We are pleased to announce that we have partnered with the leading oracle network Chainlink and received funding from their MD David Post as one of our Angel investors. Oracles are an integral part of the Azuro protocol and we are excited to know we have the industry’s best onside to be able to bring such a high-level product to decentralized betting.
Blockchains have no direct link with any centralized servers and this is something that won’t change. By linking a blockchain with an AWS server for example, it goes against the whole reason blockchain was developed — to be decentralized. This however poses an issue when we require real-world data to implement changes or trigger actions on the blockchain. So how do we bring that data on-chain without centralizing the network?
Chainlink’s solution provides off-chain data to decentralized smart contracts on blockchains, using a safe and secure oracle network to provide accurate data.
To put that in more simple terms; Chainlink enables pulling any real-world data such as crypto prices, weather or sports results and inputting it onto smart contracts. A decentralised network of Chainlink Keeper nodes automates feeding the live data to any chosen smart contract on a specific blockchain.
Data can also be output onto any chosen front-end or decentralized application (dApp) creating the perfect setup for prediction markets or decentralized betting.
Azuro x Chainlink
Azuro has decided to take advantage of the power of Chainlink oracles. We will use this technology to import odds and results which enables the automatic creation of events and markets and for the settlement of lost and won bets. Secure and tamper-proof oracles acting as the bridge between the centralized and decentralized worlds allows for us to bring a transparent, permissionless and trustless betting experience that traditional betting is lacking.
Azuro currently has one Chainlink keeper node running with plans to expand to many more, including oracles from other networks. Having multiple oracles and data providers will enable us to provide a safer protocol that is not reliant on a single source. Multiple oracles will mean there can’t be a single point of failure and will also allow for us to create a consensus mechanism where all oracles on the protocol will be able to validate results ensuring that payouts are correct and fair.
Chainlink is at the heart of our mission to bring decentralized betting to the masses and we look forward to working with them at our launch on mainnet. The future of decentralized betting is coming and we are happy Chainlink are here to help.