HONG KONG / ACCESSWIRE / December 2, 2020 / RioDeFi is thrilled to announce the integration of Chainlink's market-leading decentralized oracle network to access market data used within its ecosystem of financial services. RioDeFi includes three in-house Dapps (RioPay, RioWallet and RioExchange) built on its blockchain (RioChain) which also has the ability to host external Dapps.
RioChain will focus on implementing Chainlink's widely used Price Feeds which will then be integrated into its entire ecosystem. This will enable the delivery of real time, secure and reliable data to all developers building under RioDeFi's umbrella.
This collaboration with Chainlink will help RioDeFi to build up a more sustainable infrastructure that addresses issues faced in the industry which lack scalability, cross chain communications and the ability to process transactions in parallel across different networks
With the introduction of RioChain's Generic Asset Bridge, Chainlink integrated oracles will facilitate the transfer of multi digital assets across various blockchains. This solution will also be useful for other Dapps on RioChain such as Mantra DAO who will benefit from secure and transparent price data feed across its entire line of financial products.
For other DeFi Dapps that require users to deposit collaterals, Chainlink's Proof of Reserve function, will enhance the security needed to determine the level of interest rates, mortgage, loans, or savings users can access depending on their collateral value across multiple blockchains.
The collaboration between Chainlink and RioDeFi will extend to non-financial Blockchain solutions. Gaming applications for instance that wish to build on RioChain will benefit from Chainlink's Verifiable Random Function that provides a provably-fair source of randomness.
For James Anderson, CEO at RioDeFi, 'The ability to provide data from the outside world into smart contracts in a trustless manner is becoming a bedrock for the blockchain industry and DeFi. We are delighted to integrate Chainlink to provide our developers with secure and reliable price data with strong market coverage, ultimately enabling the creation of a whole suite of financial applications that can be trusted to trigger the movement of large amounts of on-chain value.'
As Daniel Kochis, Head of Chainlink Business Development, was quick to point out: 'Chainlink allows developers to accelerate their timeline for launching secure and reliable financial products on RioDeFi. By using time-tested oracle networks already in production, RioDeFi's ecosystem can focus on building next-generation DeFi dApps without having to spend time and resources, as well as take on the additional risk of provisioning their own oracle infrastructure or using unproven alternatives.'
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Aave, Loopring, OpenLaw, Conflux, and many others.
RioDeFi accelerates the mass adoption of digital assets by bridging traditional and decentralized finance. Our vision is a world in which everyone has access to decentralized financial (DeFi) services. We develop solutions that connect banking institutions with blockchain systems. Our applications enable lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.
Should you have any questions, please join our conversation on our social media on our Telegram and Twitter channels. To learn more about the latest developments regarding RioChain, visit www.riodefi.com
For further information on this integration, to organise a call or interview with representatives from RioDeFi and Chainlink, please contact Kim Bazak from Market Across at Kim@marketacross.com or on +972 508989868.
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