- February 6, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
StarkWare is set to partner with Chainlink Labs to integrate oracle services and data feeds to the StarkNet testnet.
Blockchain scaling technology firm StarkWare is set to partner with Chainlink Labs to bring oracle services, data and price feeds to the StarkNet ecosystem.
The coalition will see StarkWare join Chainlink’s Scale program and brings Chainlink price feeds to StarkNet’s testnet. StarkNet tokens will also fund certain operating costs for Chainlink oracle nodes, giving Starket developers access to Chainlink oracle services and data feeds.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data sources, APIs and payment systems. It allows smart contracts to interact with real-world data and events, making it possible for them to be triggered by data from external sources.
The network features independent nodes that provide secure and reliable data to smart contracts, incentivized by payment in Chainlink’s native LINK token. Node operators verify and perform data computations, which ensures accurate and reliable data is delivered to smart contracts.
Related: StarkNet overhauls Cairo programming language to drive developer adoption
An announcement from StarWare highlights the establishment of a sustainable economic system between StarkNet and Chainlink. The integration is also expected to provide the necessary infrastructure for StarkNet developers to build “highly performant, increasingly complex, and secure smart contract applications.“
StarkWare product manager and researcher Ohad Barta told Cointelegraph that work to introduce Chainlink’s oracle services to StarkNet has been ongoing since June 2022. Various oracle services will be integrated into StarkNet, according to Barta, highlighting the benefit of diversity in smaller and larger oracles serving the network:
“Oracles are an essential component, they are relevant in many use cases. A lot of applications need to know the price of assets or NFTs. Oracles are like a complete toolkit.”
Barta also believes that the reputation of Chainlink’s services within the Ethereum ecosystem is another major reason for the integration with StarkNet:
“The main benefit is any application or startup can integrate with Chainlink price feeds and know it will be accurate and have some peace of mind when they are building their product.”
A statement from Chainlink co-founder Sergey Nazarov highlighted the partnership’s potential in Chainlink oracle networks operating at high speeds and low costs for Starknet users and developers:
“By reducing the operating costs of oracle nodes, StarkNet is able to accelerate its ecosystem’s growth and become a more attractive environment for building scalable DApps in the Web3 ecosystem.”
Chainlink data feeds are live on StarkNet’s testnet, with a mainnet integration expected in the coming months. Cointelegraph is currently covering StarkWare Sessions in Tel Aviv, Israel, where the company announced that it would make its proprietary Starknet Prover open source. The prover is the engine that StarkWare uses in its zero-knowledge roll-up technology.
