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  Conversion Model

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  Chainlink Converter

Inspiration

Linking blockchains is a hard problem, with a great solution – Chainlink. Chainlink is a series of Decentralized Oracle Networks (DONs), which are information systems maintained by a committee of nodes. DONs act as powerful abstraction layers, offering interfaces for smart contracts, and decentralized off-chain computing resources. Building with Chainlink, this Project provides a new solution to the interoperability problem, which refers to the ability of blockchains to seamlessly integrate with one another.

The Chainklink Converter is designed to create value in DeFi and for DAOs through a software as a service model. For DeFi, creating interoperable systems helps projects grow their asset value with interoperable capability and by creating opportunity for cross chain arbitrage bots to improve market efficiencies across networks. For DAOs, the Converter allows for L2 DAOs to grow beyong a single blockchain which creates value through diversification and functional capabilities. Our interchain software services using the Chainlink Converter may be made open to the public, or reserved for specific DeFi or DAO clientele.

What it does

The Converter allows interoperability between Algorand and Ethereum. The Converter processes data from the Algorand blockchain which is sent to a Chainlink node for validation and then processed by a smart contract for on-chain distribution of LINK on Ethereum. Thus, Chainlink allows for the Converter to operate in bi-lateral fashion, from Ethereum to Algorand and visa versa.

We tapped the block-farms.io Chainlink node service which can connect any private or public, premium or free API endpoint and securely host the external adapter that our smart contract requires. The Chainlink node service enables us to use data that the smart contract requires to automate cross chain conversion and validate data from Algorand on the Ethereum blockchain. As such, the Chainlink Converter strives to solve the interoperability problem between Algorand and Ethereum for Chainlink.

How we built it

A keystone to the converter is goLink. goLink allows for LINK transactions on the Algorand blockcahin, while the Chainlink Converter allows for asset movement between the Algorand and Ethereum blockchains. Our software stack involved using Solidity for Ethereum development and Javascript for Algorand development.

We also created an interchain explorer to record data from the Chainlink Converter. Moreover, we relied on the block-farms.io Chainlink node for data validation and processing. This allowed for data from our interchain explorer to be validated on the Ethereum blockchain.

Challenges we ran into

We struggled with automating the data feed through the Chainlink node to the smart contract. This required a good bit of hacking to solve, but ultimately we were lucky enough to get help from block-farms.io who provided the node validation service and a smart contract template we were able to build on. We found the Chainlink community was very helpful and available in overcoming small bugs and hurdles along the way.

Accomplishments that we're proud of

We created an interchain explorer, where data was stored for cross chain transactions. We were also able to create a cross chain converter between Algorand and Ethereum. Our decentralized application had connectivity with addresses on both the Algorand and Ethereum blockchains. And, we were able to build a smart contract to validate data from Algorand on the Ethereum blockchain with a Chainlink node.

What we learned

We learned interoperability is a hard problem, but one we can tackle using Chainlink. We also learned it is important rely on and build with great developer communities when building open source software and we are grateful for the advice and support we received from the Chainlink community.

What's next for Chainlink Converter

We're going to keep building. Next, we will focus on automating a data feed and smart contract from the Ethereum blockchain for distribution and storage on the Algorand blockchain. We also intend to begin using the Chainlink Converter in offering interchain services in DeFi and for DAOs.

Prize Submission Categories

Chainlink Grand Prize, Chainlink DeFi Prize, Chainlink DAO Prize, Chainlink Services and Chainlink Top Quality Projects

Built With

• algorand
• chainlink
• ethereum
• javascript
• solidity