CACHE Gold Using Chainlink Keepers to Automate Updates of Reserves On-Chain
CACHE Gold is pleased to announce that we have integrated Chainlink Keepers on Ethereum mainnet to monitor deposits and redemptions of physical gold in our reserves and to trustlessly relay that data on-chain to update our Locked Gold Oracle. This will create an automated workflow for updating our current reserves on-chain based on changes in data reported by GramChain.
Chainlink Keepers is a decentralized service that uses secure, low-cost off-chain computation to automate on-chain functions for smart contracts based on external events. We selected Chainlink Keepers because it’s a time-tested decentralized network made up of the same professional DevOps teams that run the infrastructure for Chainlink Price Feeds, which already secures tens of billions of value in the blockchain ecosystem.
Additionally, CACHE Gold is leveraging the XAU/USD Chainlink Price Feedto ensure our tokenized gold product is secured by reliable, high-quality, tamper-proof data that reflects real-world market prices for gold. Developers can leverage Chainlink’s XAU/USD Price Feed and our Locked Gold Oracle to price CGT on-chain with higher assurances it’s fully backed by physical gold off-chain.
Managing Tokenized Gold With Cache Gold and Chainlink Keepers
CACHE Gold Token (CGT) is a fully backed, redeemable, and regulated tokenized gold asset, where one CGT represents one pure gram of gold stored in vaults around the world. The circulating supply of CGT is kept synchronized with the underlying physical gold supply of CACHE using an interface called the CACHE Token Governor. The CACHE Token Governor ensures that the number of tokens in circulation never exceeds the amount of physical gold locked, and is tracked by asset tracking platform GramChain.
The CACHE Token Governor manages a smart contract called the Locked Gold Oracle, which stores the outstanding real-world supply of CACHE’s gold reserves. Chainlink Keepers will now monitor CACHE’s gold bullion inventory as reported by the GramChain API. If there is a change in physical gold reserves reported by GramChain beyond a certain threshold, Chainlink Keepers will relay the change on-chain to update the Locked Gold Oracle smart contract.
We sought a decentralized automation solution to consistently ensure that the circulating supply of digital tokens reflects the supply of physical gold in reserves without any manual input or potential tampering in the transmission of data on-chain. Some of the benefits of outsourcing this task to Chainlink Keepers compared to other solutions include:
- High Uptime — Chainlink Keepers are run by the same professional DevOps teams that have an established on-chain performance history of providing high reliability to Chainlink Price Feeds during extreme network congestion and market volatility.
- Low Costs — Chainlink Keepers have several gas-optimizing features that lower the costs of automating maintenance tasks for users, including a rotating node selection process to prevent gas price auction wars and stabilize costs.
- Decentralized Execution — Chainlink leverages a decentralized and transparent pool of Keepers to provide strong guarantees around secure contract automation, saving teams time and mitigating the risks around manual interventions or centralized servers.
- Expandable Computation — Chainlink Keepers perform off-chain computations and generate calldata verifiable by smart contracts, allowing developers to build advanced, trust-minimized dApps at lower costs.
“Chainlink Keepers are a highly reliable, low-cost, and verifiable automation solution that bring increased transparency and trust to our platform,“ stated Brian Hankey, Co-founder of CACHE Gold. “By Chainlinking our platform, users can have more confidence that the supply of CGT is backed by physical gold stored in vaults, ultimately making it a more reliable gold-backed asset.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
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