25 Chainlink Oracle Networks Are Running On Ethereum

There are currently 25 chainlink oracle networks that run on the Ethereum blockchain and this will provide the developers a higher level of secure data which will boost DeFi and will drive down the costs according to the CEO of Chainlink Sergey Nazarov.

Following the latest chainlink news today, the decentralized oracle network provider published a list of price reference data for 25 Chainlink oracle networks which shows a huge increase from the seven networks back in October. The platform topped a poll of blockchain projects that are expected to make a lot of progress in 2020 since the platform now allows developers to securely launch a smart contract by implementing the off-chain price data into the on-chain applications which are then verified by a decentralized oracle network.

With the number of oracle networks rising, Chainlink is becoming a valuable public resource as per the CEO Sergey Nazarov. He added:

 “There’s been explosive growth in the amount of oracle networks available,” he added “data rich environment of inputs that people can easily use,” will help boost the Defi applications development.

The platform uses non-collateral loan provider Aave; Loorping which is an open protocol for non-custodial exchanges and another Synthetix platform that hosts the on-chain synthetic assets. These assets are ERC20 tokens that track the value of assets such as gold, indices, and stocks in the real world. The users such as the Synthetix platform brings new oracle networks to the platform and the feeds that the platform requested can now be simply accessed by any other dapp for a smaller few which will lead to greater utility and low costs for everyone. Nazarov said that it is much cheaper now to use an oracle network with 7-21 nods than to broadcast from one node:

 “Using our local networks costs people much less than it does for them to broadcast the data themselves, and they get multiples more security by using us.’’

The new resource also has a very simple and user-friendly interface for infrastructure information and the current historical data of the oracle networks which secure the prices which can be read more on in the blog post:

 “We’re making a public good that people need, and, as enough people use the public good, it becomes its own economically sustainable public resource.’’