Solipay Will Launch a Chainlink Node to Provide Consumer Authorized Data to Blockchain dApps
Solipay is excited to join Chainlink’s market-leading decentralized oracle network by launching our own official Chainlink node. The Chainlink node serves as secure blockchain middleware that makes our existing APIs compatible with leading blockchain networks, enabling Solipay data to be broadcast into blockchains and sold directly to smart contract applications. Additionally, the Chainlink node will cryptographically sign all data we supply on blockchains so users and dApps have strong integrity assurances of the data’s origination from Solipay.
The Solipay Chainlink node will make our authorized location data accessible to smart contracts, with future plans to also support Solipay’s collected browsing data and bank transaction data. Solipay only shares data once it’s been authorized by the individual who owns that data, giving consumers choice in how and where their data is shared. Once user authorized, this type of data will be useful in a variety of new smart contract applications, such as confirming users’ geographic regions for KYC compliance or issuing targeted marketing rewards when consumers are in certain locations. Ultimately, there are a variety of ways in which DeFi and other smart contract applications can use consumer data in an authorized, incentivized, and secure manner.
Solipay is a consumer data marketplace where users have the option to share any and all of six data types currently associated with user accounts — location, browsing activity, bank purchases, demographic information, device information, and identifiers (phone, email, and mobile ad ID). If a business is interested in purchasing user data, they can make an offer that appears on the user’s mobile app, which users can accept or decline. If a user accepts the offer, they consent to providing data to that business and will get immediately compensated for it, even being able to transfer balances via Venmo or PayPal. If a user declines the offer, Solipay won’t share the data.
The need for compliance data in DeFi and other smart contract verticals is growing as decentralized applications look to work within regulatory frameworks. There are also many innovative ways to reward users for sharing data while achieving much more fairness and transparency than exists in consumer data markets today. Thus, we see a growing opportunity to bring Solipay data on-chain to support new blockchain-based markets seeking user-centric compliance and marketing.
However, because blockchain networks are inherently isolated from the outside world, smart contracts have no built-in capabilities of calling Solipay APIs. This lack of external connectivity requires the use of an additional piece of infrastructure known as a blockchain oracle to bridge external API data into blockchain networks.
We selected Chainlink as our oracle solution because it’s the most time-tested and widely adopted oracle network in the industry by both smart contract developers and traditional data providers. Chainlink provides numerous features that set it apart from other solutions, such as:
- Data Signing — The Chainlink node cryptographically signs every piece of data Solipay posts on-chain, preventing man-in-the-middle attacks and increasing its reliability in automating contract outcomes.
- Blockchain Agnostic — The Chainlink node is blockchain-agnostic, providing Solipay with a single gateway to sell data to any current and future blockchain.
- Large Market — Chainlink is the most widely used oracle solution in the smart contract economy, providing a large and growing market of potential data consumers.
- Secure Infrastructure — Chainlink is thoroughly audited open-source software that collectively secures tens of billions of dollars in value on mainnet, proving its ability to protect and trigger the movement of real economic value.
Joining the Chainlink Network as a node operator allows Solipay to take part in the growing smart contract economy by ethically providing consumer data on-chain to support decentralized finance and other industries being disrupted by blockchain technology.
“Chainlink offers a straightforward and proven oracle solution for connecting our consumer data marketplace to leading blockchains, opening up new opportunities for consumers to earn revenue on their data and enabling next generation smart contract applications that utilize and reward consumer data in unique ways,” said the Solipay Team. “Through our Chainlink node, we can give users choice in how they share personal data with DeFi protocols, such as location data for compliance — the first use case in a wide range of possibilities we are excited to explore with Chainlink.”
Use Case: Proof of Country via Solipay Location Data
The first application of Solipay’s Chainlink node will enable developers to query the wallet address of a Solipay user and learn the country that user has been in over a period of time, as recorded by Solipay’s consumer software. This will enable cryptocurrency exchanges to add an additional layer of compliance to their existing practices for verifying the country of the people trading on their platform. Chainlink and Solipay are actively looking to connect with compliance representatives from major cryptocurrency exchanges in order to implement this novel proof of country verification mechanism, so please reach out to email@example.com for more information.
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.
Solipay believes that every person should get a say in the sale of their personal data, and we are building the technology to make that future a reality. By paying users for their personal data we are bringing fairness and transparency to an otherwise opaque data economy. While paying users, Solipay also provides data buyers with holistic, high-frequency consumer data that is needed more now than ever before.
In the new data economy that Solipay is building, people are treated more fairly and data buyers get higher-quality consumer data — everyone wins. To learn more about purchasing massive high-frequency, holistic, and CCPA & GDPR compliant data, check out our data buyer website. Sign up for Solipay here. Want to meet the team? Send us an email.