Elastos network introduces Chainlink oracles, Elastos officially starts its DeFi journey
The Elastos ETH sidechain working group community team and Chainlink will jointly integrate resources. The Elastos ETH sidechain will undoubtedly be connected to the decentralized oracle company Chainlink to aid the cross-chain balance agreement founded on the Elastos ETH sidechain. The Elastos ETH working group will use Chainlink's price reference data framework to deploy decentralized ELA/USD price feeds as the base for warranty checks on user debt collateral opportunities (CDPs), therefore ensuring a thorough and stable DeFi guarantee.
An Elastos stablecoin provides the current much-needed balance to the Elastos ecosystem and the bigger DeFi room, and provide users with a reliable type of cross-chain payment and collateral that will not be suffering from market fluctuations. This integration means that programmers can put into action many forms of DeFi items through Chainlink, including trade rates for investing synthetic resources and issuing loan products, as well as non-DeFi use, such as content material monetization and reliable prices algorithms to develop network applications.
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Decentralized finance enters the new generation of Internet
One of the key features of Elastos is to use huge hashing capacity to protect the safety of the medial side chain, especially the DPoS-based ETH part chain, that includes a efficiency of 400+ TPS. DPoS nodes are elected through ELA voting. ELA may be the indigenous token of the Elastos main chain guarded by hash power. At the moment, the Elastos main chain is guarded by a lot more than 50% of the Bitcoin network power. As a result, Elastos has sufficient foundation as the computing pillar of the DeFi ecosystem because its throughput, scalability, capability to assistance low-cost transactions and provide advanced security has a significant competitive benefit in the blockchain industry.
To be able to prove that it has excellent value for DeFi users, the ETH sidechain working group plans to start a stable agreement to link ELA to stablecoins or USD. This stable currency can not only offer higher utility for ELA holders, but will also produce a stable electronic currency which can be paid on Elastos and used as collateral for the entire DeFi period.
Each time an ELA stablecoin is issued, users will get a lower collateral price limit, at which liquidation is triggered. If the market price of ELA is leaner than the specified clearing price, the user's CDP placement will be cleared. By giving a reference price for triggering liquidation, Chainlink's ELA/USD trading set liquidity played a key role in assisting this process.
Chainlink's price reference data model is designed to create a decentralized oracle network, and it has been proven to provide users with industry-leading safety and reliable providers. At the moment, Chainlink's price oracle device guarantees a lot more than $1 billion in worth for the best DeFi protocol on the primary network. Its decentralized program architecture ensures that there is absolutely no single point of failure at the node and databases level.
Most importantly, Chainlink has conducted solid quality monitoring of its price oracles, and only uses secure node operators and high-quality data sources to create an aggregate deal liquidity that users can depend on to guarantee the basic safety of money. Chainlink's price data originates from numerous data aggregators, delivering a strong market coverage-regularly reflecting the purchase price that has been taken off the influence of transaction quantity in every trading environments. This type of distributed model can avoid "sandwich attacks" along with other attempts to manipulate prices and distortions from influencing Elastos' stablecoins.
Along with Elastos' stablecoins, programmers can use Chainlink price reference data to start more DeFi items on Elastos for financing, synthetic assets, asset management, and tokenization.
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Chainlink and Elastos: Seeking to the future
Beyond DeFi, we envision a broader Elastos advanced dApps ecosystem which can be developed with the assistance of fresh features to securely connect real-world data and traditional infrastructure. Chainlink's tamper-proof, high-availability data, coupled with Elastos' hybrid consensus AuxPoW+DPoS, and the high safety and flexibility of the ETH part chain, will provide developers with an extremely scalable platform to establish a very strong safety and efficiency Of the decentralized Web.
● Randomness inside the game is a key factor inside creating rare items and generating unpredicted possibilities. Elastos provides programmers with the initial level of infrastructure for developing high-throughput blockchain games, and Chainlink's Verifiable Random Function (VRF) provides a provably secure and auditable way to obtain randomness on the chain. This enables users to have faith in the authenticity of random functions in the game, such as for example issuing random financial benefits, such as for example random benefits and NFTs (nonhomogeneous digital assets).
● Another important use situation for decentralized oracle data is taxi dApp, similar to the dApp that Dacsee is developing with Elastos. Dacsee can use Chainlink to integrate map, weather, and public transportation data from many innovative APIs to judge its pricing model. Dacsee along with other similar programs can use freshly acquired data to improve services, for example, to increase the supply of drivers during bad weather or a failure of the public transportation program. Ultimately, users will benefit from greater flexibility, better rates and an overall improved customer encounter.
Clarence Liu, mind of the Elastos DevStudio team and consultant of the ETH sidechain working group, believes that there is a huge potential for collaboration between the two projects. He said: “Integrating Chainlink allows us to bring a strong new financial base to the DeFi market, especially Stable cross-chain connections powered by our highly liquid ETH sidechain. This gives users on any chain with a stable type of collateral, that is constantly updated to reflect the current selling price through the feed price on the chain. We envision this It is the first of many integrations where Elastos programmers will develop next-era dApps that hook up to real-world data."
About Chainlink
Chainlink is an open source blockchain abstraction level that develops and runs a decentralized oracle network to safely and reliably input and output data for smart agreements. Chainlink oracle providers include major DeFi applications such as for example Synthetix, Aave, and Kyber Network; many blockchains such as for example Ethereum, Polkadot, and Tezos; and large enterprises such as for example Search engines, Oracle, and SWIFT.
Chainlink official channel
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