ICON (ICX) And Chainlink’s Oracle Technology
ICON (ICX) has been in the spotlight during the past few days, as it’s been reported that the coin is slowly but surely becoming one of the favorite projects out there.
More than that, ICX has also been showing the ability to outperform Bitcoin in the crypto market. The project’s main goal is to hyper connect the world.
ICON and Chainlink’s Oracle Technology
At the beginning of this strange year, Chainlink managed to convince a big name in the blockchain industry of its decentralized Oracle technology and gained ICON (ICX) as a new partner.
The project will be using Chainlink to integrate off-chain data into ICON’s public blockchain.
Chainlink has been on the road to success for quite a while and more blockchain-based projects have been recognizing the value of the Chainlink Oracle technology and have been integrating it.
One of the recent partners is ICON, the smart contract platform that has the ability to host more blockchain with different governance models.
The goal of the partnership
ICON revealed earlier this year the fact that it teamed up with Chainlink via a Medium post. The goal of this partnership is to enable real data beyond the blockchain to be imported into ICON’s public blockchain while at the same time maintaining the decentralized consensus.
Crypto News Flash revealed that the technology used by Oracle would allow smart contracts to interact with data from systems that are not based on the blockchain.
Here’s what ICON said back then in the announcement.
“However, centralized oracles can be a single point of failure, which puts at risk the entire value proposition of smart contracts having decentralized, tamperproof security end-to-end. In our quest to bring off-chain connectivity to ICON DApps, while maintaining the highest security standards, we discovered Chainlink.”
In terms of pricing, today ICX is trading in the green and at the moment of writing this article, the coin is priced at $0.342274 – it’s up by more than 2.5% in the past 24 hours.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.