Chainlink Labs joins forces with Telefónica, a Spanish telecommunications giant, to improve security for Web3 users by integrating the Chainlink oracle network into the GSMA Open Gateway initiative. What exactly is it?
New Chainlink partnership to strengthen Web3 security
Chainlink Labs, creator of the most widespread oracle network in the cryptocurrency ecosystem, has teamed up with Telefónica, a global telecommunications giant. The aim of this collaboration is to integrate the Chainlink network into the GSMA Open Gateway, with a view to improving the security and efficiency of the Web3 ecosystem.
Launched by the Global Mobile Operators Association (GSMA), the GSMA Open Gateway initiative aims to make it easier for developers and cloud service providers to rapidly develop and deploy applications on the Internet.
This collaboration between GSMA member Telefónica and Chainlink Labs aims to strengthen the security of smart contracts interacting with applications external to blockchains. The 2 companies promise to protect users against SIM swapping by checking whether the SIM card has recently been modified.
SIM swapping, an increasingly common method used by hackers to access victims’ bank accounts or cryptocurrency wallets, should be made impossible by this new feature.
Chainlink’s role would be to detect users’ recent SIM card changes, enabling on-chain protocols to prevent the execution of malicious transactions from the devices concerned.
LINK token price boosted by use of its network
The past few months have been marked by growing interest in tokenization and decentralized finance (DeFi), which has considerably boosted the value of the oracle sector, particularly LINK and PYTH.
Pyth Network, Chainlink’s main competitor, launched its PYTH token only a few months ago. With a market capitalization approaching $1 billion, PYTH ranks 75th in the cryptocurrency market capitalization rankings.
In comparison, the LINK token occupies 11th place in the same ranking, with a capitalization that has risen sharply in recent months, approaching $12 billion.
LINK share price trend since May 2023
The LINK price has risen significantly over the course of 2023, with an increase of over 300% since June, from $5 to $20.
