Ampleforth and Chainlink to collaborate in a step towards decentralizing Ampleforth’s oracle system.
Ampleforth and Chainlink
In a big step towards realizing Ampleforth’s vision of a government-independent and decentralized smart commodity money, Ampleforth’s market and price oracle will be powered with the help of Chainlink data providers.
Ampleforth, a new digital asset with an elastic supply policy (called Amples or AMPLs), will integrate with Chainlink, a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments.
This marks the first of many milestones on Ampleforth’s roadmap, as the project continues to seek high-quality and value-delivering partners to further decentralize and strengthen its oracle system.
What is an Oracle?
An oracle is a ‘trusted’ source of information, that finds and verifies certain real-world occurrences or data feeds and submits this information to the blockchain to be used by smart contracts.
Why Does Ampleforth Need Oracles and Data Providers?
Every 24 hours, Ampleforth’s protocol receives price information — specifically the Volume Weighted Average Price (VWAP) — in order to calculate the proportional expansion or contraction of AMPLs to each token holder. This is integral to Ampleforth’s core functionality. As such, having trusted data providers for Ampleforth’s oracles will ensure a fair, transparent and properly functioning system.
Chainlink will participate as an oracle provider in Ampleforth’s Market and Consumer Price Index (CPI) oracles. Leveraging the Chainlink platform can significantly increase the decentralization of the Ampleforth project, with the added effect of increasing censorship resistance.
As Brandon Iles, Ampleforth’s CTO says, “The oracle system is core to the Ampleforth protocol. Integrating and working with a trusted partner like Chainlink to ensure reliable data feeds will further decentralize the oracle system key to Ampleforth’s future.”
Sergey Nazarov, Chainlink CEO, says, “Working together with Ampleforth is mutually beneficial: Ampleforth receives the advantages of leveraging Chainlink’s leading platform, while Chainlink accrues the benefit of executing on our vision of creating an ever larger and more decentralized oracle market.”
More About Ampleforth
Ampleforth is a digital asset protocol for smart commodity-money funded by Brian Armstrong, True Ventures, Pantera Capital, and Slow Ventures. For more information, please visit www.ampleforth.org or follow our Twitter or Telegram for the latest news and updates.
More About Chainlink
Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to large enterprises (Google and SWIFT) and leading smart contract development teams. Learn more by visiting the Chainlink website, Twitter or Telegram. If you’re a developer, visit the developer documentation or join the technical discussion on Discord.