Cardano is a proof-of-stake blockchain network and the first peer-reviewed cryptocurrency in the ecosystem.
Chainlink is an open-source technology collectively developed by a number of people sharing a common goal of decentralization.
Cardano has partnered with Chainlink to provide integration of smart contract development.
What did Cardano announce?
According to a public announcement, Cardano has established a partnership with Chainlink, a peer blockchain network to develop the smart contracts platform. Smart contracts are contracts which are automatically executed when certain predefined conditions are met. The two leading blockchain networks who already have expertise in the smart contract area, have established a partnership to increase their common interests.
According to the terms of the partnership made available to the public, Cardano will integrate Chainlink’s oracle to help the latter build and progress in the smart contract expertise of decentralized finance applications. It is important to note that this partnership came into effect after Cardano recently went through the Alonzo hard fork event which made smart contracts compatible on its blockchain network.
Thus, with the establishment of the partnership, smart contracts will go live on the Chainlink blockchain. Token holders and users will be able to conduct seamless transactions and transfers from one account to another when predefined conditions are met.
One of the executives believes that the partnership has been established at the perfect time. This is so because smart contracts have just gone live on the Cardano blockchain while Chainlink is useful in transferring data from off-chain networks to on-chain networks. Thus, smart contracts will help Chainlink to transfer data, assets, funds and many more subjects from one place to another, one account to another or from one blockchain to another.
What are the details of the partnership?
Cardano also revealed some of the details of the partnership at the Cardano summit that will facilitate the process. As mentioned, Cardano will integrate the oracles in order to provide the necessary technology and data required by Chainlink to introduce smart contracts on its blockchain. These oracles will provide real time market price feeds, sports scores, market predictions, weather feed and degree of authenticity of Non fungible tokens. Thus, smart contracts on Chainlink will be multi-purpose, not only meant for conducting transactions but for absorbing a variety of information.