When blockchain technology came onto the scene many people saw it as the holy grail of technology, promising a new era of digital security and exchange with seemingly endless applications. While that has mostly been the case up until now, it’s certainly not news that blockchain technology has its issues. One major deficiency we currently face with modern day blockchains is that so many of them have a hard time bringing reliable information on-chain and into Smart Contracts. Luckily the Paralink Network team has been working hard on solving this problem.
The Oracle Problem
In many circumstances it has been tough for individual blockchains to communicate with one another. Without communication, these chains are unable to be utilized for prediction markets, governance, and adjudication. Luckily there are projects out there that are well aware of the oracle problem and are doing something about it.
Paralink Network uses a proprietary solution to solve the oracle problem that utilizes its very own Paralink Query Language (PQL). By using PQL to query SQL databases and access API’s they can scrape useful data from not only websites but also from other blockchains. In addition to that, PQL also has built-in validation, data aggregation, and interpolation rules that merge all that data together in one neat and tidy package.
First Polkadot Partner
The Paralink Network cleverly utilizes Polkadot as a rapidly growing solution to the nagging problem of blockchain interoperability. Polkadot serves as a connection layer to enable connectivity of all blockchains and the ability to harvest data as well as transact on multiple blockchains with different protocols.
Polkadot is a game-changer providing not only revolutionary interoperability but also pooled security making it easier for Paralink Network to work its magic.
HedgeTrade Lists Paralink Network as its First V3 Asset
With V3 HedgeTrade already being developed, we are pleased to announce that Paralink will be the very first asset listed in our newest edition of the HedgeTrade platform. This exciting listing means users can have full access to revolutionary data streams aiding them in the trading of assets like never before.
Stay tuned for more!