Augmented Finance will use Chainlink’s industry-leading Oracle network services for its running its protocol on the Ethereum blockchain. This will enable the company to access reliable and fully tempered-proof data for its smart contracts for carrying out various operational and functional procedures on its platform. This development is specifically relevant for reassuring users that they can utilize the data safely and securely. This, in turn, will help to bring more customers to the domain of decentralized finance and blockchain technology.
The reason behind the selection of Chainlink is not very difficult to fathom. The organization is known for offering incredible infrastructure for supporting and integration of the decentralized Oracle network. There are already billions of dollars of total locked value in smart contracts powered by the Chainlink. The network’s ability to offer incredible safety and security levels even during crash times, cyberattacks, and other unscrupulous activities carried out by the hackers, sets it apart from contemporaries.
Augmented Finance offers lending and borrowing services to customers, and it is obvious that reliable data is required to carry out operations effectively and efficiently. In terms of functional procedure, Augmented Finance needs to collect the data off-chain and then need to deliver this data to various users working on the decentralized network.
For meeting this requirement, Chainlink has been selected as a data partner by Augmented Finance. Chainlink aggregates the data from many reliable sources. It then supplies it to clients through the oracle-decentralized network so that the numbers come clean without any biases or outliers. This specific ability of the Chainlink network to produce reliable and accurate data, which is also constantly updated with the help of thousands of data nodes, makes the organization the leader in the segment of Oracle-based data feeds.
Both Augmented Finance and Chainlink are expected to derive their share of benefits from this association. Ultimately, this union will benefit users by providing reliable, accurate, tempered-proof, and up-to-date information.