StarkWare partners with Chainlink | Blockchain News

An impending agreement between the blockchain scaling technology firm StarkWare and Chainlink Labs will result in the addition of Oracle services, data feeds, and price feeds to the StarkNet ecosystem. This relationship will be established in the near future.

Because of the relationship, StarkWare will take part in Chainlink’s Scale programme, and the price feeds for StarkNet’s testnet will come from Chainlink. In addition, StarkNet tokens will be used to fund some operating expenditures for Chainlink oracle nodes. This access to Chainlink oracle services and data feeds will be provided to Starket developers via the usage of StarkNet tokens.

Chainlink is a decentralised oracle network that enables smart contracts to access off-chain data sources, application programming interfaces (APIs), and payment systems in a secure manner. It makes it possible for smart contracts to interact with data and events that take place in the real world, which in turn makes it possible for them to be triggered by data that originates from outside sources.

The network makes use of decentralised nodes, which are entrusted with the responsibility of delivering smart contracts with data that can be relied on and is secure. In exchange, these nodes are rewarded with payments in Chainlink’s native LINK currency. The data that is supplied to smart contracts by node operators has been checked and calculated by those node operators before being submitted to smart contracts. This verifies that the information is accurate and may be relied upon.

According to a statement that was released by StarWare, an economically feasible framework has been built between StarkNet and Chainlink. It is also hoped that the integration would provide developers working on StarkNet with the basic infrastructure needed to build “highly performant, more sophisticated, and secure smart contract applications.”

Oracles are an important part of the system, and their value can be seen in a wide range of applications because to the flexibility they provide. Knowledge about the current value of assets or NFTs is required for a significant number of applications. Oracles are often compared to extensive toolkits due to their breadth of functionality.