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IBC-Enabled Umee Blockchain Incorporated Chainlink Oracles for ATOM Pricing

www.cryptonewsz.com 04 January 2022 13:51, UTC
Reading time: ~2 m

Umee is going to integrate Chainlink, which is a key decentralized oracle solution provider. This makes it an official oracle of Umee. It is basically a cross-chain DeFi hub that helps in connecting web3 as well as the broader Cosmos ecosystem via Inter Blockchain Communication standard. This ability helps in allowing functionality and liquidity around Cosmos SDK DeFi through Umee by developing various types of dApp use cases. By using Chainlink, Price Feeds, they are offering reliable as well as secure ATOM price data to their users, which helps in ensuring that DeFi systems operate as per the premium industry information. The high data security system aids in the security of a variety of additional DeFi capabilities when they shift between IBC-based blockchains.

Consider the possibility for IBC to demonstrate how important Chainlink Price Feeds are to the Umee platform. Umee was developed in the form of Cosmos SDK-oriented blockchain. This helps to allow any sort of IBC enabled chain for communicating with different smoothly. Chainlink provides a decentralized and safe means for many chains to get overall market details. When smart contracts demand agreement, this serves as an oracle of record.

Apart from the accessibility of Chainlink pricing for Umee DeFi, because Umee is a base layer blockchain, Chainlink Price Feeds will assist future applications that emerge on their infrastructure.

Blockchain apps that require external data blockchain need blockchain oracles as smart contracts cannot access the entire data by experimenting. When implementing their chosen smart contract, developers confront a connection difficulty since the smart contract is unable to connect to APIs as well as off-chain data. When apps depend on information from off-chain to transmit value, this structure exposes a possible attack vector. To solve this, Chainlink offers a decentralized oracle network paradigm in which hundreds of prices are gathered by a large number of independent nodes before being combined into a single tamper- and outlier-resistant market price.

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