Matic Network integrates with Chainlink to enable decentralised oracles on its Layer 2 Plasma-fied sidechain network
Decentralised applications often need access to real-world data such as prices, contract information, third-party data, web APIs and various other data feeds. Oracles represent critical pieces of infrastructure because they will provide real-world input that triggers irreversible smart-contracts settlements. For example, how can automated insurance payouts take place after a storm without accurate and reliable sources of truth around wind speed and rainfall? Until now, accessing data via oracles in a smart contract on Matic needed trusted centralised oracle implementations.
Matic Network is excited to announce an ongoing collaboration with Chainlink. This integration will enable Matic to leverage the Chainlink decentralised oracle network to enable real-world data for any smart contracts running on Matic.
Matic is a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. We aim to be the de-facto platform on which developers will deploy and run decentralized applications.
Essentially, DApps running on Ethereum now have the option to use Matic to take advantage of fast, cheap and secure transactions on the network, and take advantage of Plasma security for assets.
Chainlink solves an important problem for DApp and smart contract developers. It enables access to real-world data. Until now, oracles for off-chain data have been centralised and a pain point for developers trying to build real decentralised applications. Chainlink is building open standards and solutions for oracles and we are excited to align our roadmaps to make it easy to leverage oracles on the Matic Network.
As part of the collaboration, Chainlink plans to create an adapter for the Matic Network to make a large amount of off-chain data feeds, various APIs, and traditional payment services available to all contracts on the Matic network.
The Chainlink team has an incredible technical reputation and are consistently selected as one of the top blockchain technologies. The project is also well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams. That’s the reason we chose them!
“DApp developers on Matic want easy and dev-friendly access to oracles,” explains Anurag Arjun, co-founder of Matic, “which can enable applications to easily integrate various real-world data points in a truly decentralised manner. Matic is working to enable an extremely rich and easy developer interface for blockchain programmers, and this collaboration is one step further in that direction. We are extremely proud to be working with Chainlink to integrate their technology on our network and help enable provably secure access to external data.”