QANplatform, a quantum-resistant blockchain platform, today announced the planned integration of Chainlink, a decentralized Oracle network that enables smart contracts to securely access off-chain data flows, web APIs and payments. traditional banking.
By bringing Chainlink’s leading Oracle solution to QANplatform, QAN developers will be able to create more complex smart contract designs that leverage resources external to the QAN blockchain platform.
Powered by the fintech blockchain brand Centrum Circle, QANplatform is a quantum resistant blockchain platform that uses Lattice-based cryptography, which makes it resistant to quantum attacks.
Although QANplatform offers many security properties that make it attractive for long-term viability, like all other blockchain platforms, it does not have the ability to interact with data and systems that are not on the market. QAN blockchain.
Blockchains alone can only perform calculations on data stored on their networks while maintaining security. This represents a major obstacle to blockchain development, since most smart contracts have to interact with external resources to create value.
For example, derivative contracts must know certain market data before deciding which part will be paid and how much. This also extends to IoT data that plays a role in smart insurance contracts, with interest rates being crucial for loan applications and much more.
Since the most reliable data sources often exist on non-blockchain systems, there must be a way to access them in order to secure the blockchain itself. This is known as the Oracle problem and Chainlink is the first Oracle solution for most of the blockchain ecosystem.
An oracle is a digital agent employed by a smart contract to recover and / or connect it to data and systems outside its native blockchain (off-chain). Oracles enables this off-chain connectivity for the smart contract by reformatting external connection points (APIs) so that two different software applications are compatible for exchanging data. Oracles can then extract data from the smart contract and / or perform actions on external systems based on predefined instructions and endpoints.
Chainlink goes even further by adding decentralized security to the Oracle mechanism triggering a smart contract. With Chainlink, developers can protect themselves from a centralized oracle as a single point of failure by decentralizing the data delivery process using multiple oracles to gather the same data point and then aggregate their responses.
They can also protect against a data source being the only source of truth by collecting data from multiple sources and aggregating it using custom models, such as averaging, eliminating outliers, etc.
By combining QANplatform’s highly secure and quantum-resistant blockchain with Chainlink’s decentralized Oracle network, users have access to a secure and reliable end-to-end solution that is fully connected to the real world. This allows QANplatform developers to create logic based on real situations, which represents enormous added value for the network.
The potential use cases that QAN envisions after integrating Chainlink include:
- Decentralized QARK / USD price sourcing to allow companies to calculate transaction costs in USD, while paying with QARK on the backend.
- Secure connection to IoT devices to open new insurance, supply chain and logistics products.
“I think giving developers the ability to create smart, efficient contracts in a timely manner is a necessary step towards achieving the desired goal of mass adoption.” We can only achieve this by integrating the real world and coexisting with platforms that people are already using. Thanks to Oracle solutions from Chainlink, we can do this with QAN. In addition to our multilingual smart contracts, developers have everything they need to successfully adopt. “
– Johann Polecsak, CTO and co-founder of QANplatform
This latest integration demonstrates another important step in QAN’s journey to provide multilingual quantum-resistant solutions to companies wishing to adopt blockchain technology.