What happens when you enable bi-directional communication between Chainlink — the industry-leading decentralized oracle network, and Everest — a next-generation blockchain that enables identity creation and verification, account creation for users or businesses, and transaction tracking and validation? A proverbial Cambrian explosion of new use cases for smart contract applications!
We’re excited to begin the process of realizing such use cases via an upcoming Everest and Chainlink integration. The initial focus will be two-fold:Everest will use Chainlink Price Feeds as a way to price all user token balances in USD on its decentralized exchange (DEX), making for easy payment conversion when purchasing Everest’s data/services. Everest will launch its own Chainlink node to offer unique human identity solutions to smart contract applications, including know your customer (KYC), anti-money laundering (AML), and know your business (KYB) data.
We selected Chainlink as our go-to oracle solution because it’s widely used, fully-featured, and time-tested, already relied on today to secure billions in on-chain value across DeFi, insurance, gaming, and other blockchain-based markets. Chainlink’s blockchain-agnostic framework and extensive set of oracle functionalities can enable a multitude of possibilities based on secure and seamless interactions between the Everest ecosystem and various other smart contract-enabled blockchains.Using Chainlink Price Feeds for More Reliable Payment Conversion
Chainlink Price Feeds are the market-leading standard for smart contract applications needing highly accurate, secure, and reliable market prices to execute on-chain functions. Everest will begin by using the Chainlink USDT/ETH Price Feed within our DEX, with plans of integrating additional price feeds in the future to bring about a more robust set of payment options. Chainlink Price Feeds will serve as the basis for calculating the USD conversion value of...