By Jeremy G
Edited by Kenneth K.
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Clarence Liu, VP of Development for Elastos, joined Chainlink’s Keenan Olson in conducting a Q&A for both of their respective communities. The Vulcan Link and Elastos’ relationship budded at ETH Denver when Clarence and Vulcan Link’s Leo Vigna were teammates in a hackathon, both making it into the top 3 projects.
Clarence spoke about the most exciting upcoming Elastos developments, explaining that Elastos has been working on building bridges to big ecosystems such as Ethereum and Filecoin. There are 70 core engineers working on the Elastos infrastructure and DeFi is one of the main focuses.
Since then, Chainlink’s Vulcan Link successfully passed a proposal through Cyber Republic to build a Proof of Concept Oracle price feed of ELA/USD. Visit https://elastos.feeds.link/ to check out the decentralized price oracle using the Elastos Ethereum Side Chain.
Vulcan Link has shared frequent team updates on the Price Feed oracle along with plans for a sustainable oracle ecosystem on the Elastos ETH sidechain.
The first update includes “setting up a periodic ELA/USD feed currently triggering every 10min and fetching data from coinmarketcap and coinapi”. Vulcan Link also helped easily onboard new Chainlink Operators onto Elastos by providing an ELA ETH Side Chain Web Socket Endpoint which allows Operators to not have to use their own nodes for testing purposes. Vulcan Link assembled various resources such as Docker Image for the ETH Side chain and a Helm Chart which allows Operators to run their own ETH Side Chain with as little as two commands. A summary for Chainlink Operator onboarding onto Elastos can be found here.
Vulcan Link’s 2nd update consisted of progress in “making Reference Data contracts easily accessible to the Elastos community through elastos.feeds.link”. They built a fork of the Chainlink Reference Data UI that connects directly to the Testnet Elastos ETH Side Chain with all the open source code provided on Github. The ELA/USD price feed is updated every hour and fetches data from Coinmarketcap and Coingecko. Alternative APIs will be incorporated down the road including a direct Huobi adaptor.
Additionally, a second official Chainlink Operator has ported over to Elastos called “Secure Data Links”. This Operator has operated the majority of the Chainlink Ethereum Reference Data Contracts for about a year. Vulcan Link is excited as Secure Data Links is “an experienced and trusted node operator which will greatly contribute to the bootstrapping of oracles on Elastos Sidechains”. Secure Data Links is based out of Australia with a dedicated website, and more operators may be coming down the pipeline.
Clarence summarizes Elastos’ advantages as a platform to build dApps:
- Elastos’ mainchain is secured by at least half of Bitcoin’s hashpower with tools to accommodate storage, peer-to-peer messaging, and possess an EVM (Ethereum Virtual Machine) compatible chain.
- Elastos’s unique consensus consists of AuxPow and DPoS. It would cost more money to attack the Elastos network than it would Ethereum’s, the number two cryptocurrency in the world. Traditional DPoS blockchain networks mint and vote on the same chain which leaves users susceptible to a 51% attack as the attacker can vote for themselves and take over the network.
- Elastos Runtime serves as a protected sandbox layer which prevents any DDos attacks or breaches within the ecosystem. The Ethereum Side Chain replaces the PoW consensus of Ethereum and replaces it with DPoS. Clarence hopes to accomplish 5 second block times in the near future in order to increase scalability.
- Inherently, Elastos is a digital asset focused infrastructure that can seamlessly act as a bridge between NFTs, DeFi, and other chains, making it more versatile than most blockchain networks.
- Along with unique technology, Elastos has a community run DAO called the Cyber Republic. 11 Cyber Republic Consensus Council members were selected to make decisions that would best serve the Elastos and CR community.
- Elastos has its own DID (Decentralized ID). As everything in Elastos is linked to DID, privacy and trust is baked into the platform. DID can link an individual to their personal files, logins, emails, and much more. DID integration continues to progress well and serves as a very integral pillar within the overall infrastructure.
- In the roadmap, several significant milestones are fast approaching. Elastos Foundation will step down next anniversary, creating further decentralization and solidifying Elastos as a community-driven platform. With years of development already achieved, by the middle of 2021, Elastos’ capabilities will be fully available.
- Clarence would like to see CR create a proposal for developers to easily create their own side chains with independent side chains for each dApp. DeFi proposals are likely to encourage fundamental building blocks on Elastos such as ELA mask (Elastos’ version of Metamask), token bridges, and oracles.
Clarence and Chainlink shifted the topic back to their mutual cooperation in building an oracle ecosystem on Elastos. Clarence presented use cases like real world data, logistics, and, for example, royalty programs through smart contracts as an interesting use case in need of Chainlink oracles. With the right integration, several pieces of the developer experience could become simplified on Elastos.
Elastos is growing closer to becoming the ultimate interoperable dApp builder with a wide suite of tools. The future between Elastos and Chainlink is bright and could lead to more scalable and secure oracles in the near future.