Decentralized Oracles on Top of Bitcoin’s Network: RIF Gateways and Chainlink Integration
IOV Labs has announced the integration of RIF Gateways & Chainlink’s decentralized blockchain oracles into its ecosystem, thus enabling developers to access critical price feeds and data resources generated outside the blockchain network.
Decentralized Oracles on Top of Bitcoin’s Network
The firm’s smart contract platform, the RSK Network, is designed to leverage Bitcoin’s hash power while extending its capabilities. Simultaneously, the decentralized infrastructure protocols of RIF’s network allow faster and more scalable developments of dApps with a unified environment.
The integration is already live on the testnet upon being completed in a few weeks because of the high modularity of the Chainlink protocol. Developers employing the two networks can utilize Chainlink oracles without any external dependencies on other blockchain platforms.
One of the core components of the RIF network, namely RIF Gateways, provides a simplified and unified experience for developers to access any oracle or data services bringing information into the blockchain from the outside world. Hence, the integration will utilize RIF Gateways to make the Chainlink oracle network effortlessly accessible to RSK developers.
Why Chainlink And How Does It Benefit?
Chainlink’s oracle protocol it’s an already proven platform serving the majority of blockchain and DeFi projects. Its “market-leading” oracle protocol continues to deliver accurate off-chain data trustlessly in near real-time.
“Chainlink is as synonymous with oracles as RSK is with Bitcoin smart contracts. By combining the two, developers can capitalize on a smart contract network anchored to the strongest proof-of-work blockchain and connected to the best decentralized oracle solution on the market.
The synergies between Chainlink and IOV Labs are extensive, and we are looking forward to exploring ways to enhance the utility of RSK and RIF by building upon Chainlink’s best-in-class oracle service.” – said Head of RIF Gateways Julian Rodriguez.
As a result of the integration, Chainlink’s network will open its network of node operators to the Bitcoin blockchain, which anchors RSK. As such, it will exemplify the feasibility of implementing technology protocols that spawn across multiple blockchains.
Head of Chainlink Business Development Daniel Kochis asserted that the blockchain space has long anticipated building smart contracts anchored to the security of the Bitcoin blockchain, and this integration will make it possible.
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