TROY Collaborates with Chainlink to Optimize TroyTrade’s Trading & Clearing Processes
TROY, the global prime broker specialized in crypto trading and asset management, is proud to announce a technology integration with Chainlink, a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink will help TROY reach its long-term vision of redefining trading by helping build a secure and reliable oracle design for the trading platform. Troy Network is designed to break the trading barriers of crypto assets by building a frictionless, integrated crypto asset trading ecosystem.
A primary need for any blockchain developer is access to trusted real-world data, which exists outside the blockchain (off-chain). Whether it is data from a Big Data database or multiple crypto exchange venues, the integrity and delivery of this critical information must be trustworthy to be used in any on-chain clearing protocol. This is where decentralized oracles come into play.
Chainlink is a decentralized oracle network that currently provides decentralization at both the oracle and data source level. By using multiple independent Chainlink nodes, the user can protect against one oracle being a single point of failure. Similarly, using multiple data sources for sourcing market prices, the user can protect against one data source being a single source of truth.
For instance, most financial smart contracts need real-time prices of a designated crypto asset trading pair to be correctly broadcasted by multiple aggregation providers. Chainlink showcases this ability through its Price Reference Data contracts, which provide accurate prices for over 25 digital asset markets. These Price Reference Contracts are secured by numerous independent oracles that each aggregate data from one of 10 different data aggregating APIs. This ensures that financial smart contracts execute b...