Dusk Network Announces Plans To Integrate With Chainlink - Crypto Daily™
The integration will provide privacy features to the DeFi ecosystem. Dusk Network will utilize the price feed data from Chainlink's oracle network for secure and trusted cross-chain bridges and support true privacy in the DeFi ecosystem.
The leading privacy blockchain for regulated decentralized finance (RegDeFi), Dusk Network, today announced its intention to integrate with Chainlink. Chainlink is a secure, decentralized oracle network enabling the development of auto-executing smart contracts. These smart contracts are based on real-world data such as price feeds.
The Importance Of Integration
Dusk Network must integrate with decentralized oracles as they provide the building blocks that enable Dusk Network to secure cross-chain bridges with blockchains such as Ethereum and Elrond. Cross-chain bridges will also benefit token projects on other blockchains, thanks to the privacy guarantees of the network.
The integration's initial focus will be to create a trusted bridge between the Dusk Network and Chainlink and create a pathway towards a trustless setup. The integration is a step towards Chainlink's goal of becoming blockchain agnostic.
Privacy-Preserving Token Standard
Dusk Network protocol includes a standard that enables the issuance of privacy-preserving tokens. The standard allows tokens to be identity preserving and forward obfuscating. Once tokens are added to the cross-chain bridge, Dusk Network acts as a wrapper preserving privacy.
Privacy For DeFi
DeFi needs mainstream adoption so it can disrupt the global financial industry. For adoption to happen, DeFi needs to comply with existing regulations. Often, DeFi applications are highly fragmented across the global financial markets. The collaboration between the Dusk Network and Chainlink ensures that the current financial applications can benefit from decentralization. Emanuele Francioni, Tech Lead at Dusk Network, commented.
"With the inclusion of privacy, we can counter some of the challenges facing DeFi today. For example, the widespread frontrunning of transactions, an issue that is currently responsible for the high network fees on Ethereum, profits on all popular decentralized trading venues. By adding privacy, we want to level the playing field and bring back fairness."
About Dusk Network
Dusk Network is an open-source blockchain created for financial applications. It sees privacy preservation and data protection play a significant role in the network. The Dusk Network is eco-friendly, thanks to utilizing its Proof-of-Stake consensus mechanism, and is capable of creating smart contracts. The network can be used to power financial applications, trade, issue tokens, and collaborate on a global scale.
Chainlink plays a pivotal role in the implementation of blockchain technology in the real world. Oracle networks provide data that help execute smart contracts once the predefined conditions are met. It also offers reliable inputs and outputs for complex smart contracts and aims to be interoperable with different blockchains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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