TROY Collaborates with Chainlink to Optimize TroyTrade’s Trading & Clearing Processes
TROY, the global prime broker specialized in crypto trading and asset management, is proud to announce a technology integration with Chainlink, a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink will help TROY reach its long-term vision of redefining trading by helping build a secure and reliable oracle design for the trading platform. Troy Network is designed to break the trading barriers of crypto assets by building a frictionless, integrated crypto asset trading ecosystem.
A primary need for any blockchain developer is access to trusted real-world data, which exists outside the blockchain (off-chain). Whether it is data from a Big Data database or multiple crypto exchange venues, the integrity and delivery of this critical information must be trustworthy to be used in any on-chain clearing protocol. This is where decentralized oracles come into play.
Chainlink is a decentralized oracle network that currently provides decentralization at both the oracle and data source level. By using multiple independent Chainlink nodes, the user can protect against one oracle being a single point of failure. Similarly, using multiple data sources for sourcing market prices, the user can protect against one data source being a single source of truth.
For instance, most financial smart contracts need real-time prices of a designated crypto asset trading pair to be correctly broadcasted by multiple aggregation providers. Chainlink showcases this ability through its Price Reference Data contracts, which provide accurate prices for over 25 digital asset markets. These Price Reference Contracts are secured by numerous independent oracles that each aggregate data from one of 10 different data aggregating APIs. This ensures that financial smart contracts execute based on the price discovery happening throughout the entire cryptocurrency market.
TROY, derived from Troy Network, will work closely with Chainlink towards scalable decentralized data oracles for the Troy trading platform. Through this integration, TROY will adopt Chainlink’s novel and advanced technology, which allows our critical smart contracts to be securely executed based on trusted off-chain market data. Simultaneously, TROY can provide Chainlink users from other platforms access to promising application scenarios, like trading marketplaces and settlement networks.
The system architecture of the Troy Network consists of four layers: the public chain protocol layer, the off-chain trading layer, the settlement network layer, and the application layer. In order to improve users’ trading experience, Troy Network will work with Chainlink to integrate an efficient and secure oracle, supporting the application layer by optimizing the trading process.
“Chainlink has an experienced team on new TEE-powered oracle developments, which are the same aspirations shared by Troy Network. We’re very excited to use Chainlink to aggregate cryptocurrency prices, trading data from centralized exchanges, and on-chain transaction data oracles to empower a next-generation trading experience on the Troy Network.” Commented Kira Sun, Founder of TroyTrade.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Etherisc, Conflux, and many others.
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to us here! We can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow us on Twitter or Reddit.
Troy Trade is a global prime broker specialized in crypto-asset trading and asset management. We provide crypto brokerage services for institutional-grade capital and professional traders with revolutionary trading products.
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