GAUGECASH, The First Decentralized Monetary System is upgrading it’s Oracle Mechanism to Chainlink before going live.
We are excited to announce that GAUGECASH will integrate market-leading oracle network Chainlink to access a GAU/USD decentralized price feed. Our token, GAU, represents an index of weighted averages from 35 fiat currencies. The Chainlink-powered GAU/USD Price Feed will ensure that the Gauge Index is priced against USD at fair market value and without possible tampering.
GAUGECASH uses various APIs from international financial institutions to calculate the basket’s weighted average index price. This weighted index represents a broad range of fiat currencies, resulting in a stable basket resistant to regional monetary policy movements. It also retains stability beyond prominent single-fiat pegs such as USD-based stablecoins. The GAUGECASH vision is to use this stable index as a benchmark currency to power our new global peer-to-peer monetary system.
Chainlink’s market-leading oracle networks provide us with a proven plug-n-play oracle solution that currently secures billions in USD value across DeFi. Chainlink being the new oracle solution for GAU/USD is a critical element to our design in bringing off-chain FOREX market data into blockchain ecosystems. Although initially launched on Ethereum, the GAUGECASH system is fundamentally blockchain agnostic, thus we require an oracle like Chainlink that supports various other blockchain environments.
We chose Chainlink because of its clear superiority in technology, security, and market-dominance. Some of the Chainlink Price Feed features that add significant value to GAUGECASH include:
- Chainlink oracles have built-in credential management capabilities, enabling them to access premium, password-protected FOREX data used to generate our GAUGE index.
- Chainlink uses a decentralized network of Sybil-resistant oracle nodes, securing our smart contracts against downtime or data manipulation attacks resulting from a single oracle.
- Chainlink offers transparent visualizations of the oracle network’s performance, allowing users to independently verify they are getting fair market exchange rates.
An example of the Chainlink ETH/USD Price Feed showing a transparent visualization of oracle network activity.
“GAUGECASH is bringing a new monetary decentralized system, empowering users to make stable payments on-chain or store value while hedging against the volatility risks of any single fiat currency,” said GAUGECASH Founder Manuel E. Blanco. “Chainlink will provide us with time-tested oracle infrastructure to ensure that users relying on GAU are always receiving fair market exchange rates when utilizing them for pricing goods and services around the globe.”
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.
GAUGECASH is a Decentralized Monetary System that will be available to anyone anywhere. We have created an Index of Fiat currencies representing a new value that contains Monetary Policy to pay for goods and services or store wealth. The protocol ensures stability and liquidity for the current and next generations using properties of the new “blockchain asset class” born when Bitcoin was successfully deployed.
“For the first time in history, we have the tools to compete with Gold; USD; EUR with a Decentralized Monetary System and come on top” Manuel E. Blanco. GAUGECASH FOUNDER
To learn more, visit www.gaugecash.com and be part of the cutting-edge solutions we are bringing for the DEFI community. Follow @GAUGECASH on Twitter.