IOV Labs has integrated Chainlink Oracles into the RSK smart contracts platform as part of its RIF Gateways service. This provides developers access to oracle infrastructure for connecting their smart contract applications to resources outside the RSK platform (off-chain).
This RIF Gateways launch allows to bring fully compatible EVM DeFi solutions to Bitcoiners, with the added benefit of being secured by Bitcoin Proof-of-Work. Chainlink is a key component of DeFi on Ethereum, with this integration meaning it is now also available as part of DeFi for Bitcoin on RSK.
You can learn more about RSK integrating Chainlink via this technical demo which was recorded at The Smart Contract Summit.
Chainlink is the most widely used and reliable oracle protocol in the blockchain space, trusted by leading smart contract development teams and enterprises alike. We plan to use these oracles to connect smart contracts to off-chain data providers, web APIs, IoT networks, payment systems, and more. This allows decentralized applications to fully integrate with the real world and power tangible solutions in finance, supply chain, and insurance, among others.
We have already integrated Chainlink at the infrastructure level, deploying their smart contracts on the RSK blockchain. This integration is live on TestNet and was completed in only a few weeks thanks to the high modularity of the Chainlink protocol and help from the Chainlink team. We are already actively testing reference contracts for prices like RIF-USD and utilizing the RSK-Ethereum blockchain bridge that allows LINK tokens to be transferred from Ethereum to RSK.
This integration not only provides value to RSK, but also benefits Chainlink node operators by giving them access to an additional blockchain environment to provide oracle services too. This results in a higher volume of transactions and additional revenues, further consolidating Chainlink’s position as the most relevant and widely used data oracle protocol in the blockchain ecosystem.
This collaboration demonstrates to the overall blockchain community that it is possible to implement technology protocols that can spawn across multiple blockchains. It’s a clear example of how joint efforts can strengthen and improve both technologies, and collectively fulfill the vision of a more decentralized, transparent, and fair world.
View on GitHub: https://github.com/smartcontractkit/chainlink-RSK
We expect the MainNet launch to be completed by September 2020.
The RSK Ethereum Bridge
The token bridge between RSK and Ethereum allows you to transfer ERC20 tokens back and forth between both networks. This enables RSK applications to incorporate ERC20 tokens while taking advantage of RSK’s lower fees, more secure network, and/or different consensus mechanism when desirable.
This opens the doors for interoperability between the two largest blockchain networks. Bitcoiners can move their BTC to RSK as well as build DeFi products secured by Bitcoin using the bridged tokens from Ethereum.
- RSK Devportal: https://dev.rootstock.io/tools/tokenbridge/
- Token Bridge GitHub: https://github.com/rsksmart/tokenbridge
A Deeper look into RSK and RIF
Rootstock(RSK) is the first smart contract protocol secured by the Bitcoin blockchain, making it a highly secure environment for building decentralized applications. It’s a Bitcoin sidechain that uses an Ethereum compatible EVM to provide developers with all the tooling logic of the Ethereum ecosystem yet keeps transaction consensus and ledger updates on the Bitcoin blockchain.
RSK Github: https://github.com/RSKSmart
RIF Gateways (one of the core components of RIF) is a set of interoperability protocols that aim to provide a simplified and unified experience for developers needing any collection of oracle or data services. They abstract away development complexities so developers can quickly plug and play these off-chain services into their own applications. As such, we are integrating Chainlink as a RIF Gateway service to allow RSK developers to deploy Chainlink oracles for tamper-proof off-chain resources, such as RSK-powered DeFi applications swiftly integrating new price feeds.
A Deeper look into Chainlink
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
It offers several attractive features for RSK developers including:
- A large collection of independent, security reviewed, and Sybil resistant node operators; developers can leverage this existing node infrastructure to build their own customized oracle networks
- Access to high-quality data via their external adapter technology; Chainlink Nodes can handle credentials, which is a requirement for retrieving data from any premium API that requires a paid subscription or authorized access
- Decentralization at both the oracle and data source level; developers can utilize an aggregation of multiple oracles (nodes) and data sources to ensure data delivery and data sourcing is highly available and manipulation-resistant
- TLS verification techniques through it’s licensing of Town Crier; advanced cryptographic technologies may become useful in enterprise applications that require data privacy and data integrity guarantees from single-source data
Several of these features are already being applied to oracles networks used in production by live applications to secure worth hundreds of millions of dollars in value. Most notably in Chainlink’s Price Reference Data networks for DeFi price feeds and Chainlink’s Verifiable Random Function (VRF) for fraud-proof random number generation (RNG). We can use these proven oracle design patterns and apply them on RSK to make reliable price data and verifiable RNG available to our developers.
If you’re a developer and want to connect your smart contract to off-chain data and systems, visit their developer documentation and join their technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out to Chainlink here.