The African credit union protocol can now leverage accurate oracle data in its product.
Real-time multi-chain data provider, Paralink Network, has entered into a collaboration with the world’s first DeFi platform for credit unions, Xend Finance. The partnership aims to improve the robustness of the Xend platform by giving it access to secure and reliable data.
Decentralized applications (dApps) derive their utility from the smart contracts that drive them. Though these smart contracts usually are efficient, they are limited in the sense that they cannot access data outside their blockchain.
Data is a very critical resource in decentralized finance. dApps need to have accurate real-time information about the state of the real-world market and other metrics. Since smart contracts cannot access data outside their blockchain, the data they need must be externally supplied. This collaboration ensures XEND will be able to leverage the data they need to provide high-quality services.
Why Paralink Is The Right Fit
Paralink nodes use the platform’s proprietary Paralink Query Language (PQL) to aggregate and validate real-world data. PQL enables these nodes to query databases, as well as access web application programmable interfaces (APIs). In addition, Paralink has an on-chain consensus algorithm that uses a quorum system to coordinate and validate data.
Objectives of the Partnership
1. The partnership will integrate Paralink’s multi-chain oracles into XEND Finance. This will make real-time data available to XEND users.
2. Making financial decisions with inaccurate data can lead to substantial financial losses. Paralink’s on-chain consensus algorithm ensures that its data feeds are accurate and not corrupted. The availability of this precise data on XEND will make the platform more robust and secure.
3. Users of the XEND platform will not be at the risk of incurring financial losses arising from inaccurate system data.
4. The DeFi community takes accurate data very seriously. XEND Finance, through this partnership, has the edge over other competing platforms that have not implemented such accurate real-time price-feed data oracles.
In recognition of the essential role reliable data plays in decentralised finance, the CEO of Paralink Network, Jan Knežević, said:
“Data remains an indispensable aspect of the DeFi space. This partnership will allow XEND Finance users to gain access to our robust data infrastructure and benefit from it with reliable and accurate price feeds.”
His counterpart Ugo Aronu, CEO of XEND Finance, shared the same sentiment:
“This development will allow XEND Finance the opportunity to access Paralink’s multichain oracles for high-quality data feeds and explore more ways to enhance our DeFi platform further.”
The partnership will help cultivate global adoption of cryptocurrency. XEND provides its services regardless of its userbase’s location, and adding a secure oracle like Paralink will increase user trust in the project.
More About XEND Finance
XEND Finance is the world’s first decentralized finance platform for credit unions and cooperatives. It gives users the opportunity to easily convert their fiat currency into stablecoins and earn compounded interest with high APYs.
For more information about XEND Finance, visit their media links
More About Paralink Network
Paralink Network is a multi-chain oracle platform. It provides secure, accurate, and reliable real-world for the use of cross-chain applications. With its unique on-chain consensus algorithm, Paralink aggregates and validates datasets for use by smart contracts.
For more about the Paralink Network, see the project’s official media links
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.