Elysia Integrating Chainlink For Real Estate Evaluations and Exchanges Rates
Elysia, a tokenized real estate ownership protocol, is excited to announce an upcoming integration with market-leading oracle solution Chainlink to price properties and calculate token distributions. Elysia’s decentralized real estate marketplace allows users to buy tokens representing property ownership and distributes rewards to token holders when the underlying properties generate income. The Elysia app will leverage Chainlink Price Feeds to give users an accurate valuation of their portfolio and transparently calculate and payout rewards to token-holders based on fair market rates.
Elysia’s initial integration includes Chainlink Price Feeds for KRW/USD, EL/KRW, and EL/USD, which are used to distribute monthly rental income from properties located in South Korea. Once established, Elysia is looking to further collaborate with Chainlink as a data provider on its network. This involves providing price data on-chain regarding residential and commercial properties in Seoul, as collected by its parent company “BEES” and their consortium of real estate developers in South Korea.
Why we selected the Chainlink Network
As a smart contract-based protocol, Elysia requires a blockchain oracle to access off-chain data needed for critical on-chain functions, such as using property valuations or exchange rates to distribute rewards. Since this information is not generated on the blockchain, we needed a blockchain oracle to bridge this data on-chain.
We identified Chainlink as the most optimal oracle solution on the market, as its Price Feed solutions not only secure billions of dollars in value on mainnet for leading DeFi projects, but it offers several key design features that make it the best-in-class oracle network, such as:
- Accurate Prices — Chainlink Price Feeds source data from multiple premium data aggregators, leading to price feeds that reflect real-time market conditions and volume-weighted averages more accurately.
- Decentralization — Chainlink Price Feeds are decentralized at both the data source and oracle level, protecting our users against downtime and data manipulation.
- Secure Oracles — All Chainlink oracles are security-reviewed and have significant blockchain and IT DevOps experience, preventing Sybil attacks on our network.
- Scalability — The Chainlink Network is flexible enough to support access to any off-chain API, meaning we can easily scale to support more data feeds and API services in the future.
“It is essential for Elysia to create a reliable yet trustless environment where market participants can trade assets with minimal counterparty risk. Previously, the platform solely depended on data sets provided by us (via few automated price feeds). As such, we were looking for a network of independent data providers that could supply and validate information essential to exploring real estate opportunities and making investment decisions.” stated Elysia CEO Junggun Lim. “We learned that Chainlink provides the best solution for connecting real-world data to blockchain networks, and believe that their Price Feed mechanism can enhance our customer experience with secure and reliable delivery of high-quality data feeds.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains and real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink introduces a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.