Chorus One Highlights the Ability of ChainLink (LINK) in Solving the Oracle Problem
As Chorus One recounted, the ChainLink (LINK) team is making the provision of a core piece of infrastructure for blockchain applications by enabling them to handle off-chain data.
Normally, any real-world data created outside blockchains’ native network will fail to pass the verification process.
ChainLink will be dispensing its effort in integrating off-chain data such as price feeds that are secure for decentralized applications.
However, ChainLink relies on node operators that provide stream data to the network from external sources. These oracle networks powered by ChainLink are live on the Ethereum mainnet with additional plans to become agnostic as time goes on.
For now, node operators are monitored by the ChainLink team to maintain Sybil resistance in the early stages of the network. A staking incentive mechanism that will give the digital token LINK holders the ability to stake their tokens with reliable node operators is already in place.
This will aid the creation of permissionless and decentralized network that focuses on proving reliable and accurate data meant to be consumed by blockchain applications.
Reasons for Joining the ChainLink Ecosystem
According to the report, Chorus One has what it takes to work with networks that are powered by price oracles. The Terra Stablecoin protocol enables whoever interested in exchanging stablecoins with Luna, the native staking token of the network via an available market maker.
Chorus One averred that the progress of ChainLink over the past months makes it convincing that there is a good chance of becoming the standard of providing off-chain data blockchain applications.
Conclusively, Chorus One displayed its excitement in joining the ChainLink community to help make the adoption of real-world applications a reality.