Cardano partners with Chainlink to integrate decentralised oracles

Cardano partners with Chainlink to integrate decentralised oracles.




Does Cardano’s partnership with Chainlink really matter if there are no dApps to deploy smart contract oracles onto?

Did you happen to see the news that Cardano (ADA) has partnered with Chainlink (LINK) to integrate decentralised oracles?

Just another fun little tidbit that came out of last weekend’s 2021 Cardano Summit.

The idea behind the partnership is that Chainlink will provide an oracle solution to Cardano by offering real-time market data.

With Cardano now technically (lol, more on this below) being able to offer developers smart contract functionality, this partnership will support developers building DeFi dApps on the network.

Cardano partners with Chainlink

Input Output, the centralised parent company that oversees the Cardano project, made the announcement designed to make it easier for developers who choose to build on the network.

Oracles are extremely important in the smart contract space because they link the digital world with the real world.

By combining high-quality, tamper-proof external data with blockchains, digital agreements can be automatically executed under predetermined conditions.

Cardano obviously needs dApps taking advantage of oracles in their smart contracts if they’re going to have any hope of competing with Ethereum.

Check out these key quotes from Cardano founder and current Input Output CEO Charles Hoskinson from the announcement linked just above:

“Input Output is committed to providing developers with the most secure and robust tooling for building useful solutions on Cardano.”

“Therefore, integrating Chainlink’s oracle was an easy choice.”

This partnership with Chainlink all sounds well and good…

Until we dig a bit deeper into the actual newly launched smart contract capabilities of Cardano.

Cardano’s smart contract capabilities

I lolled above when typing that Cardano technically now has smart contract capabilities, because in reality, it doesn’t mean a whole lot.

The entire crypto world had been chomping at the bit while waiting for the Alonzo hard fork to launch.

But let’s just say that the reality of the situation certainly didn’t match the hype.

dApps and other decentralised finance features will likely take some time to actually be built onto the Cardano network.

With patience not a strong suit of our beloved crypto markets, all we’ve seen since is the ADA token price going anywhere but up:

Cadano (ADA) daily chart showing the price falling even after the much hyped Alonzo hard fork.

As you can see, the Cardano (ADA) price has done nothing but fall throughout the entire month of September.

Without any real development moving from Ethereum to Cardano, was there really an expectation for something more?

Final thoughts on the Cardano hype train

Hype and brand recognition can only get you so far.

Eventually, you have to actually build and solve real-world problems that people will use.

Partnerships, oracles and smart contract capabilities are certainly nice.

But so are working DeFi dApps that make investors want to pull money out of Ethereum or BSC and put it onto Cardano.

Unfortunately, it seems that this prospect is still quite a way away.

Best of probabilities to you.




Direct from the desk of Dane Williams.

Why not leave a comment and share your thoughts on Cardano's partnership with Chainlink within the comments section below? All comments that add something to the discussion will be upvoted.

This Cardano coin blog is exclusive to leofinance.io.

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