At the ongoing Cardano Summit 2021, InputOutput (IOKH), the technology company behind the open-source blockchain project on Cardano, announced a partnership with the decentralized blockchain network Oracle, Chainlink.
Big respect to Cardano
according to advertisementThe partnership will see Cardano integrate Oracle Chainlink to support developers as they prepare to begin building smart contracts for Decentralized Finance (DeFi) applications.
Remember, Cardano became compatible with smart contracts for the first time after the Alonzo Network upgrade, which launched on September 12, 2021.
Commenting on the partnership, Niki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, noted that the Oracle Network has “a tremendous amount of respect for the Cardano ecosystem,” particularly the technical team responsible for the project and the collaborative nature of the community.
Excellent timing
Ariyasinghe believes the timing is perfect for collaboration since smart contracts are just coming to Cardano, while Chainlink helps facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
“A lot of that comes down to timing. Cardano has obviously gone through an extended period where she’s had different drops of upgrades and the most recent one is Alonzo — really about enabling smart contracts. So this is really a good time for us to engage with the Cardano ecosystem.”
He added that the merger could unlock hundreds of billions of dollars in value reserved in the Cardano protocol, especially in the DeFi sector.
Cardano unveils multiple partnerships
Meanwhile, the first day of the ongoing summit saw several announcements and strategic partnership deals between Cardano and other entities.
As previously reported, Charles Hoskinson announced that the project has teamed up with telecom services of DISH, in an effort to boost blockchain adoption while transforming the entire telecom industry paradigm.
The project also revealed that global land restoration and tree planting company Veritree will now secure its records using Cardano’s blockchain following a strategic partnership.
Other announcements on Cardano’s list of partnership announcements include leading esports and gaming platform Rival, fintech project studio and UBX funding, and AID:tech identity-based solutions funding.
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