Chainlink received a new partnership deal to provide Price Reference Data. The new agreement includes offering ETH/USD Price Reference Data to Consensus Cell Network to power the new prediction market game.
Consensus Cell Network aims to provide a decentralized lending platform later this year. It will grow the partnership and integration with Chainlink to use more Price Reference Data Feeds in the platform.
Using Off-Chain Data to Power Efficient DeFi
Consensus Cell Network focuses on nine business areas including public blockchain technology research, Dapp development, cryptocurrency wallet, Apps for off-chain loyalty points, corporate services, charity, venture capital, sports competition and research centre. Their recent partnership with Chainlink is focused on dApp development. The software development team has published some DeFi on Ethereum blockchain using CellETF brand.
The natural business focus in Consensus Cell Network that is DeFi development increases the need for more reliable data sources for assets. It focuses on the smart contract features of Ethereum and oracles are the most common solutions to improve the efficiency of them. So, the team has decided to work with the leading oracle provider, Chainlink.
The first step of Chainlinks’s partnership included launching the price prediction game from Consensus Cell Network. The game is focused on predicting the future price of ETH coin. The two teams look for more integration, especially in the collateralized lending and borrowing operations that Consensus plans to launch in Q4 2020. This platform surely needs a reliable data source to provide the exact price of collaterals and lending assets.
Consensus Cell Network Co-Founder Oswald Gan expressed his excitement about the integration, saying:
“It’s our mission to build innovative dApps that provide unique value to users from around the world. We’re thrilled to be able to greatly expand the capabilities of the Consensus Cell Network through the integration of Chainlink’s secure and reliable oracles, starting first with its price reference data for our newly launched prediction market. Without Chainlink oracles, our go-to-market timeline and rate of innovation for new products would have been substantially delayed, making it a key piece of infrastructure to our current and future success.”
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