Decentralized Oracles On Top Of Bitcoin: RIF Gateways Integration With Chainlink | UseTheBitcoin

Decentralized Oracles on top of Bitcoin: RIF Gateways Integration with Chainlink

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Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Chainlink and IOV Labs have now partnered in order to bring decentralized oracles into the RSK ecosystem. This is going to have a very positive impact on RSK’s Bitcoin-based smart contracts that require high-quality information from the outside world to be triggered.

RIF Gateways Leads the Way to Integrate Chainlink’s Oracles

The team behind RIF Gateways is currently working so as to integrate the decentralized protocol of Chainlink oracles without having to rely on any other blockchain network. Developers can start testing this feature on the testnet and they can expect to see the final version being released in the next few weeks.

Blockchain networks are highly reliant on blockchain oracles for them to be able to properly execute their smart contracts. Chainlink has already proven to be among the most efficient oracle networks and it is currently being used by some of the largest firms in the world. All the information provided by the oracles is going to be in almost real-time and it will be highly accurate.

Julian Rodriguez, the Head of RIF Gateways mentioned about both Chainlink and RSK:

“Chainlink is as synonymous with oracles as RSK is with Bitcoin smart contracts. By combining the two, developers can capitalize on a smart contract network that’s anchored to the strongest Proof of Work blockchain, and connected to the best decentralized oracle solution on the market.”

RIF wants to offer developers an easy-to-use platform to get access to oracle and data services that connect the blockchain technology with the external world. This partnership is going to make RSK’s Bitcoin smart contracts much more capable and advanced.

What are Blockchain Oracles?

Blockchain oracles are services that allow blockchain networks to receive accurate and valuable data from the external world. This would have a positive effect on the smart contracts that run on top of these platforms.

Smart contracts allow for secure and verified transactions on-chain. Once certain conditions are met, the transaction gets executed according to the terms written in the smart contract. These blockchain oracles will be very useful to improve the performance and accuracy of certain contracts that run on distributed ledger networks.

Some examples of data that oracles can find include speed camera images, temperature from thermometers, trading volume, blockchain transactions from other networks and the price of specific digital assets, among other things.

Chainlink has been expanding as a cryptocurrency network that provides oracle solutions to firms such as Google, Oracle and even SWIFT. This shows the services Chainlink has developed are very useful even to traditional companies that are not involved in the blockchain market.

With this new partnership, RSK developers will have the possibility to have independent, security-reviewed nad Sybil resistant node operators. This would allow them to create their customized oracle networks. In addition to it, Chainlink will provide users with valuable data from premium APIs that would require developers to have access to them.

RSK and RIF

By offering developers access to smart contracts on top of the Bitcoin network, RSK is helping the entire ecosystem to build the next generation of decentralized applications using a Bitcoin sidechain.

Users can work with an Ethereum compatible EVM in order to have a similar experience to the Ethereum network but having all the data and development taking place on top of the Bitcoin blockchain. Bitcoin and Ethereum are the two largest blockchain networks in the world in terms of market valuation with a combined capitalization of $257.5 billion.

One of the main use cases of this new integration could be related to adding new price feeds to power DeFi apps running on top of RSK.

Conclusion

Chainlink and RSK are showing the entire crypto community it is time to give a step forward and continue with the accurate deployment of powerful smart contracts on Bitcoin’s network with the simplicity that an Ethereum compatible EVM can provide.

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