ONBUFF Integrates Chainlink Price Feeds Into its Blockchain-Based IP Exchange
ONBUFF is excited to announce that it has integrated the widely used Chainlink Price Feeds to support our intellectual property (IP) Market platform known as IP Block. We are using the Chainlink Price Feeds to accurately deliver cryptocurrency price data to IP Block so that users can list and trade IP-based NFTS using various cryptocurrencies, knowing they will receive a fair market exchange rate.
After looking into various oracle solutions we selected Chainlink because of its high-quality price data, tamperproof oracle infrastructure, and proven reliability of securing top blockchain applications on mainnet. In fact, Chainlink already secures over $10 billion USD worth in on-chain assets for leading DeFi dApps like Aave and Synthetix.
Understanding ONBUFF and IP Block
Currently, most IP business and licensing deals are conducted privately. Because of this, IP owners have difficulty assessing proper valuations for their IP, as well as fundraising and expanding their IP businesses into other domains. ONBUFF aims to solve these problems by offering a blockchain-based platform that allows users to create IP assets as non-fungible tokens (NFTs).
In conjunction, IP Block provides a marketplace that allows these IP-based NFTs to be bought and traded in unique ways such as through decentralized exchanges and crowdfunding. By using blockchain technology, IP Block offers open markets for creating, buying, and selling IP, ultimately increasing the visibility and usability of IP information. IP Block also features a business platform that automates contracts between IP owners, users, investors and game users using ONBUFF’s utility token ONIT.
Through this transparent and immutable data, IP Block can objectively and numerically index the market growth and ripple effect value of IP. For example, game development companies can license the IP for their new game via an NFT issued on ONBUFF, which investors can then sell later on using the IP Block marketplace. This empowers small and medium-sized companies to easily monetize their IP, investors to search for necessary IPs and verify usage terms, IPs to sell on secondary markets with greater liquidity and global accessibility, and all future stakeholders become better informed by having access to the historica IP data generated by ONBUFF / IP Block.
The Importance of Chainlink’s Decentralized Oracles
Since IP-based NFTs can be purchased using various cryptocurrencies, IP Block needs various price feeds in order to set fair market exchange rates. Not only do these Price Feeds need to be accurate and accessible directly on the blockchain, but they must be tamperproof and highly available to ensure users don’t receive stale or manipulated prices.
Chainlink is a decentralized oracle network and provides the largest collection of on-chain Price Feeds in the industry. The Chainlink Price Feeds are trusted by numerous top applications because they aggregate high-quality price data from premium off-chain sources, particularly data aggregators like BraveNewCoin who pull price data from across all relevant exchanges, weight it by volume, and remove outliers. This allows IP Block to consume a volume-adjusted market price that reflects an aggregate of all trading markets, making it inherently immune to inaccurate and/or manipulated prices on single exchanges.
Chainlink is also secured by decentralized oracle networks made up of security reviewed node operators run by leading Blockchain DevOps to ensure Sybil resistance. By decentralizing the data and oracle levels, Chainlink protects against any single point of failure in the sourcing and delivery of price data on-chain. All Price Feeds are also supported by reputation systems that allow users to monitor the oracle networks in real-time and historically to verify their performance.
In addition to Price Feeds for exchange rates, ONBUFF plans to use Chainlink to record on-chain metadata in the NFTs to establish a so-called base value for purchasing them, which can be changed over time via new Chainlink oracle updates.
“We’re excited to expand the utility of the IP Block marketplace supported by ONBUFF by ensuring that all cryptocurrency purchases of IP-based NFTs are conducted according to fair market rates inherently resistant to manipulation,” stated Kangyong Yi, Founder and CEO of ONBUFF. “This allows users to further trust the products and services of IP Block, which will serve as a solid foundation for onboarding more IP owners and purchasers to generate an even more robust and effective IP marketplace.”
Chainlink is the most widely used and secure way to power universally connected 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.