STK to use Chainlink to Bridge Real Life Data with Blockchain
At STK, we believe that reliable and quality data is crucial for building a successful payment solution. We are pleased to be announce that we will be integrating Chainlink, the leading provider of secure oracles, into our smart contract projects. Currently, smart contracts cannot verify SWIFT banking transactions or connect easily to off chain data feeds and external APIs. These gaps make it difficult to bring blockchain solutions into the real world, especially for cryptocurrency payment solutions where funds need to be easily verified. Chainlink’s decentralized oracle network provides a secure solution that can easily connect STK smart contracts to APIs and send payments from our smart contracts to bank accounts.
STK will be the first crypto payment solution in North America, providing users access to their money anytime, anywhere, and regardless of what the currency type, including cryptocurrency. Currently, transactions don’t settle in real-time on the blockchain and merchants that accept cryptocurrency are limited which cause roadblocks in mass adoption. The STK Token will be used as an utility in the STACK app to enable real-time transactions with cryptocurrency through the use of state channels. State channels are a technique for making off-chain transactions with almost the same security guarantees as an on-chain operation. It provides the speed required for STACK’s point of sale purchase mechanism: at the moment of purchase, the user sends STK Tokens to STACK in exchange for STACK using their liquidity pool to make a fiat purchase through MasterCard.
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.
We are excited to join the Chainlink ecosystem and work with the team to close the gap in bringing real life data into blockchain. Our Blockchain Developers Nat Chin and Thomas Lui, met the Chainlink team at ETH San Francisco where they formed a great connection and grew interested in collaborating. The Chainlink decentralized network has a trusted reputation for security and ease of use. STK’s use of Chainlink will allow our smart contracts to communicate to external data feeds and APIs and provide the exchange rate of STK to CAD, which will greatly benefit our current and future projects.
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