LinkPool joined the list of sponsors for Chainlink’s price reference data. The announcement confirms the sponsorship and integration of the LINK/USD price reference feed. The addition of LinkPool to reference data sponsors means more decentralization for the Chainlink network.
“@linkpoolio is using & supporting the LINK/USD Reference Contract to calculate the fee in LINK for verifying nodes listed in the #Chainlink Market. The contract also helps display other features in USD, such as jobs, transaction data & NaaS subscriptions,” tweeted Chainlink.
Oracle Solutions Become More Decentralized
Chainlink’s decentralized oracle solution is its vital product that lets developers of smart contracts and other blockchain-based applications get access to external data sources.
The decentralized nature of this product increases the trust and have caused many companies and projects to choose Chainlink among all oracle providers.
The oracle network of Chainlink consists of various nodes that connect to external data feeds. They gather and aggregate the data about multiple commodities, fiat currencies, and cryptocurrencies.
The oracle then sends the aggregated data to on-chain applications like smart contracts, and they perform an action based on that. The proper functionality of oracle networks needs support. Some teams sponsor the data feeds that they need for their application. LinkPool uses the LINK/USD feed a lot, and therefore decided to sponsor it.
The Chainlink Market is one of the products from the LinkPool team. It is a platform that let node operators list their node and configured jobs. The nodes had to pay 15 LINK to get verified on Market, but now the LinkPool uses LINK/USD price data feed on Chainlink to peg the fee at $30.
”Initially, we will use the LINK/USD price reference data to determine the fee in LINK for verifying nodes listed in the Chainlink Market,” said LinkPool in a statement.
LinkPool looks forward to future uses of Chainlink solutions and LINK/USD price feed. For example, they can use the feed to show the operational and other costs in the Market in USD but get paid with LINK.
“We’re proud to be sponsoring the LINK/USD price reference data, the network of decentralized node operators, and the wider Chainlink ecosystem. We look forward to integrating the trusted price data into our various products as they become available,” added LinkPool.