Dfinance Integrating Chainlink Oracles to Empower More Advanced Financial Solutions

Through blockchain technologies, humanity is gradually moving towards decentralized instruments in various fields of activity. These instruments enable the launch of new processes of constructive development in our society. For the first time in history, any person who has skills and talents in a certain area (but lacks resources or other skills) can create significant value by utilizing a wide variety of instruments that complement the missing expertise. Dfinance is one of the pioneers that bridge between the mainstream and the blockchain industries, by providing no-code tools that enable anyone to create and deploy new financial instruments and solutions — without any technical background requirements.

We’re excited to announce that we will be expanding those capabilities for users by integrating Chainlink, the market leading decentralized oracle network. Users will soon be able to further realize their own creativity by incorporating any piece of real world data into their financial instruments to augment its functions, starting initially with price feeds. Not only does it unlock new forms of data driven automation for financial products, but Chainlink makes this data available in a decentralized manner that users can trust to trigger high value transactions.

Primary goals and objectives of Dfinance

Dfinance provides simple and clear digital tools to people who have fundamentally new and promising ideas in the financial sphere and are looking to generate an additional income stream but do not have the necessary technical knowledge or resources to implement those ideas.

The essence of Dfinance is simple: to provide financially talented people with the necessary complementary tools which will enable them to create almost any financial instrument and bring it to the market. Talented and creative people who grasp the concept of creating new financial instruments — which can be a more effective digital alternative to existing bank solutions or insurance companies, or which solve financial inefficiencies or any other creative idea, can implement the concept on the Dfinance platform without any significant technical knowledge or financial resources.

One of the objectives of Dfinance is to unleash creativity and allow creators to competently combine blockchain technologies with financial concepts that are already familiar to us such as futures, options, and others, resulting in brand new financial instruments that are better, faster, more efficient, and which create real value.

While financial products are a good example, the use cases are unlimited. Dfinance expects its users to be launching innovative and non-expected products, which will be interesting and useful for investors and traders.

An example of such a product is the rapidly growing sneakers market, which enables traders to buy exclusive running shoe brands and then trade among themselves as items of value. This market is rapidly exploding in popularity and is estimated to reach a staggering size of $ 6B by 2024. Through Dfinance, users will be able to create cash futures based on this market and trade these items among themselves, without actually having to handle the logistics of delivering the physical items. Other luxury items such as designer bags and streetwear, could be traded in this fashion as well.

Dfinance integrates Facebook Libra’s innovative Move Virtual Machine and operates on Cosmos to provide blockchain interoperability. The design and performance, combined with Libra’s Move, provides secure and rapid execution that will allow the building of sophisticated and secure financial instruments.

How does Dfinance integrate conventional financial instruments with blockchain technology?

One of the biggest challenges that most blockchain projects face is how to securely transfer real-world trusted data into the blockchain. This is where oracles come into play. Oracles are a group of agents (software solutions or human input) that locate required information, verify its integrity between each other, and transfer it to the blockchain. Since false information could lead to disastrous results, the biggest problem with oracles is security. If the system works with a limited number of oracles, it becomes vulnerable to unauthorized access or even intentional data manipulation. This is why a broad spread, decentralized system of oracles will be significantly less vulnerable against unauthorized, harmful, and fraudulent actions. Hence, the reason Dfinance chose to integrate Chainlink, the most distributed and secure oracle network in the market, to connect between DeFi instruments created on Dfinance and other digital or even non-digital financial instruments.

Some of the key features that lead to our decision of Chainlink include the ability to:

• Leverage live and proven Price Reference Data oracle solutions that already secure over $3B in value for other DeFi protocols, allowing users to join existing price oracle networks or follow a simple framework to build new ones for additional asset pairs
• Access high-quality data from any password protected off-chain API, removing any barriers for developers to get the data they need
• Utilize secure network infrastructure that incorporates decentralization and utilizes secure node operators, providing high availability and manipulation resistant guarantees to oracle services

This integration will provide the Dfinance network with new effective and secure data streams which will spark even more creativity and remove even more barriers for creators. Imagine instruments that utilize prices of used cars, real estate, or perhaps luxury goods — the options are infinite. Below is a basic flow describing how the integration would work:

Dfinance Co-founder and lead developer Boris Povod showed excitement about the integration and said:

“We needed a fast, secure, and affordable system which would feed reliable real-world data to DeFi instruments created on Dfinance. Chainlink has already shown in practice the reliability and efficiency of its work, and the experience and knowledge of the team of professionals behind was impressive. We analyzed various possible solutions and our technical team reached the conclusion that Chainlink is one of the only oracle networks that meet our current needs and expectations. Through this integration, we plan to solve some of the more ambitious objectives of Dfinance and to achieve significant results in creating fundamentally new financial instruments for the benefit of our society and all mankind“

Head of Chainlink Business Development Daniel Kochisalso also addressed the integration:

“DeFi is growing at a rapid pace, undergoing daily innovations that make it hard for even a more advanced user to keep up with. We are excited to provide Dfinance with secure and reliable oracles so they can empower savvy financial professionals with the ability to help casual users take advantage of DeFi’s growth. This brings a powerful new primitive to financial markets and we look forward to working with Dfinance to ensure these markets always operate according to the most accurate and reliable prices. ”

About Chainlink

If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.

Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.

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About Dfinance

Dfinance is a decentralized platform that facilitates the creation of a variety of DeFi instruments and products, oriented at people with limited or no programming skills. It is designed to unlock the creative potential present in individuals that are well versed and experienced in the financial industry, statistics and mathematics, and whom despite their expertise have difficulty translating their ideas into actual instruments due to the associated technical challenges. Dfinance will enable them to rapidly implement their ideas, publish them in a secure environment, and make them available for the general public.

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