- Chainlink has entered into a partnership with the globally active prime broker TROY.
- TROY will use Chainlink’s decentralised oracles to improve its own ecosystem and provide it with data from the real world (off-chain).
TROY has announced in a blog post that the platform has entered into a technical partnership with the decentralized Oracle provider Chainlink. TROY is a global prime broker specializing in crypto trading and asset management. For the platform to run smoothly, the fed data must be delivered reliably and in real time.
To ensure that the critical information is trustworthy and can therefore be used in TROY’s on-chain clearing protocol, Chainlink’s Oracle technology is to be used. Chainlink is a decentralized Oracle network that provides decentralization at both the Oracle and data source levels.
By using multiple independent Chainlink nodes, users can be assured that not one Oracle is used as the only possible point of failure to collect data. By using multiple data sources to obtain market prices, which are used on the TROY platform, it is avoided that only one source is used as absolute truth. Instead, the relevant information is confirmed by several actors.
Chainlink offers intelligent price reference data contracts that provide accurate market prices for over 25 different digital assets. These price reference contracts are secured by numerous independent Oracle, each aggregating data from one of 10 different data aggregation APIs. TROY will integrate this new technology from Chainlink into its own platform to execute smart contracts based on reliable off-chain market data.
The system architecture of the TROY network consists of four layers: the public blockchain protocol layer, the off-chain trading layer, the settlement network layer and the application layer. To provide the best trading experience for the user on the TROY platform, Chainlink’s data feeds will provide real-time trading data. Kira Sun, Founder of TROY, is excited to bring the “next generation” trading experience to Chainlink:
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.
Chainlink continues on its expansion course
Most recently, Chainlink was able to win Hdac, a Swiss company, as a partner. In cooperation with Chainlink, Hdac is developing a system to read and filter off-chain data created by IoT services and other networks and deliver it to Hdac’s blockchain-based dApps. The Chiliz platform has also recently recognised the potential of Chainlink and is using Chainlink’s distributed oracle to feed off-chain data into the blockchain.
Chainlink’s price follows the current market trend and has risen 19.69% to a price of $2.29 USD within the last 24 hours. With a market capitalization of USD 840 million, Chainlink continues to rank 15th among the largest cryptocurrencies.
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