ARPA x Chainlink | Unlocking the Many Possibilities of Combining Privacy and DeFi
We are very excited to announce that ARPA is integrating with Chainlink, the market-leading decentralized oracle network, to bring reliable data to ARPA’s multiparty computation (MPC) network.
Chainlink is a decentralized oracle network that allows smart contracts to access key off-chain resources such as data feeds, various web APIs, and traditional bank account payments.
Chainlink’s decentralized design allows smart contracts to receive the same level of security and reliability to the sourcing and delivering of off-chain data as exists on the underlying blockchain. It does so by bringing decentralization to both the oracle node and data source level, ensuring redundant and aggregated validation of data without a single point of failure. This leads to a trusted end-to-end framework for building decentralized applications that users can rely on.
As a bridge for data exchange between blockchains and the real world, oracles can be used in a variety of application scenarios, such as finance, insurance, global trade, gaming, and many more. Chainlink is already used to secure off-chain data for numerous top projects including Polkadot, Synthetix, Aave, Celsius, Tezos, Ontology, and many others.
How ARPA can Leverage Chainlink Oracles
ARPA’s multiparty computation network is distributed and decentralized in nature. By working with Chainlink’s leading decentralized oracle network, we bring an added layer of trust and reliability to off-chain data being used by enterprise clients and ARPA developers. For example, one of the use cases of ARPA’s MPC network is secure financial risk assessment for asset managers and fintech companies. ARPA supports privacy-preserving model inference or training between two or more parties on portfolio data. Oftentimes clients need to access external data feeds for stock, commodity, or crypto prices. Chainlink can be an essential part of this business cycle by sourcing, validating, and delivering this data to ARPA’s MPC network.
DeFi lending for cross-chain assets is another focus of ARPA in 2020. The ARPA team is set to launch a smart contract-enabled, collateralized lending protocol in Q3 2020. Chainlink has a long track record of working with leading DeFi protocols, and will certainly help with ARPA’s DeFi initiatives. Chainlink’s Price Reference Data serves as a foundational model for how to use decentralized oracle networks to bring highly reliable price feeds to ARPA’s DeFi products. Chainlink’s price oracles can be referenced to when issuing loans, liquidating positions, and more.
“We are very excited about our collaboration with Chainlink.”, says ARPA Co-Founder and CEO Felix Xu, “Chainlink is secure, decentralized, and easy-to-use. They have a highly experienced team that is used to working with traditional banks, fintech companies, and renowned blockchain projects. We aim to be the first privacy-preserving computation network integrated with Chainlink, which will enrich the entire Chainlink ecosystem. Besides multiparty computation, we will be launching several DeFi dApps this year, which opens up larger integration opportunities for both parties and bring new value to our users.”
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to us here! We can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow us on Twitter or Reddit.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, and many others.
ARPA is a blockchain-based solution for privacy-preserving computation, enabled by Multi-Party Computation (“MPC”). Founded in April 2018, the goal of ARPA is to separate data utility from ownership, and enable data renting. ARPA’s MPC protocol creates ways for multiple entities to collaboratively analyze data and extract data synergies, while keeping each party’s data input private and secure. ARPA allows secret sharing of private data, and the correctness of computation is verifiable using information-theoretic Message Authentication Code (MAC).
Developers can build privacy-preserving dApps on blockchains compatible with ARPA. Some immediate use cases include: credit anti-fraud, secure data wallet, precision marketing, joint AI model training, key management systems, etc. For example, banks using the ARPA network can share their credit blacklist with each other for risk management purposes without exposing their customer data or privacy.
Team members have worked at leading institutions such as Google, Amazon, Huawei, Fosun, Tsinghua University, Fidelity Investments. ARPA is currently assisting the China Academy of Information and Communications Technology in setting the national standard for secure multi-party computation. ARPA is a corporate member of MPC Alliance and IEEE and is in partnership with fortune 500 companies to implement proof-of-concepts and MPC products. In 2019, ARPA was named as the Top 10 most innovative blockchain companies in China by China Enterprise News and China Software Industry Association.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Morpheus Network, view official announcement.