Oracles are the key enablers of the blockchain, which not only revolutionizes smartcontracts, but also NFTs. Of note, ChainLink is slowly becoming the industrial standard for Oracles.
ChainLink Official Channel tweeted: “We introduce 16 ways #Chainlink oracles can augment the value of non-fungible tokens (#NFTs) by connecting them to real-world data. These dynamic NFTs use off-chain data to enhance competition, trigger rewards, and authenticate & valuate real-world assets.”
Game performance, verifiable randomness, augmented reality, real life fantasy sports, for competition based NFTs. Digital collectibles, lifestyle rewards, event-based rewards, consumer participation rewards, and crowd sourced voting for competition based NFTs.
Provenance, identity, and certification for authenticity verification. Valuation updates for property, land, financial cash flows, and physical commodities.
Sydney Ifergan, the crypto expert tweeted: “High Quality price feed data and ChainLink (LINK) oracles are already becoming synonyms for each other in the cryptocurrency space.”
ChainLink has already increased the functionality and real-world applications of the DeFi instruments. The decentralized back-end infrastructure is becoming powerful for recreating common financial instruments from traditional finance. Smart Contracts are becoming the pinnacle of contracts in general.
ChainLink (LINK) Scalability of Things
Chainlink has come a long way in transforming the financial industry. It is time again proving its worth. Several of them who were skeptical about crypto due to trust and security concerns between acting agents have felt resolved after the coming of the oracles and they are rethinking over again. The confidence on ChainLink smart contracts is increasing. The advanced accountability of the smart contracts to fulfil obligations are improving adoption.
Sergey Nazarov, the crypto expert tweeted: “The Evolution of Smart Contracts and Cryptoeconomic Security” discusses how smart contracts are improving, their growing use of oracles and new data sources, as well as the cryptoeconomic security that externally connected smart contracts will come to rely on.”
The oracles are taking things back to the foundations of contracts and they are introducing technology which will provide for the scalability of things.
Bamboo Relay are now supporting the stop-loss functions through integration with the price reference data of Chainlink. Of note, Bamboo Relay is the popular feature filling the gap between CEX and DEX.
Smart contracts are good because it decreases information asymmetry, builds trust and revolutionizes the insurance industry. The insurance industry being a multi-trillion dollar global industry with inherent trust problems have not been touching upon its best economic potential. Chainlink-enabled smart contracts have made it possible to benefit the insurance companies and the policy holders.
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