Cardano partners with Chainlink to integrate decentralised oracles
Does Cardano’s partnership with Chainlink really matter if there are no dApps to deploy smart contract oracles onto?
Did you happen to see the news that Cardano (ADA) has partnered with Chainlink (LINK) to integrate decentralised oracles?
Just another fun little tidbit that came out of last weekend’s 2021 Cardano Summit.
The idea behind the partnership is that Chainlink will provide an oracle solution to Cardano by offering real-time market data.
With Cardano now technically (lol, more on this below) being able to offer developers smart contract functionality, this partnership will support developers building DeFi dApps on the network.
Cardano partners with Chainlink
Input Output, the centralised parent company that oversees the Cardano project, made the announcement designed to make it easier for developers who choose to build on the network.
Oracles are extremely important in the smart contract space because they link the digital world with the real world.
By combining high-quality, tamper-proof external data with blockchains, digital agreements can be automatically executed under predetermined conditions.
Cardano obviously needs dApps taking advantage of oracles in their smart contracts if they’re going to have any hope of competing with Ethereum.
Check out these key quotes from Cardano founder and current Input Output CEO Charles Hoskinson from the announcement linked just above:
“Input Output is committed to providing developers with the most secure and robust tooling for building useful solutions on Cardano.”
“Therefore, integrating Chainlink’s oracle was an easy choice.”
This partnership with Chainlink all sounds well and good…
Until we dig a bit deeper into the actual newly launched smart contract capabilities of Cardano.
Cardano’s smart contract capabilities
I lolled above when typing that Cardano technically now has smart contract capabilities, because in reality, it doesn’t mean a whole lot.
The entire crypto world had been chomping at the bit while waiting for the Alonzo hard fork to launch.
But let’s just say that the reality of the situation certainly didn’t match the hype.
dApps and other decentralised finance features will likely take some time to actually be built onto the Cardano network.
With patience not a strong suit of our beloved crypto markets, all we’ve seen since is the ADA token price going anywhere but up:
As you can see, the Cardano (ADA) price has done nothing but fall throughout the entire month of September.
Without any real development moving from Ethereum to Cardano, was there really an expectation for something more?
Final thoughts on the Cardano hype train
Hype and brand recognition can only get you so far.
Eventually, you have to actually build and solve real-world problems that people will use.
Partnerships, oracles and smart contract capabilities are certainly nice.
But so are working DeFi dApps that make investors want to pull money out of Ethereum or BSC and put it onto Cardano.
Unfortunately, it seems that this prospect is still quite a way away.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on Cardano's partnership with Chainlink within the comments section below? All comments that add something to the discussion will be upvoted.
This Cardano coin blog is exclusive to leofinance.io.
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great I hope it helps ada develop more
Maybe.
Maybe not.
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I can't help but feel sad for the reality of this project. I believe people are also looking at ADA supply, which doesn't really place it in a good position for future scarcity and value.
That said, there's also a fuzz about a gold-backed Stablecoin to launch on Cardona actually, now the CEO will be away for two weeks.
Wen rug pull? 😅
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Ah yes, last week Cardano hyped the 'Djed' stablecoin (what a name by the way haha) which did nothing new.
Now it's a gold-backed stablecoin.
In today's regulatory climate, obviously there are going to be HUGE issues around both.
But hey, the crypto media laps it up because it's Cardano.
Marketing is all that matters right now, but it wont be enough over the long term.
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That is another story worth watching.
Taking dapps away from #BSC or #ETHEREUM
are a high mountain to climb.
At least holding #ADA at the right place can bring
staking value in the long run
!BEER
I really don't believe that Cardano will be able to truly compete with Ethereum by drawing dApps and users over.
Nobody really cares about the 'peer reviewed' thing and there are so many other cool Ethereum competitors that do everything better than Cardano already.
All they have going for them is a name that crypto media outlets love to report on and hype.
For me, that wont be enough in the long run.
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View or trade
BEER.Hey @forexbrokr, here is a little bit of
BEERfrom @pouchon for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.This is pretty big news and chain link is a decent block chain that will help with alot of different things. I'm still not sold on it though
I like the LINK aspect.
Oracles that allow real world outcomes to be verified on chain will become extremely important.
If that's LINK's niche, then all the power to them.
As for Cardano, it's a huge meh from me too.
People don't really care about the peer-reviewed thing, and there are so many Ethereum competitors that already do everything better than Cardano.
They have nothing more to offer than a name that crypto media outlets love to report on and hype.
As I said in the comment above, I just don't see it being enough in the long run.
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Thank you for writing this article about the fundamentals of Cardano, @forexbrokr!
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You've got the Cardano technicals covered and I've got the fundamentals ;)
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Luckily I own both ADA and LINK and a bit of advertising won't hurt them... I will have to admit that I bought both of them based on hype and not fundamentals.
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The Link Marines thing is a great guerilla marketing tactic.
I love it.
But what I don't understand is why the mainstream crypto news outlets love Cardano so much?
They give it so much hype when really... who cares.
Nobody cares about the 'peer reviewed' thing and there are so many other cool Ethereum competitors that I think are clearly better than ADA.
For me, they don't have enough to compete long term.
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