Home CryptoNews Companies Polkadot Parachain Moonbeam Network Integrates Chainlink’s Oracle on Testnet

Polkadot Parachain Moonbeam Network Integrates Chainlink’s Oracle on Testnet

PureStake, the company building the Moonbeam smart contract Parachain on Polkadot, has integrated Chainlink oracle services into the Moonbeam testnet environment, Moonbase.

Purestake announced the news in a press release published on Thursday, December 17. Thanks to this integration, developers can now build smart contracts using any external data resource without leaving the Polkadot ecosystem.

According to the announcement, the initial step of this integration is to deploy Chainlink’s widely used Price Feeds on Moonbeam, “giving dApps access to the largest collection of on-chain market data backed by secure, reliable, and already live decentralized oracle networks.”

Moonbeam Network is an Ethereum-compatible smart contract parachain on Polkadot developed by PureStake that provides a seamless way for Ethereum projects to migrate to Polkadot and create multichain applications. Moonbeam is currently running on a testnet environment called Moonbase. PureStake has currently released the new test version of Moonbeam Network, Moonbase Alpha V4.

purestake

Chainlink services will initially be deployed on this Testnet version. As a TestNet integration, projects are now able to leverage Chainlink Price Feeds for DOT, KSM, ETH, and BTC in their smart contracts with PureStake’s Moonbeam Network. They can run their own Chainlink oracle with customizable data feeds for Moonbeam’s TestNet, and also provide their own unique data to the Chainlink ecosystem for consumption by Moonbeam smart contracts.

According to PureStake, thanks to Moonbeam’s additional support for Ethereum’s Solidity smart contracts, the existing Chainlink smart contracts were able to be deployed to the Moonbeam TestNet without any major. Once parachain functionality is live on Polkadot, this will allow Solidity developers to re-deploy existing contracts to the Polkadot network “without hiring new developers or significantly rewriting their codebase.”

Derek Yoo, CEO of PureStake and head of the Moonbeam project, commented:

“Moonbeam has quickly become a destination for Solidity projects that want to easily expand to Polkadot. The integration of Chainlink’s decentralized technology adds significant functionality to our smart contract platform and gives developers immediate access to secure and reliable price data for their DeFi applications.”

Polkadot is a joint venture of Web3 Foundation and Parity technologies to deliver the most robust platform for security, scalability, and innovation. The development of Polkadot began in 2016 and the genesis block was mined on May 26, 2020. The central Relay Chain is live but the Parachain functionality is to come. Parachain candidates have to participate in an auction to get a slot on the central Relay Chain.


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Atiq Ur Rehman
Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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