Chiliz will use the potential of Chainlink to automate the process of creating collector’s tokens for all Socios.com platform partners.
The role that Chainlink will play in Chiliz
At the outset, it is worth noting that the Chainlink project is a network of decentralized Oracle (translated by the “Oracle”). They are responsible for providing the external data that is necessary to run the smart contract, of course, once the predefined conditions are reached.
Chainlink’s highly decentralized Oracle network solves the problems faced by smart contracts (including the lack of external connectivity). The network of this project allows to easily combine intelligent contracts with data sources and APIs.
How will the decentralized Oracle work in Chiliz’s project? Well, they will allow to create NFT tokens (these are non-replaceable/collector tokens, issued in ERC-721 standard on blockchain Ethereum) based on real data and events. External information will therefore be provided in a secure manner.
It is also important that Chiliz has announced that it will launch and operate a Chainlink reference price agreement for CHZ/USD. This will allow him to provide accurate prices in the chain of conversion of these currencies.
This key price channel is secured by aggregation of seven nodes, each of which downloads data from different APIs aggregating information, ensuring the highest reliability of the CHZ token conversion.
– reads in a press release.
Even more excitement!
As is well known, the partners of Socios.com platform are big football clubs such as Juventus, FC Barcelona or Atlético de Madrid. Thanks to the partnership with Chainlink, Chiliz will be able to create NFT tokens in real time, reacting to sports events. For example, it will issue a limited amount of such digital collector coins when a player scores three goals in one match (commonly called hat-trick).
Let’s remember that this is not the first Chiliz nod towards NFT tokens. In February he announced his partnership with Enjin – equally exciting! This effort focuses on developing collector’s items (these will be ERC-721 tokens) for Socios.com platform partners. According to Alex Dryfus (CEO of Chiliz), NFT tokens will play a key role both in 2020 and beyond. He revealed that the project has already attracted a significant number of partners. Limited editions of digital collector’s items will soon be created.
And what did Dryfus have to say about the new cooperation with Chainlink? In his opinion, this is the next big step! This integration will allow Chiliz to react to current events from the world of sport in real time. This, in turn, involves providing a limited number of NFT tokens to commemorate the event.
[…] These moments cannot be predicted or reproduced, and this gives these tokens real collector’s value.
– highlighted Chiliz CEO
Token LINK has achieved a new ATH
Yesterday’s day brought us a lot of excitement. Chainlink’s Token LINK has reached its new record price level! It was $4.95 a coin. The current rate is $4.76 (2:35pm).