Saturday, April 10, 2021

IOTA Partners With Horizen to Extend the Functionality of the Newly Launched IOTA Oracles

Horizen, a secure blockchain ecosystem, has announced a partnership with IOTA, an open-sourced, feeless data and value transfer protocol.

According to the report, the partnership will create opportunities for interoperability among distributed networks. It will also give Horizen sidechain and scaling protocol, Zendo, the enablement to leverage IOTA Oracle capabilities.

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IOTA Oracles bring off-chain data to decentralized applications (DApps) and smart contracts on the IOTA network. They are specifically made to securely bridge the digital and physical world in a decentralized and permissionless manner.

Major Purpose of the Partnership

According to the report, the major purpose of the partnership is to bring the IOTA functionality to Horizen’s absolutely decentralized and completely customized sidechain protocol, Zendoo.

The report added that the integration will play out in two phases. The first phase will have the IOTA Oracles feed integrated with Zendoo’s sidechain POC. While the second phase will directly integrate the IOTA Oracles feed into the Zendoo SDK.

These processes will bring about the availability of IOTA Oracles for any blockchain or decentralized applications built on Horizen.

Reacting to the new development, the co-founder of Horizen, Rob Viglione said:

“Integrating off-chain data securely and accurately from the real world is vital to the functionality of decentralized applications that rely on external information. IOTA Oracles will act as a bridge between our two ecosystems by supplying verifiable data to decentralized applications built on Zendoo in a secure, fast, and affordable way. This partnership is another significant step towards our mission of building the most secure, inclusive, and interoperable ecosystem.”

IOTA Focusing On Bridging Different Ecosystems

There have been a number of successes recorded by IOTA in the course of developing Chrysalis, a major upgrade to the IOTA network slated for March 2021.

Due to the boost in Chrysalis development, IOTA has been focusing on providing a bridge between different ecosystems with unique value propositions and use cases.

So, Horizen, through this new development, is the first public blockchain to utilize IOTA Oracles for real-world purposes and industrial use cases.

Read Also: VeChain (VET) Makes the List of Top 10 Trending Digital Currencies in Europe

Reacting to the new partnership, the Co-Founder of The IOTA Foundation, Dominik Schiener said:

“The purpose of this partnership is to leverage the expertise of one another to expand into areas that are mutually beneficial to both ecosystems. IOTA’s goal from day one has been to expand blockchain functionality into real-world use cases, and I believe that bringing IOTA’s Oracle solution to Horizen Zendoo sidechains is a perfect example. We look forward to sharing progress in the coming months, and we encourage the IOTA and Horizen communities to interact and build on the network developed by our teams.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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