On Tuesday the 26th of November 2019, Ontology (ONT) announced a brand new partnership with Chainlink (LINK) in an effort to bring more transparency and greater data accuracy through the use of Chainlinks secure data Oracles. Ontology is yet another project joining the Chainlink ecosystem and joins projects like Wanchain, Factom, Celer Network and many more crypto projects.
Oracles are a hot topic as Developers require trusted sources for the data feeding into their smart contracts. Chainlink is the go-to option for Developers as of right now and for good reason, Chainlink has partnered with many trusted cryptocurrency projects and is currently being utilized in real applications. Chainlinks Oracles ensure that data being fed into a smart contract is accurate and current as although smart contracts are secure, they’re only as secure as the data being fed to them. Oracles are ranked by reputation and are completely decentralized, making it incredibly hard for bad actors to inject false data to trigger and contract action.
We’re excited to partner with @OntologyNetwork, one of the premier enterprise-focused #smartcontract platforms in China. Chainlink will provide developers building on Ontology with secure & reliable oracles to bring data-driven automation to global markets.Chainlink Twitter
While Chainlink carries on building with Ontology, it’s yet to be seen how or even if competitors will be able to catch up in terms of business and networking partnerships. While there are some smaller projects like Zap (ZAP) working on similar Oracle based platforms, it remains to be seen whether Chainlink will have any serious competitors in the near future. For Investors, this recent Ontology partnership is just another reason for them to celebrate as Chainlink continues to move forward at a rapid pace.
About Ontology (ONT) – Ontology enables a decentralized network environment that solves key issues of identity security and data integrity. Data sharing and productive collaboration is maximized by assuring that users can trust one another. Ontology supports a complete distributed ledger system, including core distributed ledger, smart contract system, cross-chain solution, sharding and security system.