Home » News » Cryptocurrency » Chainlink » Consensus Cell integrates Chainlink’s ETH/USD data for its prediction game Consensus Cell integrates Chainlink’s ETH/USD data for its prediction game This integration will let Consensus Cell create more apps using Ethereum smart contracts.According to Consensus Cell, Chainlink offers security, reliability, and quality data.Consensus Cell also intends to use Chainlink oracles in its upcoming decentralized lending platform.
Consensus Cell Network has joined hands with Chainlink to integrate the firm’s leading decentralized oracle live network on the Ethereum mainnet.A blog post unveiled this news on July 29, noting that this move marks a significant milestone in dApp development.Consensus Cell Network went on to state that this enabled the launch of its prediction market, which uses Chainlink’s ETH/USD price reference data feed to settle ETH price predictions that users have made.
According to the blog post , this first step in a larger integration of Chainlink’s price reference data feeds in Consensus Cell Network’s decentralized lending platform that is set to go live later this year.
Consensus Cell Network noted that through using trusted off-chain data feeds via Chainlink-powered decentralized oracle networks, it will be able to fill the gap between blockchain environments and significant datasets in the real world.In so doing, the network will be in a position to create more retail and enterprise-focused applications leveraging Ethereum smart contracts.Reasons for picking Chainlink
Explaining why it chose Chainlink, Consensus Cell outlined three reasons.
These are;
Security and reliability: Expounding on this the blog post noted that Chainlink boasts more than 30 independent and Sybil-resistant nodes that have undergone thorough security review.On top of this, the network has hundreds of community nodes.As such developers can use Chainlink’s framework to create decentralized oracle networks that don’t have any single point of failure at the node level.The publication further stated that Chainlink’s ETH/USD price reference feed features 21 nodes to prevent any single node or small group of nodes from corrupting the price feed.
Data quality: Chainlink nodes reportedly source data from API’s managed by professional data providers.In turn, developers get access to quality data and service infrastructure.This includes accurate crypto prices, foreign exchanges, commodities, and indexes.
According to Consensus Cell, this feature unlocks an infinite number of applications for its DeFi dApps.
Industry pioneer: Consensus Cell Network concluded that Chainlink is the pioneer in creating decentralized oracle networks.
Due to its reputation, the network provides a varied set of secure and reliable oracles to big enterprises, leading blockchains, and top dApps.
Commenting on Chainklink’s reputation, Consensus Cell said,
“We feel very confident selecting the market leader, which allows us to focus on Dapp development instead of being bogged down with trying to develop our own oracles or worrying about less secure and unproven solutions.” Dual-faceted integration
Per the blog post, Consensus Cell will utilize Chainlink’s decentralized Oracle networks fully to get trusted data.This data will then support two of the network’s existing use cases.These are decentralized gaming and DeFi.
Explaining how it will use Chainlink oracles in decentralized gaming, Consensus Cell said its price prediction game, which went live today will let users predict the future price of ETH.The network would then use Chainlink’s ETH/USD price reference feed to determine the winners of the game based on their answers.
Regarding the applications of Chainlink oracles in DeFi, Consensus Cell said it is planning to roll out collateralized lending and borrowing operations in Q4 this year.Through this system, Consensus Cell aims to provide a decentralized crypto banking system wherein users can deposit an eligible amount of crypto to earn interests while collateralizing the deposited amount for loans in crypto..
