Cryptocurrency wallet application and card platform, Swipe has collaborated with Chainlink, a decentralized oracle network provider to enable decentralized pricing on its proprietary Swipe Network.
According to the blog post on Wednesday, the Swipe platform can now access decentralized price feed oracles, which includes the ETH/USD Price Reference Contract and a custom-built decentralized price reference network (SXP/USD) for its native token Swipe (SXP).
In addition, Swipe will be able to develop a stable decentralized bridge between its token on-chain transactions and reliable off-chain prices, through Chainlink’s oracle solution, which will be achieved by having the oracles evaluate the same data point. This eliminates an oracle being a single point of absolute truth or failure.
Improved Service For Swipe Users
Adopting Chainlink will equally allow users to spend Swipe token right on Ethereum Decentralized application (Dapps) since the platform is using ETH/USD price feed to cross-reference against that of SXP/USD.
Per the report, the Swipe platform can convert the token through its point of sale conversion technology, provided that the USD price of SXP and ETH is known.
“I believe this relationship is vital for Swipe users who need access to Chainlink’s trusted oracle services,” the CEO of Swipe, Joselito Lizarondo, said in the report.
The effort by the Swipe platform to decentralize data sourcing around the conversion of a token price for point of sale transactions gives the users a more reliable, accurate, and secure pricing when buying or spending SXP.
“By collaborating with Chainlink, Swipe will effectively address the security problems for off-chain connections that currently exist for users of the Swipe Network Wallet-Contacts,” Lizarondo added.
Chainlink is known to have a reliable infrastructure that facilitates smart contracts to connect to APIs in order to communicate and obtain data from external sources. Last year, Chainlink disclosed several partnerships, which many people think was behind the intrinsic value of its native cryptocurrency, $LINK as of September.