CACHE Gold is Now Leveraging Chainlink Proof of Reserve (PoR) and GramChain to Monitor CGT’s Gold Backing

CACHE Gold is pleased to announce that we now have a Chainlink Proof of Reserve (PoR) feed on Ethereum mainnet to monitor the locked gold currently backing the CACHE Gold token (CGT). This will facilitate an automated workflow for updating our current reserves on-chain based on changes reported by GramChain. The Chainlink PoR feed supports the ability to mint new tokens based upon the quantity of off-chain reserves.

Chainlink, which powers the PoR data feed, is the most time-tested and historically reliable oracle network in the blockchain industry, already securing tens of billions of dollars for top DeFi projects. Thanks to our Chainlink PoR implementation, CGT becomes an even more trusted asset within the Ethereum DeFi ecosystem, as users have additional proof of its 1-to-1 collateralization.

Additionally, CACHE Gold is leveraging the XAU/USD Chainlink Price Feed to ensure our tokenized gold product is secured by reliable, high-quality, tamper-proof data that reflects real-world market prices for gold. Developers can leverage the XAU/USD Chainlink Price Feed and our Chainlink Proof of Reserve Oracle to price CGT on-chain with full assurance that it’s fully backed by physical gold off-chain.

Managing Tokenized Gold With CACHE Gold and Chainlink

CACHE Gold Token (CGT) is a fully backed, redeemable, and regulated tokenized gold asset, where one CGT represents one pure gram of gold stored in vaults around the world. The circulating supply of CGT is kept synchronized with the underlying physical gold supply of CACHE using an interface called the CACHE Token Governor. The CACHE Token Governor ensures that the number of tokens in circulation never exceeds the amount of physical gold locked, and is tracked by asset tracking platform GramChain.

The CACHE Token Governor now reads from the Chainlink Proof of Reserve oracle, which references the outstanding real-world supply of CACHE’s gold reserves. Chainlink PoR will now monitor CACHE’s gold bullion inventory as reported by the GramChain API. If there is a change in physical gold reserves reported by GramChain beyond a certain threshold, Chainlink oracles will relay the change on-chain to update the CACHE Gold Proof of Reserve smart contract.

We sought a decentralized, automated audit solution to consistently ensure that the circulating supply of digital tokens reflects the supply of physical gold in reserves without any manual input or potential tampering in the transmission of data on-chain. Some of the benefits of outsourcing this task to Chainlink compared to other solutions include:

• Automated On-Chain Audits — By keeping an up-to-date reference contract, smart contracts can get automated, on-chain verification of an asset’s collateralization, removing the need to conduct manual audits.
• High-Quality Data — Through the use of customizable External Adapters, Chainlink can source data from premium data providers who are financially incentivized to provide highly accurate and available data.
• Decentralized — Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to CACHE Gold.
• Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing users to verify the current collateralization of assets.

“Chainlink Proof of Reserve is a highly reliable, low-cost, automated audit solution that brings increased transparency and trust to our platform,“ stated Brian Hankey, Co-founder of CACHE Gold. “With our platform now Chailinked, users can have more confidence that the supply of CGT is backed by physical gold stored in vaults, ultimately making it a more reliable gold-backed asset.”

About Chainlink

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.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About CACHE Gold

Website: https://cache.gold/
Medium: https://medium.com/cache-gold
Twitter: https://twitter.com/cache_gold
YouTube: https://www.youtube.com/c/CACHEGold
GitHub: https://github.com/cache-token
Chainlink Proof of Reserve: https://data.chain.link/ethereum/mainnet/reserves/cachegold-por-usd