WOM Protocol Launches Chainlink Price Oracle on Mainnet
WOM Protocol Pte. Ltd. is proud to announce that we have successfully integrated Chainlink’s market leading decentralized oracle network. The first of these integrations, which is now live on mainnet, is the launch of a Chainlink powered WOM/USD Price Reference Feed. This price oracle provides WOM protocol with a decentralized price feed that represents a volume-adjusted aggregation from all liquid trading markets and updates in a manner that follows price volatility. Not only does it provide price precision, but its decentralized architecture gives WOM access to a tamper resistant source of price data to display to our end users and use within our rewards system to denominate rewards in USD.
In addition to price oracles, WOM is actively working on a deeper level integration that will use Chainlink to bring authentication data about content creators on-chain. Since WOM is not a platform, but a permissionless protocol, it can authenticate data from a wide variety of platforms, including: social media, publishing, messaging, or e-commerce platform. Chainlink can then relay that data to any blockchain, which acts as an immutable, public database to store trusted metrics about the effectiveness of content marketing campaigns and content creators across platforms.
Building a Better Content Ecosystem Using WOM Protocol and Chainlink
The WOM Protocol enables brands, advertisers, content providers, and creators to create and leverage word-of-mouth recommendations — the most effective form of marketing. The WOM Protocol is unique because it avoids the current pitfalls seen in influencer advertising and other user-generated content advertising models — namely invasive ads, wasted marketing budgets, and a poor user experience. Instead, WOM Protocol leverages the public and immutable nature of the blockchain along with built-in financial incentives via WOM tokens to create and distribute word-of-mouth content.
The core principle in creating powerful incentive mechanisms that ensure authentic recommendations is to remove any single points of failure in the advertising process. In this regard, no one party is in control of determining the value of recommendations and distributing financial rewards. This brings trust and authenticity to the process, which drives user engagement.
Being decentralized end-to-end is fundamental to the WOM Protocol. By leveraging Chainlink’s oracle network for WOM/USD market data to price rewards, a core component of the system is decentralized. This shouldn’t go understated as decentralizing the distribution and valuation of financial incentives avoids major conflicts between the multiple WOM stakeholders.
Upon a deeper dive into oracle solutions, Chainlink offered the most practical and accessible oracle framework on the market, which was both available immediately and required only a modest investment in development time. Through an integration with Chainlink, WOM is now able to securely and reliably ascertain the global market price of the WOM Token, without any central coordination or having to restrict the experience to a single exchange or even a small selection of exchanges, which can be easily hampered by market manipulation.
Francis West, CTO of WOM Protocol Pte. Ltd said this of the Chainlink integration:
“Chainlink offers a cost effective, instantly deployable solution to decentralizing the monitoring of our asset’s market price. Their solution is straightforward, as was the integration process. In the long term we can extend this integration without much overhead.”
Looking beyond, the flexibility of both WOM and Chainlink open up much more expansive use cases around content authentication across any and all major platforms. WOM can plugin to any platform to authenticate content effectiveness while Chainlink can deliver that data to any blockchain environment. This offers maximum flexibility and doesn’t pigeonhole marketing campaigns and metrics to any one platform or blockchain.
Daniel Kochis, global head of business development for Chainlink said this of WOM Protocol:
“We’re excited to go live with WOM as Chainlink’s first MarTech mainnet integration. They are not only building a protocol that can be integrated into any social media, publishing, messaging or e-commerce platform, but are doing so in a manner that addresses fundamental issues facing the marketing industry; ultimately allowing various stakeholders to obtain more value from advertising-based marketing”
The first WOM-supported platform can be downloaded on iOS and Android:
The WOM Authenticator tool is available on iOS and Android as well:
The WOM Protocol enables the monetization of word-of-mouth (WOM) recommendations for brands, creators, and publishers. The WOM Protocol is live and being tested with more than 900 brands — including adidas — and platforms with a network of hundreds of thousands of creators and authenticators. The WOM Protocol is targeting the $335 billion annual digital marketing spend, by becoming the main marketing channel for brands and main revenue stream for content platforms. Backed by dozens of seasoned investors from around the world.
For more info about WOM: https://womprotocol.io/
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 your smart contract 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 WOM Protocol, view official announcement.