GenShards ties up with next-gen Multi-chain oracle platform Paralink to source secure and reliable price feeds
Genesis Shards is happy to add a valuable partner to its ecosystem — Paralink Network. Paralink Network offers a high quality multi-chain oracle platform for DeFi and other blockchain applications and is powered by Polkadot.
Oracles are a valuable mechanism that are used for prediction markets, supplying users with real-time asset prices and additional valuable data. Paralink is a parachain with oracle quorums for Polkadot, providing reliable and trustworthy data sources to other parachains, such as real time price feeds for decentralized markets. The Paralink Node supports Ethereum and Plasm, with more networks in the pipeline. Applications that require the highest degree of security can use Paralink on-chain consensus algorithm, running on Polkadot Substrate.
The revenue of trusted oracles as well as on-chain oracle quorums is highly dependent on the reliability and accuracy of the data. Paralink network is a permissionless system, therefore free market forces will always ensure that the revenue is re-allocated from underperforming oracles to the competent ones, ensuring high-quality data feed. The on-chain aggregation and validation adds an additional layer of security and data integrity to Paralink.
📌 For Genesis shards, Paralink network would become a source of secure and reliable price feeds and for importing real world data from official and 3rd party sources . Paralink entropy as a service inherently provides high quality hardware based randomness to users.
📌 For Paralink, the partnership opens the doors for it to become a Genesis Shards strategic ecosystem partner. This would enable Paralink to potentially forge partnerships with promising early-stage DeFi projects within the Genesis ecosystem.
“We are glad to announce our partnership with Paralink. The collaboration will provide GS access to their multichain oracles for high quality data feeds. With data being a significant aspect in the world of blockchains, employing on-chain consensus to deliver a high level of security is important. This is a major attribute of the Paralink Network ”
Nilotpal Mukherjee, Genesis Shards Co-founder
“Paralink is delighted about our new partnership with Genesis Shards. With this partnership, Genesis Shards & their partners will gain access to our robust data infrastructure to get reliable and accurate price feeds.
Jan Knežević, CEO — Paralink
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About Paralink
Paralink Network offers a multi-chain oracle platform for DeFi and other blockchain applications. Applications that require the highest degree of security can use Paralink’s on-chain consensus algorithm, running on Polkadot Substrate.
Paralink’s flexible node design allows developers to query for real-world events, sports, weather, random numbers and more. Developers can create custom queries using Paralink Query Language and connect smart contracts with traditional APIs within minutes.
About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens.
The next major steps in Genesis’s journey will be announced soon ! Keep an eye on this space for updates.
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