Akash Network to Integrate Chainlink Oracles to Power Pricing Data
- Oct 15, 2020
- 4 min read
Akash Network operates a decentralized exchange (DEX), which is at the core of matching buyers and sellers on our decentralized cloud computing marketplace. Initially, our native utility token, Akash Token (AKT), will be used to purchase cloud compute on our platform.
In partnership with Cosmos’s Interchain Foundation, Akash will be accelerating development of the Inter-Blockchain (IBC) interoperability protocol, and deploying interchain technologies faster than any other company. With IBC, we’ll also be expanding our settlement options to include multiple currencies such as integrating stablecoins like Kava’s USDX into our platform.
To support multi-currency settlement on Akash’s decentralized cloud marketplace, we need reliable, accurate, and decentralized price data feeds to set exchange rates for computation. Sourcing inaccurate data or data exposed to vulnerabilities will negatively impact prices for cloud compute on our platform.
Today, we’re excited to announce that Akash Network is to integrate with Chainlink, the market-leading decentralized oracle network. By integrating with Chainlink, we’ll be able to ensure that Akash’s users have access to the most secure and accurate price data available.
As a market leading and proven decentralized oracle network, Chainlink was our first choice to provide accurate, secure, and reliable price data on Akash’s DeCloud marketplace, giving our users additional confidence around pricing for computation.
— Boz Menzalji, COO at Akash Network
We selected Chainlink due to the multitude of assurances it provides our platform, including:
- Accurate Prices - Chainlink Nodes pull data from numerous off-chain data aggregators, ensuring that price feeds reflect an volume-adjusted aggregate of all trading environments
- Secure Nodes - All Chainlink Nodes are Sybil resistant and run by leading blockchain DevOps, providing our users with high-quality oracle services
- Decentralization & Transparency - All oracles are made of decentralized networks consisting of multiple nodes and data sources, protecting users against any single point of failure in the data sourcing and delivery processes
As Akash’s decentralized cloud marketplace is built on Cosmos SDK, we’ll be able to leverage a Chainlink and Cosmos SDK integration to quickly bring the Chainlink oracle network data to Akash. With a proven track record of successful Mainnet integrations and smart contract deployments, Chainlink is our preferred oracle provider, enabling more secure, reliable, and verifiable off-chain data on our network.
We look forward to helping Akash Network expand the number of currencies it can support for computation by providing them with secure and reliable oracles that set fair market exchange rates for users.
— Daniel Kochis, Head of Chainlink Business Development
In the future, we look forward to expanding the integration with Chainlink to bring on-chain data for application uptime to Akash DeCloud.
Akash Network is developing the world’s first and only decentralized cloud computing marketplace, enabling any data center and anyone with a computer to become a cloud provider by offering their unused compute cycles in a safe and frictionless marketplace. As the first decentralized cloud for DeFi, Akash DeCloud greatly accelerates scale and price performance for DeFi, decentralized organizations, and high-growth industries like machine learning/AI. Through Akash’s platform, developers can easily and securely access cloud compute up to 10x less than the current market providers (AWS, Google Cloud, and Microsoft Azure). The platform achieves these benefits by integrating advanced containerization technology with a unique staking model to accelerate adoption.
If you are a smart contract developer and want to take advantage of the Chainlink VRF feature, visit their developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give smart contracts on any blockchain access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Bancor; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.