We’re excited to announce that Paycoin will be integrating with Chainlink, which will set Chainlink Price Feeds as the primary oracle solution used throughout its retail payment services. Chainlink’s Price Feeds ensure that Paycoin users receive fair market exchange rates when making crypto retail payments, as well as accurate asset valuations when interacting with our upcoming in-app virtual asset based financial products and services.
Chainlink is the market-leading decentralized oracle network, providing smart contracts with the ability to communicate with data and systems outside their native blockchain. Unlike other oracle solutions that are susceptible to security risks from centralized or unproven designs, Chainlink aggregates data from multiple high-quality data sources, then delivers that data to the blockchain through a decentralized network of secure oracle nodes. This ensures users have access to highly available and manipulation resistant data feeds, hence why Chainlink’s Price Feeds currently secure over $4B in USD value for leading DeFi projects.
Launched in April 2019, Paycoin is a blockchain-based virtual asset payment project on Hyperledger Fabric initiated by Danal, a Payment Gateway based in South Korea. Within one year of operation, Paycoin has acquired more than 750,000 users in Korea and has secured partnerships with major franchises like KFC, Domino’s Pizza, 7-Eleven, and more.
Chainlink’s price feed oracles will serve as exchange rates that allow Paycoin to accurately and securely convert crypto assets to fiat in-app when users make retail payments. This integration expands Paycoin’s available payment currencies to crypto assets such as Bitcoin, Ethereum, and more.
Moving forward, Paycoin intends to offer DeFi products and other virtual assets based financial services that are directly accessible in its mobile platform. Chainlink’s price feeds will be used to provide valuations to crypto assets, enabling Paycoin to provide optimal service to its users.
“At Paycoin, we’re combining blockchain technology with our vast retail network so users can more easily spend their cryptocurrency within their daily lives. Chainlink price oracles will enable us to provide a more reliable products and services to our users.”
Ted Hwang — CEO, Paycoin
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Paycoin is a blockchain project that is providing the virtual asset based payment service. As a subsidiary of “Danal” — an integrated payment solution provider — Danal Fintech provides virtual asset payment services based on Paycoin blockchain, which reduces the intermediaries in the existing payment process, enabling lower transaction fees and faster settlement cycles to merchants, and a safe and convenient payment environment to users. Paycoin is the first virtual asset that is being commercialized as payment in Korea, and we aim to lead this new payment market and drive adoption for the service.