Reserve partners with Chainlink to bolster the future of decentralized stablecoins
Reserve is excited to work with Chainlink, the industry leader in providing reliable data feeds to smart contracts. We plan to use Chainlink to help make the price feeds that the Reserve Protocol relies on more secure and to accelerate our development timeline as we work towards our full mainnet launch.
A robust oracle network is an essential component of stablecoin design. The smart contracts that comprise stablecoin protocols are only as effective as the price data that informs their behavior, so getting this area of development right is of critical importance. The Reserve Protocol requires reliable price data not only to maintain a 1:1 peg to the US dollar by constantly monitoring the price of the Reserve stablecoin in dollar terms, but also to manage the portfolio of collateral tokens that back the value of the Reserve token (RSV).
Nevin Freeman, CEO and co-founder of Reserve, sees Chainlink and Reserve as natural partners, both building key pieces of decentralized infrastructure. “Reserve is part of the greater decentralized finance movement. The future of this movement hinges on the existence of reliable on-chain price feeds, almost no dapps will work without them.”
Sergey Nazarov, CEO of Chainlink states, “We’re very excited about stablecoins and their potential to make crypto a medium of exchange. Projects like Reserve are taking seriously the task of making crypto practical for daily transactions in the parts of the world that need it most.”
The Reserve team has been following Chainlink closely since its launch and has long considered the possibility of using them as a reliable oracle solution. Today we make official our intention to work together to help bring sound, trustless, censorship resistant money to the world.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams.
Twitter — https://twitter.com/chainlink
Telegram — https://t.me/chainlinkofficial
Reserve is a stable global currency (a stablecoin) and a digital payment app for people and businesses in countries with high inflation. The Reserve stablecoin and application enables people and businesses to protect their money, send money across borders, and easily make payments. Unlike many stablecoins that are used primarily as arbitrage tools for crypto traders, Reserve is designed to solve critical, real-world problems faced by hundreds of millions of people in emerging economies around the world.
Twitter — https://twitter.com/reserveprotocol
Telegram — https://t.me/reservecurrency
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Reserve, view official announcement.