As a leading blockchain-based point-of-sale payment solution and decentralized finance (DeFi) platform developer, we are pleased to announce that we have successfully integrated the widely used and trusted Chainlink Price Feeds — decentralized oracle networks that make a variety of real-time asset prices accessible on-chain for smart contracts.
Pundi X is using and supporting newly launched Chainlink Price Feeds for PUNDIX/USD (live today) to accurately distribute platform rewards denominated in the native PUNDIX token.
We selected Chainlink as our go-to oracle solution because it provides high-quality data using time-tested oracle infrastructure that’s proven to secure tens of billions of dollars for leading DeFi projects. Chainlink Price Feeds are well known to supply accurate and up-to-date asset prices reflective of global markets, as well as possess built-in resistances to a variety of unexpected situations like API downtime, flash crash outliers, and data manipulation attacks via flash loans.
Securing our Ecosystem with Chainlink Price Feeds
Pundi X is a borderless payment and becoming DeFi ecosystem with a mission to make digital currencies more accessible to individuals and businesses. Our flagship product, XPOS, is a point-of-sale solution that future-proofs companies by seamlessly allowing customers to transact with digital currency using their physical XPASS cards. Our mobile wallet, XWallet, supports 2FA and biometric security locks so users can store their crypto securely.
Since PUNDIX and FX holders receive staking rewards for participating in upcoming blockchain governance, it was critical to have reliable price reference data on-chain to precisely and transparently calculate their value.
Some of the notable features of Chainlink Price Feeds that influenced our decision include:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that is aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are resistant to data source failures.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record for reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks as well as check the real-time prices being offered.
“The Chainlink Network significantly enhances the capabilities of our protocol by connecting our systems to high-quality price reference data that is unmatched in terms of its market coverage, reliability and security,” said Zac Cheah, CEO and Co-Founder of Pundi X. “Our users can now transact on our platform, knowing that they’ll earn fair value rewards for their participation.”
About Chainlink
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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Amazing update!