certify
Home arrow Article arrow Article Detail

With New Integration, Chainlink lands on Bitcoin sidechain RSK

Profile Image

Crypto Business World Follow

INDIA

Sep, 04 2020

Sep, 04 2020

likes | comments 0

Article Image

Developers on RSK no longer need to create their oracle to build their DApps. Bitcoin (BTC) sidechain RSK will be equipped with Chainlink (LINK) oracles. This will allow developers on the smart contract-enabled chain to tap into market price feeds. It will also tap into other off-chain data to build their applications. 

The integration is being developed by IOVLabs. It is the company behind the RSK sidechain. It is currently live on testne. It is expected to be launched on mainnet in less than a month.

 

Chainlink data will be ported to RSK. This will be done via RIF Gateways. This is an interoperability framework. It is designed to let developers access a broad array of data. This will be from other blockchains and the external world. The framework connects to Chainlink nodes. It relays data between them and the RSK blockchain. The system also makes use of the RSK to the Ethereum bridge. This enables LINK token transfers between the two ecosystems. This allows Chainlink Node Operators to be paid with any token in the Eth blockchain. If they wish to be paid in LINK, they can. They need to go through the bridge to get those redeemed. 

Developers can capitalize on a smart contract network with this integration. It is anchored to the most substantial Proof of Work blockchain. RSK uses a pegged version of BTC as its native currency. The peg process is facilitated by a federation. It is similar to solutions adopted by WBTC or Liquid. 

The company has recently been pursuing the goal of “Bitcoin DeFi.” It will help to capitalize on the boom of lending DApps and decentralized exchanges. These occurred primarily on Ethereum. It features its lending protocol that generates a stablecoin. It is called Money On Chain, which uses RSK’s BTC for collateral.

 

Chainlink oracles are widely used in DeFi. But many projects still prefer to roll their own. The RSK integration could simplify development on the platform with an off-the-shelf solution. It makes a lot of sense for [RSK] to include Chainlink as one of the Oracle technologies. RSK’s security and functionality relies on Bitcoin. But it is still a separate network. It has a different architecture. It heavily focuses on smart contracts. The project wants to capitalize on its generalized scripting capabilities. So it recently started branching out into broader interoperability and enterprise-focused solutions. 

Recently, four major South Korean banks have partnered with Chainlink for a decentralized foreign currency platform.


likes | comments 0

Profile Image

Crypto Business World

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.