Learn about the ICON project partnership and ChainLink project details
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Answer Learn about the ICON project partnership and ChainLink project details
Icon, one of the world’s largest blockchain networks, has announced its partnership with ChainLink Project, which provides industry-leading oracle solutions for the blockchain industry.
This collaboration will serve as a way to bring real-world data to the ICON public blockchain.
Oracles smart contracts enable oracles to interact with data and systems outside of the original (off-chain) blockchain.
This interaction allows communication between different blockchains and gives smart contracts the ability to interact with traditional non-blockchain-based systems.
Icon indicated that it had found ChainLink for the task of connecting and off-chain communication with the highest security standards.
ChainLink is a popular oracle network that allows developers to customize how their smart contracts interact with anything off-chain by adopting different levels of decentralization and data aggregation.
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Once this partnership is complete, anyone will have the ability to bring real-world data to their blockchain with the help of the secure and decentralized oracle network provided by ChainLink.
According to ICON, this integration with ChainLink promises significant benefits to the ICON ecosystem.
Here is some of what to expect once the partnership process is complete, as ChainLink can be used to fetch prices from traditional markets to decentralized financial products.
ChainLink can be used to embed data from other chains into the users’ ICON app.
According to the report, the initial implementation of ICON will be the pricing oracle of any ICON DApp.
The integration is also expected to allow ICON to build financial products based on the US dollar equivalent of ICX.
The ability of any decentralized application to take advantage of off-chain data and systems knows no bounds.
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ICON concluded by inviting people to build with two great technologies, ICON and ChainLink.
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