SIMETRI gains of 460%
SIMETRI gains of 460%
SIMETRI 460% gains
SIMETRI 460% gains

Ontology Partners with Chainlink to Provide Secure Off-Chain Connections

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Ontology announced a collaborative partnership with Chainlink to bring data-driven smart contracts to back-end business models.

Ontology, a network designed to provide a layer of blockchain privacy, partnered with Chainlink, an Ethereum-based intermediary platform for enhanced security, in order to work around the “oracle problem.” 

SIMETRI gains of 460%

An oracle allows off-chain data to interact with smart contracts. This exchange of data, however, poses a security risk, which is the ability of the oracle to access data, as well as to control how smart contracts respond to output. The incorporation of Chainlink adds a decentralized oracle network which provides secure and reliable access to information on the Ontology platform.

The Partnership

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Chainlink’s decentralized network provides access to payment systems, data and cloud providers, API’s, IoT devices, and other blockchain-related services. Additionally, Chainlink’s software and external adapters allow for data-exchange compatibility between two different systems. According to the announcement:

“[Chainlink is] an all-in-one network for users to customize how their contract communicates with anything off-chain using varying levels of decentralization, data aggregation, and oracle selection.”

Ontology is a multi-chain project and distributed collaboration platform. The integration with the Chainlink network will allow Ontology users to customize how their smart contracts communicate with off-chain connections. Ontology believes this integration will provide developers in their ecosystem multiple use case opportunities with Chainlink’s off-chain connection capabilities.

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