QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
QuiverX Capital, Ltd. will be working exclusively with the Chainlink Network to integrate a customized Proof of Reserve oracle solution within the QuiverX Capital crowdfunding portal that provides quarterly on-chain updates of listed businesses’ off-chain earnings.
QuiverX is a decentralized crowdfunding platform where small to medium sized enterprises (SME) can raise money by offering investors tokenized equity. In order to help independent investors make sound decisions regarding early-stage funding, QuiverX plans to utilize Chainlink to provide users with transparent cash flow information within the platform about these SMEs.
Through a customized Proof of Reserve solution, Chainlink oracles will retrieve data regarding the quarterly business revenue of SMEs listed on the QuiverX platform and deliver it on-chain where it is stored in reference contracts. By doing so, QuiverX will create a transparent bookkeeping model where anyone with access to the internet can easily verify a token’s value based on its historical revenue. This is a huge leap forward in transparent startup funding.
As the world leader in blockchain oracles, already securing billions of dollars in on-chain value through its oracle solutions, Chainlink greatly expands the usefulness of smart contracts by connecting them to the real world outside the blockchain (off-chain). We believe Chainlink is exceptionally well-suited to perform such a highly specialized task for QuiverX, as their oracle solution is highly flexible and can aggregate data from any off-chain APIs.
In addition to providing access to high-quality off-chain data feeds, Chainlink is a highly secure and reliable oracle solution. Chainlink oracles networks are decentralized, removing any single point of failure in the delivery of data on-chain and thus ensuring high availability and manipulation resistanc...