The top-ten ranking blockchain now has the ingredients it needs to develop a stablecoin.
- Tezos will use Chainlink oracles to service their smart contracts.
- Tezos will use the oracles to develop its next generation decentralized applications, including stablecoins.
- Two teams of Tezos developers, Smart Chain Arena and Cryptonomic, will lead the integration.
Developers building on Tezos will now use Chainlink oracles to service their smart contracts, the blockchain platform announced today.
Chainlink, whose coin is one of the best performing cryptocurrencies in the last two years, helps connect blockchains to real-world data. It brings off-chain (not on a blockchain) data to smart contacts (which are on a blockchain) through a decentralized system of oracles.
Oracles allow developers to build smart contracts that incorporate off-chain data, access external API services, and trigger settlements, and the oracle provider has seen a slew of integrations throughout the past 18 months. It’s used in everything from pricing feeds for Decentralized Finance (DeFi) platforms to aviation insurance, sports memorabilia and now maybe even a stablecoin.
The Tezos ecosystem
Tezos, a top-ten ranking cryptocurrency by market cap, will use Chainlink to access key off-chain resources to use in on-chain applications, according to a statement. Integrating the oracle provider will enhance its “advanced ecosystem for developing next generation decentralized applications,” it stated.
XTZ+119.30%$2.80724H7D1M1YMaxMay 2Jun 8Jul 15Aug 21Sep 27Nov 3Dec 10Jan 16Feb 22Mar 3001234XTZ Price
“Tezos is one of the most advanced blockchains in the space, offering many unique features that make it appealing to institutions and developers,” said Chainlink’s co-founder, Sergey Nazarov.
“We’re excited to help the Tezos ecosystem take that critical step forward in its evolution by securely integrating with the whole spectrum of valuable real-world resources existing off-chain,” he added. Chainlink CEO EXCLUSIVE: how we’re connecting blockchain smart contracts to the real worldSmart contracts are the superstar transaction agents of the blockchain world. They automate processes, such as transferring value between users according to agreed-upon conditions; they’re sec…NewsCoinsAdriana HamacherMar 11, 20196 min read
Two teams of Tezos developers will lead the integration: Smart Chain Arena, the team behind Tezos smart contracts programming language SmartPy; and Cryptonomic, which develops Tezos tools like Galleon wallet, and Nautilus Cloud.
As well as building finance applications, NYC-based Cryptonomic advises enterprise players on their blockchain strategies and builds. Meanwhile, SmartPy is a language unique to Tezos. It’s a Python library which means contracts can freely inherit other contracts—useful when dealing with multi-stage computations like oracles.
Tezos is expanding the financial services it offers
The Chainlink network has 30 independent node operators, many of which also have extensive experience as Tezos bakers—or validators. This should make the integration more seamless and secure, according to the release.
Tezos prides itself on being a mission-critical blockchain and ideal for financial applications. The Chainlink integration will allow Tezos developers to expand the financial services available to users.
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This could mean a longed-for stablecoin for pricing network computations against fiat currency, lending/borrowing to expand credit for financing services, and derivatives for diversified financial strategies.
The Tezos community is already developing stablecoins, including USD Tez, slated for development next month.
USDtz is launching early-May, join our conversation in our official Telegram group at https://t.me/USDtezos #tezos #stablecoinUSD Tez (USDtz) | Tezos StablecoinUSD Tez is a USD-pegged stablecoin that runs on the Tezos blockchain, providing the fastest; the least gas-expending; and most scalable on-chain liquidity swaps, as well as a dApp prorammable utility…t.me3510:33 AM – Apr 19, 2020Twitter Ads info and privacySee USD Tez (USDtz) — the Tezos stablecoin’s other Tweets
“Stablecoins are essential to get an on-chain economy going on Tezos,” Vishakh [sic] from Cryptonomic told Decrypt. With secure and reliable Chainlink oracles becoming available on the Tezos chain, we will finally see multiple stablecoin projects launch on the platform and really unlock its potential.”
But there are plenty of other areas Tezos developers can now explore, such as insurance—for developing countries, shipping protection against damage, and more.
Chainlink’s oracle currently secures market data for around 30 price feeds, used by DeFi dapps on the Ethereum blockchain platform. TezosTezos, Chainlink lead today’s crypto market surgeMost coins in the top 20 by market cap are on the way up today, but two stand out from the pack: Tezos (XTZ) and Chainlink (LINK) are leading today’s crypto market surge, with XTZ jumping more…NewsMarketsNicholas MarinoffApr 7, 20202 min read
And Chainlink is seeing no shortage of projects integrating the oracle provider, despite the pandemic. Earlier this month, Nazarov told Decrypt that the team was busier than ever.
On Wednesday, CasperLabs announced a collaboration with Chainlink, making it the oracle provider for all applications to be developed on its blockchain. CasperLabs will be the first platform to use Chainlink as an integral component of the core platform architecture, said the press release. It probably won’t be the last.