Chainlink will be integrated into the Plasm network
Polkadot announced the integration of Chainlink's pricing oracles (LINK) to its smart contract protocol developed on the Substrate framework, called Plasm
Improve Plasm efficiency
Polkadot announced the integration of Chainlink's pricing oracles (LINK) to its smart contract protocol developed on the Substrate framework, called Plasm. Plasm's main goal is to integrate smart contracts within Polkadot's modular design.
Sota Watanabe, CEO of Plasm, explained that Chainlink's pricing oracles will be used as a token distribution mechanism for the Plasm Lockdrop. The user must block Ether or Bitcoin in a smart contract to receive the Plasm tokens, which will be proportional to both the amount of the asset assigned and the duration of the block. Sota added: “If you have ETH or Bitcoin, you must block your ETH in Ethereum or you must block your Bitcoin in the Bitcoin network. So we need to get the price of Ethereum and Bitcoin on the Plasm network to issue the coins."
Polkadot supports the exchange of data between its parachains, however it is necessary to integrate real life applications that provide information from other chains or from centralized external sources. Sota claims that when Chainlink is integrated into Polkadot as a parachain, the Plasm network will improve its efficiency significantly.