Ontology, a network of public blockchains and distributed collaboration platform with integrated support for ledger accounts and smart contracts, announced today a partnership with Chainlink to integrate its oracle solution for building data-driven smart contracts.
By teaming up with Chainlink, Ontology offers a new option in its ecosystem with regards to creating externally connected smart contracts, which has massive benefits for ecosystem developers. With this collaboration, Ontology encourages more developers to join the network and make use of the tools Chainlink provides.
Chainlink Oracle Refresher
Chainlink is a decentralized oracle network that gives smart contracts secure and reliable access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains and more.
Blockchains are self-contained ecosystems that can only perform computation on data already stored within it (on-chain). An oracle is a gateway to the external world (off-chain). An oracle allows off-chain data inputs to come into the smart contract and output data to be pushed out on to external systems.
In this regard, oracles provide answers to questions a smart contract may have about external events, such as “Did the goods arrive on time to the retailer?” Oracles also allow smart contracts to use this information to trigger changes in the real world, such as triggering a payment on an existing payment system upon the arrival of goods.