Today Hedera announced that Chainlink Labs is the twenty-first member of its governing council, which is dominated by major enterprises. Hedera is a decentralized public network where anyone can build applications, but only nodes operated by governing council members can write to the distributed ledger.
Most of the existing council members are large firms such as IBM, Google, Boeing and Nomura. In contrast, Chainlink is very much a web3 startup. It’s the major oracle provider to many of the highest profile public blockchain projects.
In a centralized world, software programs often use external feeds for data like exchange rates or stock prices. In the decentralized world, blockchains use oracles, which are similar to feeds. Chainlink provides decentralized oracles, which have a twist. Instead of relying on a single data source, most of them rely on multiple sources or nodes to ensure resilience. If a corrupted feed is used by a smart contract that is entirely autonomous, it could have an enormous financial impact.
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