Cardstack, a blockchain-powered open-source protocol, in the present day introduced it is going to be integrating Chainlink into Card Pay — a consumer-facing crypto fee and reward platform. Cardstack will use Chainlink Value Feeds to ascertain correct and tamper-proof alternate charges on the platform, starting on the xDAI chain; however with a deliberate enlargement to different blockchains and layer-2 options.
Most DeFi worth feeds in the present day are used for buying and selling and monetary product use-cases, specializing in the wants of traders, token holders, or market makers. But, as crypto positive aspects extra mainstream consideration; particularly as a result of many scalability options being made attainable by layer 2 and different blockchain improvements, fee use-cases have gotten more and more vital.
That’s the reason Cardstack has developed a multi-party fee protocol. Card Pay is being constructed as a part of the Cardstack suite of decentralized SaaS, supporting each pay as you go playing cards and reward playing cards for making purchases and incomes reward tokens within the community.
The Card Pay protocol faucets into the composability of DeFi, together with using stablecoins as a medium of alternate and web3 wallets because the interface for viewing balances and authorizing funds. Prospects can use the devoted cellular app to attach with retailers simply, just by scanning a QR code (powered by WalletConnect) and confirming transactions through Face ID or Contact ID.
Card Pay + Chainlink
Trade charges are vital in fee use-cases, as they be sure that prospects and retailers are capable of finding a path from the token the shopper holds to the currencies the service provider accepts. The Chainlink oracle community gives many forms of alternate charges — from native tokens like ETH to stablecoins like DAI and fiat currencies like USD, in addition to rising neighborhood and governance tokens.
Used along side decentralized exchanges like Uniswap, Chainlink allows Cardstacl to supply seamless one-click funds from the shopper’s pockets. The most recent Chainlink worth feed replace might be used to calculate the correct quantity of tokens to switch from the shopper to the service provider, with out requiring a separate step to swap earlier than the fee will be processed.
Chainlink is the most-used decentralized oracle answer in DeFi and throughout blockchains, already securing billions of {dollars} in worth. Chainlink Value Feeds present a large number of time-tested design options that not solely guarantee correct alternate charges however present strong safety in opposition to surprising occasions.
A few of these options embrace:
- Excessive-High quality Information — Chainlink Value Feeds supply information from quite a few premium information aggregators like BraveNewCoin and Kaiko, main to cost information aggregated from lots of of exchanges, weighted by quantity, and cleaned from outliers and wash buying and selling. This generates correct international market costs which can be proof against API downtime, flash crash outliers, and information manipulation assaults like flash loans.
- Safe Node Operators — Chainlink Value Feeds are secured by impartial, security-reviewed, and Sybil-resistant oracle nodes run by main blockchain DevOps groups, information suppliers, and conventional enterprises. Chainlink nodes have a powerful observe file for reliability, even throughout excessive community circumstances.
- Decentralized Community — Chainlink Value Feeds are decentralized on the information supply, oracle node, and oracle community ranges, producing sturdy protections in opposition to downtime and tampering by both the information supplier or oracle community.
- Clear System — Chainlink gives a strong repute framework and set of on-chain monitoring instruments that permit customers to independently confirm the historic efficiency of node operators and oracle networks, in addition to test the real-time costs being supplied.
Cardstack goals to leverage Chainlink’s blockchain-agnostic capabilities to combine its Value Feeds throughout a number of blockchains and smart-contract platforms. This permits prospects and retailers to make use of the identical alternate charges, even when they’re promoting and shopping for through two completely different networks or blockchains.
Combining that with layer-2 interoperability expertise like state channels can present a consumer expertise for buyer funds that’s as simple and user-friendly as these supplied by centralized fee apps, reminiscent of Sq.’s Money App, WeChat App, and Alipay.
“Because the crypto ecosystem evolves, we count on to see much more forms of tokens or belongings, whether or not they’re pegged to real-world currencies or tied to a neighborhood’s curated worth. We look ahead to persevering with our work with Chainlink, tapping into its shared oracle infrastructure to deliver the worth of decentralized funds and commerce to the mass market utilizing safe decentralized oracles.”
– Cardstack Founding Director, Chris Tse
