Global cryptocurrency trading and asset management prime broker TROY, announced today that it will be integrating Chainlink’s decentralized oracle network to redefine and improve its trading platform.
TROY is powered by the Troy Network, which was originally designed to create a frictionless, integrated crypto asset trading ecosystem. Through the decentralized oracle network from Chainlink, TROY can now access trusted real-world data that exists outside its blockchain (off-chain).
Chainlink enables its users to protect against one oracle being a single point of failure, by making use of several independent Chainlink nodes, and in the same manner, they can equally protect against one data source being a single source of truth, through multiple data sources for sourcing market prices.
In a simpler term, Chainlink enables financial smart contracts to be broadcasted by several aggregation providers accurately, in line with the real-time prices of the related crypto asset trading pair. This is achieved using its Price Reference Data contracts.
Additionally, Chainlink’s Price Reference Contracts are said to be secured by multiple independent oracles. Each oracles aggregate data from one of 10 data aggregating APIs, to ensure the financial smart contracts execute on current price throughout the crypto market.
The Troy Network comprises four different layers: the public chain protocol layer, the off-chain trading layer, the settlement network layer, and the application layer, according to the report.
Both entities will be working together to integrate an efficient and secure oracle, as well as optimize the trading process to support the application layer of the Troy Network, all of which aim at improving users’ trading experience.
Kira Sun, the founder of TroyTrade, commented:
We’re very excited to use Chainlink to aggregate cryptocurrency prices, trading data from centralized exchanges, and on-chain transaction data oracles to empower a next-generation trading experience on the Troy Network.
$Link Price Overview: Bullish
After hitting a new all-time high earlier in February, Link, the native coin of the Chainlink network crashed alongside the rest of the market. While the general cryptocurrency market is currently recovering from the plummet $Link is responding bullishly to the positive development today. At the time of writing, the cryptocurrency is trading as high as $2.18, representing a massive 20% gain on the daily chart.
Author: Ibiam Wayas