Celo’s community has approved a proposal that now qualifies the protocol to join Chainlink SCALE.
Through this program, Celo can drive sustainability in its accessibility to robust Oracle services.

Chainlink (LINK) the leading decentralized oracle services provider has entered a strategic partnership with Celo Blockchain network as the latter seeks to foster sustainability in its ecosystem while also driving growth. According to a recent update from the Chainlink protocol, the Celo Community has officially approved a proposal for the Celo protocol to join the Chainlink SCALE in an on-chain vote with 99.9 percent approval.

We’re excited the #Celo community has officially approved a proposal for @CeloOrg to join #Chainlink SCALE in an on-chain vote with 99.9% approval.

This commitment is a cross-ecosystem win supporting blockchain and oracle sustainability for the long term. https://t.co/JBrxjqXe1K

— Chainlink (@chainlink) April 12, 2023

According to the proposal page which also showed the detailed voting snapshots, a total of 65,677,402 CEL tokens were committed to passing the proposal with just 0.1 percent of the voters, or approximately 45,000 CEL tokens voting against the move.

The Chainlink SCALE program, an acronym for Sustainable Chainlink Access for Layer 1 and 2 Enablement is an innovation that can help bring convenient Oracle services and products to functional smart contract platforms. Through the SCALE program, protocols will be able to cover the cost of operating nodes on Chainlink through the fees generated from using the protocol as a whole.

As blockchain ecosystems in the Chainlink SCALE program mature, the operating costs of oracle networks can increasingly transition toward being fully covered by dApp user fees. This moves dApp ecosystems toward a holistic and self-sustaining economic model that is more viable in the long term for all participants.

Through the ease that the Chainlink SCALE program will afford the network, access to robust and secure Oracle service will be cost-effective, well-distributed, and sustainable in the long run. With Celo officially joining the program, its developers will now have a more reliable tool at their disposal to innovate and float products that can access data from both the Web 3.0 and Web 2.0 worlds.

“Joining the SCALE program will establish a sustainable economic framework between the Celo and Chainlink ecosystems and provide a foundation from which Celo developers can build accessible, sustainable, scalable, and secure smart contract applications,” Celo detailed in the proposed update.

Expanding the Chainlink influence to Celo

Chainlink is not just the first decentralized oracle service provider in the crypto ecosystem, it is also regarded as the most functional and robust.

Since its inception to date, the protocol has been used to secure more than $7 trillion in assets and its use is diverse and cuts across different industries and ecosystems. While Chainlink is used to service almost all top-ranked crypto projects today, it is also deployed for sustainability and climate change-related products and services.

The Oracle service provider is also expanding its tentacles beyond the confines of Decentralized Finance (DeFi) and is bankrolling the art exhibition by the duo of Orange Comet, one of the leading Web3 game and entertainment companies, and 13-year-old child prodigy Joe Whale, better known as The Doodle Boy.

Today, many top companies are using the Proof-of-Reserve (PoR) solution from Chainlink, showcasing the broader opportunities that also lie ahead for developers within the Celo ecosystem.

Der Beitrag Chainlink partners Celo to foster blockchain and oracle sustainability adoption for a bright future – Report erschien zuerst auf Crypto News Flash.

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Filed under: Bitcoin - @ April 14, 2023 9:24 am