VAIOT Will Use Chainlink Oracles to Accelerate The Development of its Intelligent Contracts
VAIOT, the blockchain-based AI assistant platform, is excited to announce that we will be using market-leading decentralized oracle network Chainlink to power our Payback Program and Intelligent Contracts. Our Payback Program will leverage Chainlink’s widely used Price Feed oracles for fiat-to-crypto exchange rates, ensuring our users receive fair market subsidies when they purchase AI assistant services. Additionally, our Intelligent Contracts will reference Chainlink Price Feeds to enable users to pay in various crypto and fiat currencies when accessing VAIOT services like fully-automated insurance contracts that leverage blockchain and artificial intelligence (AI) technology.
Our initial focus will be integrating Chainlink’s existing Price Feeds for BTC/USD, ETH/USD, and GBP/USD. We will also look to sponsor the launch of a VAI/USD Price Feed for accurate conversions between VAI and USD, as well as explore additional Chainlink Price Feeds to further expand VAIOT’s support for more cryptocurrency and fiat payment options.
Enabling Intelligent AI Assistants with Chainlink Price Feeds
In late February, VAIOT made its first significant move into the retail market by signing a deal with one of the most extensive retail shop networks in Belgium — SupraBazar. VAIOT’s AI assistant solutions offer a new, intelligent channel for service distribution and transactions by uniquely combining a sales representative’s skills and knowledge, an analyst, a lawyer, a blockchain programmer, and a personal assistant. VAIOT utilizes multiple AI mechanisms, such as natural language processing, to create a new channel for delivering and accessing various services with a vastly improved user experience.
One of VAIOT’S main goals is to create an easy-to-use platform where users have a frictionless experience purchasing AI assistant services. To this end, our incentivized Payback Program will use Chainlink’s decentralized price oracles to ensure users receive the correct amount of VAI bonuses after purchasing VAIOT Platform services in crypto or fiat (VAOIT’S VAI Token is the first-ever regulated Virtual Financial Asset from Malta). This is especially important for retail clients who mainly transact with fiat and need a reliable VAI to fiat currency exchange rate.
We will also make Chainlink’s price reference data available to our Intelligent Contracts, allowing developers to create and analyze solid agreements using the power of AI and blockchain. As a result of this, we can create new services like digitally and legally enforceable insurance contracts without human assistance, which can be developed around various currencies.
The Benefits of Chainlink’s Decentralized Oracles
For VAOIT’s Intelligent Contracts and our Payback Program to correctly calculate currency conversions for clients, we needed a highly secure and reliable oracle network that sources high-quality price data. Accurate and tamper-proof price data is critical to our operations as improper currency conversions could result in irreversible losses for our service providers and/or our customers.
After extensive research, VAOIT selected Chainlink as our go-to oracle solution. Specifically, Chainlink Price Feed oracles are already relied on to secure $10B+ in on-chain value for leading DeFi projects. Some of the unique benefits offered by Chainlink Price Feeds include:
- High-Quality Data — Chainlink Price Feeds source price data from numerous premium data aggregators like BraveNewCoin and Amberdata, which results in price data aggregated from hundreds of exchanges, weighted by volume, and immune to outliers, exchange downtime, or data manipulation attacks (i.e., flash loans)
- Secure Nodes — Chainlink Price Feeds are secured by decentralized networks of independent, security reviewed node operators run by leading blockchain and security DevOps teams, ensuring high uptime and Sybil-resistance.
- Decentralized Infrastructure — Chainlink Price Feeds are decentralized at the data source and oracle node level, leading to highly reliable and tamperproof sourcing and delivery of external data on-chain.
- Transparent Performance — Chainlink Price Feeds can be independently monitored in real-time, creating a transparent environment where businesses and their customers can verify they are getting fair market exchange rates.
Christoph Surgowt CEO of VAIOT, said:
“The use of an oracle network with long-term viability such as Chainlink’s is a strategic initiative and a natural turn of events for VAIOT as a regulated project. We are excited to leverage Chainlink to bring the VAIOT closer to mass adoption, allowing us to ensure our users receive accurate and tamperproof exchange rates at all times. This allows us to develop with precision while also staying in line with the spirit of decentralization, which was our goal from the very beginning.”
Dan Kochis, Head of Chainlink Business Development said:
“We’re excited to enhance the capabilities of the VAIOT platform by providing them with secure and reliable price oracles, which enable the development of more advanced smart contracts applications like their dynamic payback program and intelligent contracts. VAIOT users will be able to leverage these Chainlink Price Feeds to pay for VAIOT services using a variety of fiat and crypto-currencies, bringing about a much more stable and familiar platform experience.”
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.
VAIOT develops purpose-built virtual assistants powered by AI and blockchain technology. Any product or service sold or delivered digitally can use VAIOT’s tech to be handled by a dedicated AI virtual assistant, accessed by customers via a simple mobile application. VAIOT ultimately plans to take a smart personal assistant concept and combine it with lawyers’ unique skill set and knowledge. The company aims to build an AI legal assistant for consumers and enterprises, providing legal services, including digital, blockchain-based contracts.
For any questions, please feel free to reach out to us on: