Blockchain is an immensely complex technology that can be utilized to alter the core mechanism of multiple industries and services. The Covid-19 pandemic has already fast-tracked the digital economy, yet a lot of research and development work is essential to attain success. In general, the utilization of blockchain applications is still inadequate compared to what’s required to take the technology mainstream. There are no proper links to real-life data in blockchains; and without a proper ecosystem, it is near impossible to fulfill the needs of most DeFi applications. For example, Smart Contracts granting access on a single chain only.
The DeFi system of money management was introduced in 2019. The $2.3 million market has boomed to a $3 billion market within three years. According to the latest predictions, blockchain technology is expected to be valued above $39 billion by the year 2025. Not only that, the financial sector has been recognized as one of the fastest to invest in blockchain technology, with over 60% of the current blockchain market share being concentrated in that. This explains a lot why many organizations are in a race to fill the current demand-supply gap.
One such company on the rise is PolkaFoundry which provides intellectual developers a dedicated platform to create decentralized applications. PolkaFoundry aims at becoming the production center of Polkadot based dApps. Its biggest asset is that it provides a number of ready-to-use essential tools and services to design and create DeFi apps.
While providing such an incredible interface for app development, the organization ensures that it engages in partnership with other trustworthy services to keep the development process seamless. PolkaFoundry also communicates with the development team constantly to put forward relevant tools required for the platform ahead of its competitors. Moreover, it has integrated the most demanded data providers such as Oracle. The Oracle data provider links any specific blockchain with targeted off-chain information. Furthermore, the oracles input data via an external process which makes sure that the blockchain is loaded with every detail needed to verify itself. The ecosystem design also provides abstraction and seamless extensions for other data providers such as Chainlink, Kylin etc.
PolkaFoundry is an innovative platform that can create and design seamless DeFi applications on Polkadot. The organization’s main aim is to evolve into a single factory of decentralized application development. Moreover, the platform comes with every tool, service, and feature critical for experimenting or innovating new blockchain solutions. PolkaFoundry platform is a well integrated machinery to manufacture ultra-advance DeFi apps. It also consists of UX-enabling feature that helps the dApps to be more user-friendly and popular.
What is Paralink?
The Oracle problem has been consistent within the industry. While developers have tried various methods to derail the issue, yet the solutions currently available remain both fragile and expensive.
The multi-chain, Oracle-based platform Paralink assists various developers and businesses to create DeFi applications. It brings cross-chain interoperability and acts as a data link between the real-world and the blockchain. First, the platform identifies, validates, and stores information from the outside world. Then, it feeds the data into Smart Contracts under Ethereum and Polkadot protocols. Furthermore, the on-chain consensus logic found on Paralink is built with Polkadot and Substrate stack. This allows the nodes to improve speed, return, and other such limitations on the blockchain network. It is important to understand how projects like PolkaFoundry and Paralink can come together to address the key challenges faced by the blockchain industry.
The data engine of Paralink is entirely based on the Paralink Query Language. The sourcing of data is completed by Paralink Nodes that run on the PQL. This programming language allows developers to access APIs, inquire SQL data hub, remove websites, and create an access state in the different blockchains. Moreover, the dApp ecosystem achieves additional robustness for PQL validation and interpolation. Developers can also add custom information sources and processing guidelines in an automated with Paralink Query Language.
Benefits of the strategic partnership
This strategic partnership between PolkaFoundry and Paralink has paved a radiant path for web developers and other users. A few benefits of the strategic partnership between PolkaFoundry and Paralink are;
- Paralink’s robust on-chain algorithm offers a supreme level of security while functioning on Polkadot substrate.
- With Paralink Query Language (PQL), accessing data from the real-world is simpler, easier, and faster.
- Paralink nodes support Plasm, Ethereum. This boosts interoperability via the multi-chain oracle network for blockchain apps, such as DeFi, etc.
With PolkaFoundry, it is ever than easier for the users to find the right tool for their app dreams. The partnership is one step forward in blockchain exploration. And, as both projects share the same vision for a fast-growing market for DeFi and decentralized apps, the partnership will continue to integrate innovation and technology to bring forth valuable services.