At the Cardano Summit over the weekend, Charles Hoskinson, founder of the Cardano blockchain developer (IOHK) has announced partnership with Dish Network and Chainlink. Dish network is one of the biggest telecom and wireless service provider in the US. And talking of chainlink maximum of crypto projects are fail without chainlink network. As most of them use chainlink data feeds. So as a result these partnership will play an important role in Cardano’s success. Let’s check in detail about these projects.
What is Chainlink?
ChainLink helps in bringing “off-chain” data or real-world data to “on-chain” or blockchain. It is categorised into oracle crypto or oracle projects. Oracle projects helps within the transfer of data from real-world to blockchain. ChainLink is an abstraction layer that enables universally connected smart contracts. ChainLink is one of the first networks to allow integration of off-chain data into smart contracts.
Let’s understand this with a real-life example, As we all know there are number of crypto projects currently in the market and most of them use different programming languages. For Example:- Solana uses Rust, Cardano uses Haskel, Ethereum uses Solidity, and many more. So to connect these we need external data feeds so that data can be transferred from one project to another. Here comes the working of chainlink. Smart contracts deployed on chainlink network are universally deployable irrespective of any blockchain.
Why is Chainlink important?
Chainlink to integrate oracles for advanced smart contracts. It will help Cardano developers to build smart contracts for secure Decentralized Finance (DeFi) applications. It will also provide real-time market data for developers building on the Cardano blockchain. Access to the databases will be supplied by Chainlink’s decentralized oracle networks that offer tamper-proof, high-quality data to blockchains. These data sets allow developers to build smart contracts that can be executed around esoteric data such as election results, sports statistics, crypto price feeds, weather, etc.
Role of Dish Network Partnership
U.S. based TV and wireless service provider Dish Network has stated that they have entered a deal with Cardano regarding integrating Cardano blockchain into its telecom business. Cardano will help Dish provide 8 million digital identity services to dish customers. Furthermore, Dish network is also planning to develop a blockchain-based loyalty program for its customers, similar to those deployed by airlines. The use of blockchain can help Dish accelerate the loyalty program’s adoption to the levels that airlines have taken decades to reach.
Cardano has already planned about providing digital identity services in Africa. It is also planning to provide digital banking services to people of Africa where it is not accessible currently. Going to near future if identity service becomes digitalized and moves to the blockchain, then it will become tamper-proof and Cardano can become one of those networks which can set an example for other countries as well.
Finally, Hoskinson also addressed Africa in Cardano Summit. According to him, the continent will develop decentralized systems and institutions in the next five to 10 years that are likely to be superior to those in the U.S. and other parts of the world. To get started in Africa, IOHK has created a new Africa-based fund that is investing US$6 million to finance innovative blockchain projects.
This step is going to help Cardano in a different way. So does that mean that dish customers will buy and hold Cardano? The answer is no, Here we are not discussing Cardano token. We are discussing about usability of the Cardano network. As a result of this deal, a large number of customers will be exposed to Cardano blockchain. So what do you guys think about these deals of Cardano? Please share your valuable thoughts in the comment section below.