Zenfuse is Integrating Chainlink Price Feeds to Settle Prediction Markets
We are excited to announce that we plan to integrate with the most notorious decentralized oracle project in the crypto space, Chainlink! We will be integrating Chainlink Price Feeds to support the new peer-to-peer (P2P) prediction feature.
By integrating the industry-leading decentralized oracle network, Zenfuse will have access to high-quality, tamper-proof price feeds needed by our new prediction markets to function end-to-end. This will provide our users with stronger assurances that the price information referenced during settlements is the most reliable possible.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
How Zenfuse leverages Chainlink oracles
Our new prediction feature will allow the Zenfusian community to take a position on the outcome of the crypto market against other users (peer-to-peer). The Chainlink Price Feeds will then be used to determine the beginning and closing of the prediction rounds. By using Chainlink, users will have access to the most reliable and secure oracles in the market for these time-sensitive settlements.
To bring about a fair and secure settlement, we needed up-to-date asset prices made available on-chain in a highly reliable and tamper-proof manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to use an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that are aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates more accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify node operators’ historical and real-time performance and oracle networks.
We also have further plans to leverage Chainlink’s oracle services beyond this current integration, so stay tuned for future details!
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries and offers global enterprises and leading data providers a universal gateway to all blockchains.
Zenfuse is a powerful all-in-one platform for cryptocurrency traders and investors.
It aggregates multiple cryptocurrency exchanges, allowing control of funds via API, and powers up the trading process, making trading more profitable, simple, and stress-free.
Our cross-platform app provides rich analytics of both your portfolio and order history, giving you the ability to control your funds on a mobile device.