We are excited to announce that Crypto APIs will be offering data oracles on Chainlink, a decentralized oracle network that connects smart contracts with real-world data. Crypto APIs will provide 2 oracles: one for Market Data and another for Blockchain Data.
The Market Data oracle provides a consistent and secure market data source for smart contracts.
The Blockchain Data oracle provides off-chain information on Blocks, Transactions, Wallets, and Balances. It has support for protocols such as: Bitcoin, Ethereum (with all tokens), Ethereum Classic, Bitcoin Cash, Litecoin, Dash, Doge and Omni Layer (with all tokens including Tether).
What exactly does an oracle do?
Blockchains that enable smart contracts do not natively support communication with off-chain data. The solution to this intrinsic blockchain problem is the introduction of an “oracle”, the de facto link between off-chain data and on-chain smart contracts. Chainlink is the first decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.
An example of external data can be Market Data provided through an API, which is where Crypto APIs comes into play.
Crypto APIs is an infrastructure layer that radically simplifies the development of any Blockchain and Crypto related applications. It consists of a leading Blockchain API provider to the market thanks to our unique product. That is comprised of 3 modules: Blockchain APIs, Crypto Market Data APIs, and Exchange & Wallet account management APIs.
The Crypto Market Data API provides the most relevant crypto market data collected from more than 100 crypto exchanges.
Integrating Crypto APIs into the Chainlink
Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle and SWIFT) and leading smart contract development teams.
Consequently, we firmly believe that integrating Crypto APIs onto the Chainlink network will be vastly beneficial for the blockchain community as a whole. Crypto APIs can provide consistent and reliable off-chain market data sources to on-chain smart contracts using Chainlink’s decentralized oracle network. Additionally, increases the trust and reliability of smart contract technology.
“For us, working with Chainlink was a no-brainer” says Viktor Petrov, Co-Founder of Crypto APIs. “We have immense respect for Chainlink and the great work they have done in the blockchain field. Now, with Crypto APIs’ input, we hope this will be even more true in the future. We look forward to integrating our APIs with Chainlink.”