Sperax integrating Chainlink Oracles to Power its Decentralized Financial Services
We are thrilled to announce that our mission to make decentralized financial services globally accessible is marking another milestone today, thanks to our upcoming integration with Chainlink. By integrating Chainlink, we can finally bring real-world data into the Sperax ecosystem and connect to traditional non-blockchain systems. This allows our developers to create smart contracts connected to off-chain data feeds, APIs, traditional payment infrastructure, and more, which greatly expands the number of use cases we can build solutions through DeFi and other large markets.
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Spotting a formidable barrier of entry in blockchain-enabled decentralized finance (DeFi) applications, Sperax is determined to bridge the traditional financial industry and the cryptocurrency world. With its original BDLS consensus protocol, Sperax offers a high-performance module that is more secure than other BFT based consensus protocols, such as Cosmos Tendermint, Polkadot Grandpa, and Ethereum Casper.
Before Chainlink, smart contracts were largely limited to only processing on-chain data, most of which is generated by the blockchain itself. This disconnection from interacting with external data (off-chain) resulted in blockchain development focused around creating tokens and tracking ownership.
Oracles are middleware that provide smart contracts with external connection, however, most oracle solutions have been centralised, opaque, and/or don’t provide access to credentialed APIs. This impedes developers from building truly decentralised applications, introduces unknown security through obscurity risks, and/or prevents connection to traditional data and enterprise infrastructure.
Chainlink is a decentralized oracle network that allows blockchain applications to import off-chain data to use as contract inputs, as well as export data outputs to external systems, both in a highly secure and reliable manner. It provides several advantageous features to Sperax developers, which allow them to:
- Incorporate decentralization of both the oracle mechanism and the data source to ensure data is delivered in a highly available manner that is resistant to manipulation
- Connect to high quality data and permissioned backend systems through their external adapter technology to provide wider access to key data resources and enterprise systems
- Utilize a large collection of security reviewed, Sybil resistant node operators for oracle services instead of provisioning your own from scratch
- Build stronger security guarantees for the integrity of data through Chainlink’s upcoming service agreement framework and TLS solution TownCrier
For Sperax, Chainlink is deemed non-fungible and critical to accessing the essential data that we need to operate. By selecting Chainlink as our oracle network, Sperax will facilitate token economy integration, minimize interaction between end users and the blockchain itself, and further scale blockchain applications.
Within our DeFi ecosystem, Chainlink oracles will aggregate market information from a variety of high quality data sources to serve as reference prices for assets such as cryptocurrencies, fiat currencies, commodities, indices, and more. DeFi applications can then use those price feeds as the basis for making automated decisions like how big a loan a user can take on, whether or not to liquidate someone’s collateral, and whether or not a payment actually occured off-chain.
Some initial use cases Sperax is exploring using Chainlink include:
- Payment Systems. Sperax offers a global payment system based on stablecoins, which can be used in multiple markets to fulfill payment needs, similar to the credit cards or mobile-based payment solutions of today. Chainlink oracles allows Sperax dApps, external systems, and even smart contracts on other blockchains to trigger stablecoin payments on Sperax
- Global remittance and transfer. Sperax’s stablecoin network can support fast global transfers at a low cost. Liquidity service providers act like money transfer companies in our stablecoin network. Chainlink price oracles can provide reliable exchange rates needed for remittance. Several exchange rates we may need are already live on mainnet via Chainlink’ Price Reference Data and being used to secure value for other DeFi applications.
- Decentralised financial services. Sperax Foundation will be supporting and developing DeFi protocols based on BDLS. By adding Chainlink’s Price Reference Data to the ecosystem, developers can access a wide variety of asset prices from both cryptocurrency and traditional markets.
This integration will enable Sperax to leverage Chainlink’s decentralised oracle network to bring real-world data to any smart contract running on the Sperax network, and ultimately steer users and developers towards better financial decisions and more passive incomes through highly accessible and reliable financial products.
With an unquestionable reputation, Chainlink is the go-to oracle network service provider. The project has been providing highly secure and reliable oracles to both large enterprises (Google, Oracle, SWIFT) and leading smart contract development teams. All of this context makes us believe that building with Chainlink will help us take another leap forward in building a vast DeFi ecosystem.
“One of our aspirations is to catalyze the development of DeFi applications in the Sperax ecosystem, and a trusted oracle system is crucial for DeFi dApps to be able to understand everyday events happening in the financial world such as changes in asset prices, interest rates, property value, and much more,” explains Sperax Cofounder Wayne Wang.
“Chainlink solves the puzzle for B2B smart contracts by allowing them to communicate with traditional data and legacy system infrastructure. DApp developers on Sperax want dev-friendly access to oracles, which can enable applications to easily connect to various pre-formatted real-world data feeds that are already running live on mainnet in a truly decentralised manner. This integration marches us one step further in that direction.”
Sperax provides a layer of financial services within the public blockchain stack through a native stablecoin and decentralized financial service providers. We believe that blockchain technology is the key to decentralisation and will shift the way how people interact with one another and how money flows; we want to leverage on the powerful technology to drive further adoption, to enable more possibilities for builders and to improve lives.
At the infrastructure layer, we developed BDLS protocol, which is an original consensus module more secure and efficient than other Byzantine Fault Tolerant protocols. On top of it, we introduced Sperax stable coin system. Backed by fiat currency, it is the first native stablecoin in public blockchain ecosystem. Developers could build decentralised applications without educating users about cryptocurrency.
Sperax is currently working with a Hong Kong licensed virtual bank to support cross-border transactions based on the stablecoin network and offer more competitive transaction fees. Sperax released its BDLS consensus module on GitHub in March 2020 and plans to release its testnet in July 2020.
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 smart contracts on any blockchain 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.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Sperax, view official announcement.