Swipe Leverages Chainlink to Bring Decentralized Pricing into the Swipe Network
Swipe recently collaborated with Chainlink, a reliable decentralized oracle network provider that offers high-security data solutions to smart contracts on any blockchain. The new integration will enable the Swipe platform to access Chainlink’s decentralized price feed oracles, particularly their ETH-USD Price Reference Contract and a custom-built decentralized price reference network for SXP-USD, representing Swipe’s native token.
Chainlink’s oracle solution will allow Swipe to create a stable, yet decentralized bridge between reliable off-chain prices and Swipe’s on-chain transactions. This is accomplished by having multiple Chainlink oracles evaluate the same data point, thus eliminating one oracle being a single point of failure or absolute truth.
Decentralized applications are only as strong as their weakest component. Hence, why highly secure blockchain-based smart contracts are insecure if being triggered by data about price conversions from a single, centralized oracle. By decentralizing the data sourcing around token price conversions for point of sale transactions, such as through the SXP-USD decentralized price feed, Swipe users get more secure, reliable, and accurate pricing when buying, selling, and spending SXP.
Additionally, Swipe is using Chainlink’s ETH-USD price feed to cross-reference against the SXP-USD price feed to allow users to spend SXP directly on Ethereum Dapps. By knowing the SXP and ETH price in USD, The Swipe platform could easily convert it using Swipe’s point of sale conversion technology.
Swipe’s CEO Joselito Lizarondo stated, “I believe this relationship is vital for Swipe users who need access to Chainlink’s trusted oracle services. By collaborating with Chainlink, Swipe will effectively address the security problems for off-chain connections that currently exist for users of the Swipe Network Wallet-Contacts.”
Swipe is a wallet application and card platform that grants users access to buy, sell, and pay with 20+ digital currencies. Through its proprietary Swipe Network, users are enabled to convert digital currencies to fiat currencies on-demand. Swipe is headquartered in London with additional locations in the United States, Estonia, and the Philippines. Its mission is to enable users around the world access to financial services tied into digital currencies. The Swipe Wallet is available both on the Apple iOS and Google Play app stores. Learn more about Swipe by visiting Swipe.io, Twitter or Facebook.
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 great companies like Google, Oracle, SWIFT, and many other large enterprises, as well as many of the world’s best smart contract projects/teams such as Web3/Polkadot, Synthetix, Loopring, Aave, Kaleido, OpenLaw, Reserve, and many more.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Swipe, view official announcement.