QANplatform is thrilled to announce the planned integration of Chainlink, a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. By bringing Chainlink’s market-leading oracle solution to QANplatform, QAN developers will be able to build more complex smart contract designs that leverage resources from outside the QAN blockchain platform.
While QANplatform offers numerous security properties that make it enticing for long-term viability, like all other blockchain platforms, it lacks the ability to interact with data and systems that are not on the QAN blockchain. Blockchains on their own can only perform calculations on data that is stored within their networks while still retaining security. This presents a major roadblock in blockchain development as most smart contracts need to interact with external resources to create value.
Since the most trusted data sources often exist on non-blockchain systems, there needs to be a way to access them in a manner as secure as the blockchain itself. This is known as the oracle problem and Chainlink is the premier oracle solution for most of the blockchain ecosystem.
An oracle is a digital agent employed by a smart contract to retrieve and/or connect it to data and systems outside its native blockchain (off-chain).
Chainlink takes it a step further by adding decentralized security to the oracle mechanism triggering a smart contract. Through Chainlink, developers can protect against a centralized oracle being a single point of failure by decentralizing the data delivery process using multiple oracles to gather the same data point and then aggregate their responses together. They can also protect against one data source being the single source of truth by gathering data from multiple sources and aggregating them together.
Some of the potential use cases we are considering once integrating Chainlink, include:
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Decentralized sourcing of the QARK/USD price to enable enterprises to
calculate transaction fees in USD, yet pay with QARK on the backend.
– Secure connection to IoT devices to open up new insurance, supply chain, and logistics products
Johann Polecsak, CTO and co-founder of QANplatform commented on the integration: “I believe that giving developers the ability to build efficient smart contracts in a timely manner is a necessary step in order to reach the desired goal of mass adoption. We can only achieve that through real-world integration and co-existence with platforms that people already use. Thanks to Chainlink’s oracle solutions, we are able to do that with QAN. Alongside our multilingual smart contracts, developers possess everything they need in order to achieve adoption.”