NULS to Integrate Chainlink to Empower NULS/Nerve Developers to Build Next-Generation DeFi…

This article was first published on Stories by NULS on Medium

NULS to Integrate Chainlink to Empower NULS/Nerve Developers to Build Next-Generation DeFi Applications

NULS and Nerve are delighted to announce the planned integration of Chainlink, the market-leading decentralized oracle network, into the NULS ecosystem. NULS will use Chainlink to obtain secure and reliable market data for developing DeFi products on the Nerve Decentralized Digital Asset Service Network, as well as source real-world events for building next-generation dynamic NFTs.

Integrating Chainlink will allow NULS/Nerve developers to securely access data and resources existing outside the NULS blockchain (off-chain). Not only will this exponentially expand the types of applications that can be built within the NULS ecosystem, but it ensures that Dapps are able to avoid the major pitfalls of deploying their own oracles, such as data manipulation attacks, unreliable data delivery, extra expenses, and even fatal security flaws due to the many nuances involved with building secure oracles. By relying on Chainlink’s proven oracle framework, NULS and Nerve developers can focus on building the core features of their Dapps, while leaving the critical work of obtaining off-chain resources to oracle experts in Chainlink.

The Importance of Secure Oracles

Smart contracts have no built-in capability to interact with external resources like data providers, API services, and other blockchains. Thus, smart contracts are born disconnected from the outside world and inherently unable to know the outcome of everyday real-world events.

The solution to this smart contract connectivity problem is a blockchain oracle. Oracles act as a two-way bridge between smart contracts and the outside world, serving as middleware that’s tasked with retrieving external data on behalf of the smart contract and pushing smart contract outputs to off-chain systems.

However, there is one fundamental problem, the security and reliability of the oracle mechanism. Even if the blockchain is decentralized and the smart contract code is flawless, having ...

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