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Chainlink, a blockchain oracle platform, has unveiled two of its services on the Avalanche Primary Network. The Chainlink Keepers and Chainlink Verifiable Random Function (VRF) will be integrated within the Avalanche subnet.
This development adds to the long line of strategic occurrences happening within the Chainlink ecosystem recently. Chainlink recently unveiled Chainlink 2.0 and a roadmap to see the network achieve high scalability.
Chainlink unveils Keepers and VRF on Avalanche subnet
The Chainlink team noted that the integration of the service on Avalanche was done to support developers within the ecosystem. Through Chainlink Keepers, it will be possible for developers to automate the functioning of smart contracts while focusing on decentralization.
The Chainlink VRF will also generate a random number generator (RNG) adopted by multiple decentralized applications (DApps). The integration will be especially beneficial to the DApps that focus on randomness.
The founder and CEO of Ava Labs, Emin Gun Sirer, noted that the integration of this service was a significant milestone that would support those creating applications on the Avalanche network. Avalanche is an “Ethereum Killer” because it offers low gas fees and supports those who want to build on a scalable network.
Sirer said that the integration would enhance the experience of both users and developers. Moreover, he said it would also boost the network’s functionalities and designs within the DApps.
“The Avalanche community is full of tireless builders, and their ability to rapidly build and ship applications at scale just became even easier,” the announcement added. The co-founder of Chainlink, Sergey Nazarov, also chipped in on this strategic development.
Nazarov said that the integration would assist developers in creating smart contract applications that have end-to-end automation. These smart contracts would adopt a verified RNG to any application built within the network.
In February this year, Chainlink released the second upgrade to its VRF function. The function allowed the Chainlink platform to offer random numbers, and it presents the cryptographic proof that the number was realized after integrating block data and the private key of the oracle.
In June, Chainlink unveiled a price feeds feature on the Solana network. The feature allows developers within the Solana network to access different price feeds, making it easy for them to use their applications. The price feeds support BTC/USD, ETH/USD, and USDC/USD.
Chainlink unveils Chainlink 2.0
One of the most recent developments within the Chainlink ecosystem is that it allowed staking through Chainlink 2.0. Staking is a much sought-after feature because it allows investors to have a chance to increase the size of their portfolios despite the performance of the cryptocurrency market.
LINK recently witnessed a pump in prices after the team unveiled staking. Chainlink is the largest oracle network, and the introduction of staking could allow the network to achieve notable growth in the coming months.
The announcement by Chainlink said that through staking, the network could “give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”
By supporting LINK staking, it will also be possible for nodes to get jobs and earn fees on the network. The Chainlink ecosystem will also benefit from the “increase in cryptoeconomic security and user assurances.”
Chainlink’s new roadmap also introduced Proof of Reserves (PoR). PoR is a system that offers better protection to user funds within the network. POR allows the company’s cryptocurrency holdings to be easily audited using an automated process supported by smart contracts and oracles.
To learn more visit our Investing in Chainlink guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.