Orchid announced a new collaboration phase with Chainlink. The new collaboration is a new oracle node in connection with Chainlink oracle that provides faster access to the price of VPN bandwidth. The new oracle is now live on Orchid app, and users can benefit from it.
A New Oracle For Determining VPN Cost
P2P marketplaces are one of the attractive adoptions of blockchain technology. Orchid is one of those projects that leverages the fundamental blockchain features to provide an incentivized privacy network. Users can buy and sell bandwidth in this app. Like many other blockchain marketplaces, Orchid needs access to reliable data to determine prices and other factors. It has chosen Chainlink as the primary oracle [rovider and now looks to extend the service.
The new Chainlink oracle in Orchid app acts as a “Secret Shopper” and will sample the pricing by aggregating data from all providers.
Orchid users buy and sell bandwidth with OXT token. The first phase of partnership between Orchid and Chainlink was a price reference feed for OXT/USD.
Oracles always help DeFi projects to provide a fair price to users. They combine the price of assets by getting data from multiple sources. This process decreases the chance of inaccurate pricing, too.
“Our ongoing collaboration has led to the development and launch of a second tool for Orchid users that leverages Chainlink oracles to obtain a more refined estimate on the current OXT cost of VPN bandwidth.,” said Orchid Co-Founder and CEO Dr Steven Waterhouse.
“We’re excited to continue working with Chainlink as we constantly strive to improve the experience for Orchid users and help bring Internet privacy to more people.”
The two Chainlink oracles in Orchid app will be combined to help users estimate the approximate cost of VPN bandwidth in USD and OXT. The first one focuses on the price of OXT token relative to USD, but the second one provides the price data about the bandwidth each user is deciding to buy.
Daniel Kochis, Head of Chainlink Business Development, said.
“Chainlink’s decentralized architecture delivers highly accurate and manipulation resistant price data for pricing bandwidth, allowing users to trust that they are receiving the fair market price for bandwidth.”
If you found this article interesting, here you can find more Chainlink News
