TrustVibes Will Integrate Chainlink Price Feeds to Price NFTs and Services in its Next-Gen Social App
We’re excited to announce that TrustVibes, our blockchain-based, next-gen social app will integrate Chainlink Price Feeds to provide accurate and tamper-proof exchange rates on our wallet and provide cross-chain NFT integration. This integration will be available initially on the Binance Smart Chain, with a planned expansion to other blockchains and layer-2 solutions. By integrating Chainlink’s industry-leading decentralized oracle network, the TrustVibes app will have access to high-quality, tamper-proof price feeds needed to help ensure that NFT assets and services are offered in the TrustVibes App, can be purchased at up-to-the-second exchange rates, when using supported currencies. This will provide our users with strong assurances that the price they are paying for their NFTs is accurate and current.
We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
The TrustVibes app is a groundbreaking addition to the online social space. Our app employs a social community paradigm called TrustCircles that creators use to build and manage their fans. TrustCircles creates better interactions, a healthier environment, and more revenue for creators that can then be shared with fans. The app also offers NFT minting, marketing and selling, and the ability to promote events on and off-platform.
In order to secure accurate exchange rates across the TrustVibes app, we need access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we selected Chainlink Price Feeds because they provide a multitude of critical features such as:
● High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
● Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOpsteams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
● Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
● Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
Utilizing Chainlink Price Feeds places Trustvibes in the top tier of creator-centric blockchain platforms. As we head to our mainnet launch in September, we also plan to bring verifiable randomness to our NFT feature which will empower our end-users to create dynamic NFTs using Chainlink VRF. Our commitment to TrustVibes members is to always provide them with the best technologies, products, and services available.
About Chainlink
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
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About TrustVibes
TrustVibes is the world’s first social app powered by NFTs. Creators can mint, market, and sell their NFTs totally within the app, and utilize a social approach called TrustCircles to interact, and create strong bonds, and reward fans. The platform focuses on eliminating all of the downsides of social networking including trolls, negative gossip, bullying, bad actors, and unwanted ads. The TrustVibes app uses the $TRUST token as its currency. For more information visit: www.trustVibes.io
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