To reliably secure data and ensure the stability of its ecosystem, Keep3r plans to integrate Chainlink. The network will now use decentralized Chainlink node operators instead of Keepers.
However, existing keepers will be eligible to convert and participate in the new model if they were active. Andre Cronje announced the news in a Medium blog post on December 2.
In the new blog post by Andre Cronje, the developer has explained the role that Chainlink will have in the Keep3r ecosystem. As a reminder, Chainlink is a decentralized oracle network that transparently and accurately tracks data.
But more than that, users and developers can also utilize the network to create tasks and reward nodes for completing them. In that sense, the new Keep3r protocol is eerily similar to Chainlink.
Although, Cronje believes that the two projects target entirely different audiences. Keep3r strives towards helping startups and developers for small to medium-sized jobs, as well as organizations that might lack funds.
On the other hand, Chainlink represents a ‘premium’ solution. It is more likely that Fortune 500 companies who are able to afford their services will use Chainlink, rather than Keep3r.
Cronje deems that Keep3r and Chainlink should not be separated, and should work together instead. Due to that reason, the Yearn Finance creator has decided to work together with Chainlink on his Keep3r project.
Chainlink’s oracle networks are famous for being secure, Sybil-resistant, accurate, and downright the best in the market. The protocol worked at consistent stability for the past few years even in situations where Ethereum faced trouble.
Why will Keep3r now use Chainlink?
Besides its oracle networks and price feeds which most know about, Chainlink also hosts a functional reputation system. This system tracks the performance of nodes, who must reliably provide data to earn rewards and not lose their collateral.
Since there is historical data for their performance which spans for over a year, Cronje seeks to utilize the model for how Keep3r selects Keepers.
In this sense, the future integration entails Keep3r utilizing Chainlink node operators to perform keeper jobs. By doing so, the network enforces the highest standards of data accuracy, reliability, and performance.
Cronje notes that the existing keepers who have been active on the network so far will be able to keep working as they are all eligible to become Chainlink node operators.
The new announcement also notes that the keepers who convert into Chainlink node operators will also start using LINK. All payments, collateral, and staking will be conducted through the LINK token.
With the help of a Chainlink payment rail, the network will be able to perform KP3R/LINK swaps almost instantly. Commenting on the integration, Cronje stated:
I believe the use of Chainlink will help scale the reliability and security of a keeper by making them into Chainlink oracles, so that they can be relied upon to trigger higher value transactions, even during the most volatile market conditions. Through Chainlink, developers will have access to more reliable and secure infrastructure for the automation of their transactions, which is the original goal I set out to accomplish.
Is Chainlink set in stone as the oracle standard?
As Defiye previously reported, a recent liquidation cascade stirred long discussions about the use of oracles in DeFi. Following the Compound DAI even where users lost up to $110 million due to a Coinbase pricing error, developers began to talk about Chainlink as a better oracle solution. Only a week later many projects began to integrate Chainlink, including SushiSwap and now Keep3r.
It is highly interesting that the Keep3r network decided to completely replace its previous model. Instead of Keepers, the platform will now use the already existing Chainlink node operators.
By doing so, Keep3r will massively improve the network growth of Chainlink. On that account, we may see the LINK token drastically increase in price in the next few months.