Consensus Cell Network Using Chainlink’s ETH/USD Price Reference Data on Mainnet in New Prediction Market Game
We are excited to announce that Consensus Cell Network has successfully completed an initial integration with Chainlink’s market leading decentralized oracle network live on the Ethereum mainnet, marking a major milestone in our Dapp development. Our prediction market game is now live and leveraging Chainlink’s ETH/USD Price Reference Data fee to settle ETH price predictions made by users. This is the first step in a much larger integration of Chainlink’s Price Reference Data feeds in our upcoming decentralized lending platform set to launch later this year.
By obtaining trusted off-chain data feeds via Chainlink-powered decentralized oracle networks, we are able to bridge the gap between blockchain environments and important datasets in the real world. This allows us to create far more retail and enterprise-focused applications using Ethereum smart contracts.
Why We Chose Chainlink
Consensus Cell Network is a community-based blockchain ecosystem, covering nine core business areas: public blockchain technology research, Dapp development, cryptocurrency wallet, Apps for off-chain loyalty points, corporate services, charity, venture capital, sports competition and research center.
The first integration between Chainlink and Consensus Cell Network is mainly focused on Dapp development. Consensus Cell has now launched a series of DeFi Dapps live on the Ethereum blockchain through the brand CellETF, which includes Dapps like DEX, eCell Staking, decentralized gaming such as a no-loss lottery, and red packets for eCell tokens.
With the core business of Consensus Cell being the development of DeFi Dapps, the success of many of those Dapps hinges on obtaining secure and reliable valuations for assets. Unreliable data sources can directly cause major malfunctioning of our Dapps, such as manipulation from a single data source or delayed price updates. Therefore, a secure, stable, and decentralized oracle system is critical to obtain reliable asset prices on time while still keeping the Dapp decentralized end-to-end .
After extensive research and comparison, we have chosen Chainlink as our official oracle solution due to the following reasons:
I. Security and Reliability — There are 30+ independent and sybil-resistant nodes in the Chainlink network that have passed a thorough security review, along with hundreds of community nodes available. Developers can use Chainlink’s framework to develop decentralized oracle networks that avoid any single point of failure at the node level. Chainlink’s ETH/USD Price Reference Feed has 21 nodes to avoid any single node or small group of nodes from corrupting the price feed.
II. Data Quality — Chainlink Nodes source data from APIs that are managed by professional data providers, giving developers access to high-quality data and service infrastructure. This includes accurate prices for cryptocurrency, foreign exchanges, commodities and indexes. The ability to get premium data feeds behind paywalls via Chainlink’s external adapter technology unlocks an infinite number of use cases for our DeFi Dapps.
III. Industry Pioneer — Chainlink is the industry pioneer in developing decentralized oracle networks. It provides a diverse set of secure and reliable oracles to large enterprises, top blockchains, and leading Dapps. We feel very confident selecting the market leader, which allows us to focus on Dapp development instead of being bogged down with trying to develop our own oracles or worrying about less secure and unproven solutions.
Two-Part Initial Integration
Consensus Cell will fully utilize Chainlink’s decentralized oracle networks to obtain trusted data in order to support two of our existing use cases.
Decentralized Gaming: Consensus Cell officially launched its price prediction game today. The game allows users to predict the future price of ETH, and Chainlink’s ETH/USD Price Reference Data is used to determine the winners of the game based on how close their answers are to Chainlink’s reference price.
DeFi: Consensus Cell is planning to launch its collateralized lending and borrowing operations in Q4 2020. The aim is to provide a decentralized digital currency banking system to users wherein they can deposit an eligible amount of digital currency assets to earn interests while collateralizing the deposited assets for loans in digital currency. We can access asset prices through Chainlink’s numerous other price reference feeds to calculate users’ collateralized asset value, and liquidate assets in a decentralized manner when loans are identified to be undercollateralized. This brings strong security guarantees to users and ensures that the network is always fully collateralized.
Looking Toward Future Integrations with Chainlink
We expect to deepen our integration of Chainlink in the following areas as part of our future expansion of the network:
DeFi: As more and more financial asset prices and indexes are brought on to the blockchain by Chainlink, we would like to further explore the idea of applying DeFi to the existing financial system. For example, we want to use Chainlink to obtain access to specific financial indexes to launch a decentralized ETF via CellETF.
Decentralized gaming: Chainlink’s oracles allow us to use data about off-chain events to create, transfer, and assign value to NFTs. This will open up a whole new world of ‘dynamic NFTs’ for our decentralized and interactive entertainment business. For example, the no-loss lottery application supported by Cell Staking can use Chainlink’s Verified Random Function (VRF) for a decentralized on-chain source of randomness to determine lottery winners in a provably fair and authentic manner.
Data Provider: Consensus Cell is committed to aggregating transaction data through the DeFi Dapps in CellETF. This data can be made available to other ecosystem Dapps through Chainlink as a secure and reliable data source.
Consensus Cell Network Co-Founder Oswald Gan expressed his excitement about the integration, saying
“It’s our mission to build innovative dApps that provide unique value to users from around the world. We’re thrilled to be able to greatly expand the capabilities of the Consensus Cell Network through the integration of Chainlink’s secure and reliable oracles, starting first with its price reference data for our newly launched prediction market. Without Chainlink oracles, our go-to market timeline and rate of innovation for new products would of been substantially delayed, making it a key piece of infrastructure to our current and future success.”
If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.
About Consensus Cell Network
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