CasperLabs Integrating Chainlink For Stable, Fiat Denominated Transaction Fees

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CommPRO Editorial Staff

CasperLabs announced its planned integration of Chainlink’s decentralized oracle network to securely and reliably access data and resources for all the applications being built on its network. Chainlink is the first and recommended oracle provider for all the applications that would be developed on CasperLabs blockchain and smart contracting platform. In turn, CasperLabs will be the first platform to use Chainlink as an integral component of the core platform architecture.

CasperLabs is building a permissionless, fully decentralized, sharded and scalable next-generation blockchain, implementing Highway, a provably live and secure variant of Casper Correct by Construction (CBC) Proof of Stake protocol. CasperLabs’ Smart Contracting Platform is “Made for Builders,” making it much easier for developers to build apps and for end-users to use them. The CasperLabs team has been building since November 2018 and has delivered 18 on-time development releases. CasperLabs’ TestNet was launched on March 31st, 2020, and the Main Network launch is planned for Q3 2020.

As a general-purpose platform designed for entrepreneurs and enterprises, CasperLabs requires a state of the art, secure, flexible, and proven means of bringing the real world onto the blockchain. Chainlink is the premier oracle solution in this space, having implementation and incentivization expertise, as well as access to a robust ecosystem of high-quality data providers and oracle node operators. CasperLabs developers can use Chainlink’s unique framework to build decentralized oracle networks for strong data security and reliability guarantees.

By integrating Chainlink, CasperLabs will be able to create a much more user-friendly economic environment, as well as empower builders with a whole new subset of possible applications.

“CasperLabs is building a blockchain built for businesses. The Chainlink decentralized oracle network will enable us to represent transaction fees in currency versus tokens, making budgeting simple and efficient for businesses,” said Medha Parlikar, CTO CasperLabs.

Predictable Transaction Fees: One of the key challenges facing business users of blockchain platforms is the volatility and unpredictability of transaction fees. CasperLabs is taking a first step to addressing this challenge by launching mainnet with a fee risk mitigation mechanism. The aim is to make the integration of the CasperLabs platform into key business infrastructure worry-free for our builders. At launch, CasperLabs will provide the first stable, fiat-denominated fee mechanism used by an operational, general-purpose blockchain platform. The planned integration with Chainlink will give the team reliable access to their secure and decentralized oracle network, providing the market data that will make this mechanism possible.

A Bridge to Enterprise: Blockchain technology is still a novelty for established enterprise companies. Creating a reliable system for data intake from legacy systems will ease the risk of migrating decades-old components to this still maturing technology. Such components may include job candidate tracking systems, financial settlement systems and medical records. While entirely novel uses of the blockchain will emerge organically, easing the process of onboarding and experimentation for enterprise can be expected to yield surprising synergies between legacy business infrastructure and blockchain technology. Chainlink provides oracles with the capability of handling API credentials via external adapters, as well as more advanced trusted execution environment features such as Town Crier.

Empowering Our Builders: To unlock the future value of blockchain platforms, businesses must be able to move beyond the purely digital dApps and interact with the real world. Secure access to external data and API services will enable builders to dream of and implement the decentralized applications of the future — fully automated insurance contracts for complex risks, decentralized markets, and on-chain knowledge repositories are just some of the many possible applications for Chainlink technology on the CasperLabs platform.

Source: Blockchain Wire