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Chainlink oracle, data feeds coming to StarkNet ecosystem

StarkWare is set to partner with Chainlink Labs to integrate oracle services and data feeds to the StarkNet testnet.

Blockchain scaling technology firm StarkWare is set to partner with Chainlink Labs to bring oracle services, data and price feeds to the StarkNet ecosystem.

The coalition will see StarkWare join Chainlink’s Scale program and brings Chainlink price feeds to StarkNet’s testnet. StarkNet tokens will also fund certain operating costs for Chainlink oracle nodes, giving Starket developers access to Chainlink oracle services and data feeds.

Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data sources, APIs and payment systems. It allows smart contracts to interact with real-world data and events, making it possible for them to be triggered by data from external sources.

The network features independent nodes that provide secure and reliable data to smart contracts, incentivized by payment in Chainlink’s native LINK token. Node operators verify and perform data computations, which ensures accurate and reliable data is delivered to smart contracts.

Related: StarkNet overhauls Cairo programming language to drive developer adoption

An announcement from StarWare highlights the establishment of a sustainable economic system between StarkNet and Chainlink. The integration is also expected to provide the necessary infrastructure for StarkNet developers to build “highly performant, increasingly complex, and secure smart contract applications.“

StarkWare product manager and researcher Ohad Barta told Cointelegraph that work to introduce Chainlink’s oracle services to StarkNet has been ongoing since June 2022. Various oracle services will be integrated into StarkNet, according to Barta, highlighting the benefit of diversity in smaller and larger oracles serving the network:

“Oracles are an essential component, they are relevant in many use cases. A lot of applications need to know the price of assets or NFTs. Oracles are like a complete toolkit.”

Barta also believes that the reputation of Chainlink’s services within the Ethereum ecosystem is another major reason for the integration with StarkNet:

“The main benefit is any application or startup can integrate with Chainlink price feeds and know it will be accurate and have some peace of mind when they are building their product.”

A statement from Chainlink co-founder Sergey Nazarov highlighted the partnership’s potential in Chainlink oracle networks operating at high speeds and low costs for Starknet users and developers:

“By reducing the operating costs of oracle nodes, StarkNet is able to accelerate its ecosystem’s growth and become a more attractive environment for building scalable DApps in the Web3 ecosystem.”

Chainlink data feeds are live on StarkNet’s testnet, with a mainnet integration expected in the coming months. Cointelegraph is currently covering StarkWare Sessions in Tel Aviv, Israel, where the company announced that it would make its proprietary Starknet Prover open source. The prover is the engine that StarkWare uses in its zero-knowledge roll-up technology.

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From the valley to oasis: Swiss and Dubai crypto associations team up

A partnership between the two cities' blockchain associations will aim to connect businesses and foster growth in the sector.

Switzerland-based Crypto Valley Association will partner with Dubai’s Crypto Oasis to collaborate in the ongoing development of the blockchain industry in both countries.

The Crypto Valley Association (CVA), based in the Swiss Canton of Zug’s self-proclaimed ‘crypto valley,’ will spearhead the partnership with its counterpart in Dubai to connect a growing group of blockchain communities in Switzerland and the Middle East.

Both associations were founded by Ralf Glabischnig, who played a major role in Zug's establishment as a center for blockchain and cryptocurrency organizations. The likes of the Ethereum Foundation were born in the area, as Cointelegraph Magazine previously explored.  The new partnership between the Swiss and UAE-based associations is set to establish connections and information sharing between businesses in both countries.

Crypto Oasis’ co-founder Faisal Zaidi will spearhead the CVA-led initiative in Dubai, which already has more than 1,100 UAE-based organizations involved in its growing ecosystem. Zaidi highlighted Dubai’s efforts to emulate Zug’s adoption and promotion of blockchain-based businesses, products and services in a statement from the announcement:

“This alliance will connect a fragmented blockchain world by connecting Switzerland, which is at the forefront of disruptive technology, with the Middle East, which is all set to become the new hub for crypto and blockchain.”

CVA has already carried out a similar initiative, setting up a Latin American chapter in July 2022, which taps into the burgeoning cryptocurrency and blockchain sector in South America.

According to the announcement, CVA has extended an invitation to the Dubai International Financial Centre to visit Zug to identify blockchain organizations that could potentially migrate to the United Arab Emirates to bolster its growing ecosystem.

The Dubai Crypto Oasis is looking to increase the number of blockchain and cryptocurrency companies within its ecosystem to 1,500 by the end of 2022. In contrast, CVA's ecosystem took nearly six years to surpass the 1,000 mark.

From a regulatory standpoint, Dubai introduced new laws in March 2022 to enhance investor protection and create governance standards for cryptocurrency-related businesses to operate in its jurisdiction.

Around the same time, major cryptocurrency exchange operators Binance and FTX were granted licenses to operate and establish headquarters in Dubai.

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