Next big deal for Chainlink: ICON implements Oracle technology

  • Chainlink has convinced another big name in the blockchain industry of its decentralized Oracle technology and has gained ICON (ICX) as a new partner.
  • The project will use Chainlink to integrate off-chain data into ICON’s public blockchain.

Chainlink (LINK) is still on the road to success. More and more blockchain based projects and platforms recognize the value of the Chainlink Oracle technology and intend to integrate it. The newest partner is ICON (ICX), also known as “Ethereum of South Korea”. The project with the motto “hyper connecting the world” is a smart contract platform that can host multiple blockchains with different governance models and is currently the 61st largest cryptocurrency by market capital.

ICON has announced its partnership with Chainlink via a Medium post. The goal of the cooperation is to enable real data beyond the blockchain (off-chain) to be imported into ICON’s public blockchain while maintaining the decentralized consensus. Chainlink’s Oracle technology will enable smart contracts to interact with data from non blockchain based systems, as the ICON team explains in the announcement:

However, centralized oracles can be a single point of failure, which puts at risk the entire value proposition of smart contracts having decentralized, tamperproof security end-to-end. In our quest to bring off-chain connectivity to ICON DApps, while maintaining the highest security standards, we discovered Chainlink.

ICON integrates Chainlink’s Oracles

Chainlink will provide ICON’s smart contracts with access to external data providers, Web APIs, enterprise systems, cloud vendors, IoT devices, payment systems and other blockchains. Once Chainlink’s integration is complete, use cases can be developed on the ICON blockchain that integrate external data over Chainlink’s distributed Oracle network.

Initially, ICON will implement an ICX/USD pricing Oracle that can be used by any ICON dApp. The integration will allow to build financial products and marketplaces based on the USD equivalent of ICX. The potential use cases are limitless.

As the ICON team explains in the article, real data from the world of professional sports could also be imported to the ICON blockchain. This would make it possible to create collectibles in the form of NFTs that represent an athlete, as ICON describes:

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One could imagine creating a baseball game DApp where users must form a team of collected NFT baseball cards, all of which would periodically update with real-world statistics using Chainlink oracles.

Another use case according to ICON could be decentralized financial products fed by price data from traditional markets. For example, a variable-rate, blockchain based bond could use Chainlink interest rate data feeds to calculate the total interest rate of the bond in a secure and decentralized manner.

Chainlink continues its upward trend

The Chainlink (LINK) price has benefited greatly from the news and new partnerships over the past year and also in 2020. According to CNF analysis, Chainlink was the best performing cryptocurrency among the top 40 by marketcap in 2019 with a gain of 586%.

In recent months, Chainlink has gained strong partners with Synthetix, Binance, Intel / Hyperledger and Ampleforth as well as Conflux, all of whom will rely on Chainlink’s distributed Oracle technology.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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