ARPA announced a new partnership with Chainlink to integrate its oracle solution. The Chainlink’s oracle will be used in ARPA’s multiparty computation network (MPC). The integration makes it possible for ARPA to get access to off-chain data like price data feeds, web APIs, and traditional bank account transactions.
Reliable Data Feed for Smart Contracts
ARPA chose Chainlink for the same reasons that other blockchain projects partner with them. Chainlink uses a decentralized structure for its oracle solution that makes it more similar to the decentralized nature of the smart contracts. So the developers can rely on the fetched data and except the same security and reliability. Many famous blockchain projects use Chainlink’s oracle are Polkadot, Synthetix, Aave, Celsius, Tezos, Ontology, and many more.
MPC in ARPA has a decentralized and distributed concept. The developers inside this platform and enterprise clients can now use the oracle solution from Chainlink to add another layer of reliability and security in their products.
“For example, one of the use cases of ARPA’s MPC network is secure financial risk assessment for asset managers and fintech companies. ARPA supports privacy-preserving model inference or training between two or more parties on portfolio data,” according to ARPA’s announcement.
ARPA will focus more on lending for cross-chain assets in 2020. Their collateralized lending protocol based on smart contracts will be launched in Q3 2020. Chainlink’s price Reference Data that is being used by many players in the lending community can help the ARPA development team to provide loans and liquidation more easily.
“We are very excited about our collaboration with Chainlink.”, says ARPA Co-Founder and CEO Felix Xu, “Chainlink is secure, decentralized, and easy-to-use. They have a highly experienced team that is used to working with traditional banks, fintech companies, and renowned blockchain projects. We aim to be the first privacy-preserving computation network integrated with Chainlink, which will enrich the entire Chainlink ecosystem. Besides multiparty computation, we will be launching several DeFi dApps this year, which opens up larger integration opportunities for both parties and bring new value to our users.”