HourGlass announced that it has integrated Chainlink Price Feeds on the Ethereum mainnet. It will help the platform secure its decentralized convertible bonds issued by the FORTH DAO. HourGlass has gained access to high-quality and tamper-proof price feeds that will help price the buttonFORTH tokens.
Initial integration includes:-
More Chainlink Price Feeds could be integrated in the future. The integration of Chainlink Price Feeds by HourGlass gives a stronger assurance that users will be provided data at a fair-market rate. The oracle network of Chainlink Price Feeds supplies on-chain data in a reliable manner to reflect a volume-weighted average of all trading environments.
Chainlink Price Feeds was chosen out of all the options as it is seamless to integrate and has been time-tested in production. Other features of Chainlink Price Feeds that worked in its favor include secure node operators, high-quality data, a decentralized network, and a reputation system.
Several independent security reviewed node operators back the network, securing Chainlink Price Feeds to its top-most core. They are also Sybil-resistant and are led by leading blockchain DevOps teams, traditional enterprises, and data providers.
The network has a much better record of performing well even during uncertain times, including high gas prices and infrastructure outages.
Data quality is maintained throughout the run by aggregating data from various premium aggregators. It is then weighted by volume and filtered for outliers. Traders who leverage the network are served a more reliable market price resistant to manipulations and inaccuracies.
It has a reputation system to ensure that the historical data is verified along with the real-time performance of node operators and oracle networks. The verification is enabled by the supply of a robust reputation framework and on-set monitoring tools.
Downtimes barely affect the functioning as the entire network is decentralized at three levels: data source, oracle node, and oracle network. Courtesy of the provision, neither the oracle network nor the data provider, can tamper with the data on the network.
HourGlass team issues a statement calling Chainlink a foundational component of its project. The team added that they had used tutorials by Chainlink along with trust-minimized services and starter kits to back the Chainlink Fall 2021 Hackathon, resulting in the birth of HourGlass.
HourGlass is a decentralized marketplace where convertible bonds are issued and traded. The convertible bonds are created by utilizing the buttonToken wrappers and buttonTranche contracts.
Chainlink provides a universal gateway to all blockchains, which leading data providers and global enterprises can access. It is the industry standard for building, accessing, and selling oracle services.
Its oracle network provides a reliable way to connect an external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink Price Feeds helped HourGlass in two ways: one where users now have a strong assurance of fair-market price and another by helping to issue decentralized convertible bonds.