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RIF Gateways & Chainlink: Decentralized oracles on top of Bitcoin’s network
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RIF Gateways has just announced its integration with Chainlink. While the vast majority of Ethereum-based smart contract platforms are integrating blockchain oracles into their ecosystems, RSK stands out by being the first Bitcoin-based smart contract platform to bridge the gap between data oracles and the most-trusted cryptocurrency in the world.
With this integration, developers will be able to make the most of the wide range of opportunities that Chainlink provides while at the same time capitalizing on the security of Bitcoin’s network.
Chainlink data will be ported to RSK through RIF Gateways, an interoperability framework that is designed to let developers access a broad array of data from other blockchains and the external world. Chainlink is the decentralized oracles kingpin in the Ethereum-based DeFi space, and now with this new integration, RSK is bringing the oracles industry leader to the DeFi for Bitcoin landscape.
The launch of RIF Gateways brings EVM DeFi solutions to bitcoin (BTC) holders along with all the benefits of holding the world’s most trusted cryptocurrency, including the Proof-of-Work (PoW) consensus algorithm-induced security.
RIF Gateways ecosystem will leverage Chainlink’s oracles to establish a bridge between its smart-contracts and off-chain data-providers, web APIs, Internet of Things (IoT) networks, payment systems, and more. This way, RIF Gateways would help the broader RSK blockchain ecosystem develop increased functionalities across a vast number of industries, including supply chain, finance, banking, and insurance, among others.
This integration expands the possibilities for both Chainlink and RIF developers. The RSK to Ethereum bridge enables users to seamlessly transfer their LINK tokens between the two chains. Besides enhancing RSK network’s value, this gives Chainlink nodes access to a much wider and diverse marketplace for oracle solutions.
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Chainlink is the industry-standard oracle platform bringing the capital markets onchain and powering the majority of decentralized finance (DeFi).
