Deutsche Telekom AG, Europe’s biggest telecommunications company by revenue, is now one of the main data providers to Chainlink – the oracle that is omnipresent on which decentralized finance (DeFi) relies.
Not only that, Deutsche Telekom subsidiary T-Systems Multimedia Solutions (MMS), states it offers started staking on the Flow Network, the ultra-scalable proof-of-stake (PoS) blockchain from CryptoKitties creator Dapper Labs, and has plans to begin staking on other chains in the foreseeable future that is near.
Yes, Deutsche Telekom is providing DeFi data help, and it has quietly gone beyond helping with all the infrastructure of PoS blockchains and actually began custodying, staking and crypto that is making.
But telco that is lumbering are meant to be mired in enterprise blockchain proofs-of-concept, or stuck doing rather dull blockchain-as-a-service cloud offerings, right?
“We started roughly five years ago, like everyone, doing all those enterprise blockchain proofs of concept,” said Andreas Dittrich, mind of the Blockchain Solutions Center at Deutsche Telekom. “But we slowly began to feel we were not focusing sufficient on public blockchains.This is where value that is digital be relocated in the future, and it’s really in which a telco is active.”
T-Systems announced it had been likely to run a Chainlink node back summer time of this past year, right across the time DeFi essentially exploded. Since that time, it’s been “a hell of a trip,” admits Dittrich.
“We were really leaping into one thing brand new, providing blockchain that is general public and having a token-natured business design on top of that,” he said. “So, needless to say, we began really small, with few information feeds. Then again scaled rapidly, and also by now, i believe our company is among the list of top three data providers at the brief moment regarding the Chainlink system.”
Chainlink’s system of information feeds, called oracles, pipe information in to the blockchain world of smart contracts, eliminating reliance on any solitary, centralized source.
“We are providing 51 data feeds right now,” said Gleb Dudka, an analyst at T-Systems. “We don’t handpick applications we provide data to, but examples will be Synthetix, several exchanges which can be decentralized Nexus Mutual for insurance coverage. The information is asset that is certainly caused by digital, FX prices, and commodity rates like silver, silver, etc., and these mostly go to Synthetix.”