EpiK Integrating Chainlink Price Feed to Provide DeFi Services for Decentralized Knowledge Graph Ecosystem
EpiK Protocol is excited to announce that we plan to integrate Chainlink the most widely adopted oracle network, to fetch secure price values for our native EPK token and other cross-chain assets such as BTC and ETH. Chainlink oracles will ensure high quality and reliable price data to support DeFi services for EpiK’s network of participants who are working to create a fully decentralized knowledge graph.
Knowledge graphs — data structures that sort, combine, prioritize, and feed data in a machine-readable format — are critical for unlocking real-time, artificial intelligence applications such as Apple’s Siri or Amazon’s Alexa technology. To date, the only way to create this massive database structure is to deploy vast resources that only tech giants can support. There are few options for SMB competitors, which has led to centralized knowledge graphs that are susceptible to manipulation or other centralization risks.
EpiK Protocol leverages the decentralized architecture of blockchain technology to incentivize a community to create and maintain a knowledge graph. Knowledge Experts from various domains are rewarded for contributing to the Knowledge Vault, Bounty Hunters are rewarded for seeking, sourcing, and validating Knowledge, and the permissionless community of EPK holders are rewarded for participating in governance to direct and improve the protocol, among other roles and technology-based incentives.
Blockchain incentive mechanisms and guarantee mechanisms are to be settled in the EpiK blockchain’s native token, EPK. A lot of defi services will be developed to improve the liquidity of EPK. Almost all these defi services require a blockchain oracle to determine the price of EPK in other currency pairs. Blockchains do not have native access to external data around the price of assets, so they must use a blockchain oracle to fetch off-chain price data.
After reviewing several oracle solutions, we chose to use Chainlink oracles because of the following features:
- High-Quality Data: Price data is sourced from many professional data aggregators, ensuring EPK is priced from a range of premium data sources that provide broad market coverage.
- Security From Decentralization: Chainlink is decentralized at both the oracle and data source level, ensuring reliable uptime and secure protection from data manipulation or single oracle node attacks.
- Trusted Oracle Operators: Oracles are secured by a decentralized network of independent, security reviewed oracle node operators run by experienced blockchain and DevOps teams.
The Epik-Chainlink Integration
EpiK is working on integrating EVM and Chainlink oracles. EVM will open EpiK’s ecosystem to the flourishing DeFi ecosystem on Ethereum. Chainlink oracles will act as a fundamental component in these DeFi services on EpiK.
After the integration, EpiK will be the first project in IPFS ecosystem to support Chainlink and be able to migrate DeFi applications to the ecosystem, providing financial services to its miners, experts, bounty hunters, knowledge gateways and token holders. For example, the EVM can introduce Compound via a cross-chain gateway, which will allow Bitcoin miners to collateralize BTC and borrow EPK. They can then use the borrowed EPK for liquidity mining, earning EPK incentives as yield on their BTC. This is a great incentive for BTC miners to join the EpiK ecosystem.
“We are happy that EpiK is choosing to integrate Chainlink oracles into the EpiK ecosystem,” said Daniel Kochis, Head of Chainlink Business Development. “By using Chainlink’s decentralized oracles, EpiK assures their users that the EPK token and other cross-chain assets will be priced accurately and securely, providing stable DeFi services for the decentralized knowledge graph participants.”
Eric, Head of EpiK China, agreed, saying “We are very happy to be able to work with Chainlink, the market-leading decentralized oracle network. The integration will further strengthen the development of our knowledge graph community before the launch of EpiK’s mainnet 2.0.
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 as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing 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.
About EpiK Protocol
EpiK Protocol is committed to the construction of a decentralized ultra-large-scale knowledge graph. Through decentralized storage technology (IPFS), decentralized autonomous organization (DAO) and token economy model (Token Economy), it organizes and inspires global community members to transform knowledge in various fields into a knowledge graph. This eternal human knowledge base is jointly built, shared and continuously updated, thereby expanding the vision of artificial intelligence (AI) to a more intelligent future.