporting the defi demand on matic
But before I go further lets have a little introduction on the projects involved
Matic Network is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.
Matic is a developer-first hybrid POS Plasma sidechain on top of Ethereum, enabling Ethereum developers to scale their DApps for large scale usage.
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts.
Chainlink VRF uses cryptographically-verifiable randomness functions to make provably-random outcomes verifiable on the blockchain. The VRF has been particularly useful for blockchain-based gaming and gambling and could be used to prove random assignment of tasks in the workplace.
In addition to Chainlink Price Feeds for DeFi, Chainlink VRF (Verifiable Random Function) will also be launching in the near future on Matic Network to support a new wave of scalable gaming applications reliant on provably fair randomness.
Outside of Price Feeds and VRF, Chainlink will also be available as a general-purpose oracle solution for connecting to any off-chain API, empowering development of virtually any externally connected blockchain application. One such project taking advantage of Chainlink’s flexibility and uniquely launching on Matic Network is Digital Bridge, a 2FA oracle built using Chainlink that allows developers to add an extra security layer into their smart contracts.
Chainlink was selected as the preferred oracle solution on Matic Network because it provides Matic developers with access to high quality data, decentralized oracle infrastructure, Sybil resistant oracle nodes, and transparent processes so users and developers can monitor how the oracle networks and the individual nodes function in real-time. The end result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success.
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Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.