In brief
- Chainlink will provide two oracles for Orchid decentralized VPN users to calculate their usage costs in USD.
- Chainlink has recently won a string of integration, but competition is heating up.
- Chainlink was also recently selected as a 2020 Technology Pioneer by the World Economic Forum.
Chainlink is making it easier to get onboard with decentralized VPNs.
Orchid announced today the launch of a new pricing oracle to help users understand the dollar denominated cost of purchasing bandwidth on the Orchid decentralized VPN. A VPN allows users to connect to the Internet using a connection provided in a different physical location.
It’s another example of the versatility of the Chainlink protocol, and shows how the decentralized oracle platform can be applied to a variety of different use cases.
The initial oracle will provide price data between the OXT token used in Orchid’s platform to make it easier for users to understand the price they’ll be paying to surf the net. A second oracle will follow, used to measure the price of bandwidth across multiple Orchid providers to deliver an average price. The set of oracles will also help smooth out price distortions that can be caused by short term spikes in the price of OXT.
“Chainlink’s oracles provide valuable information that make the crypto space more accessible and easier to use,” Orchid co-founder and CEO Dr. Steven Waterhouse said. “We’re excited to collaborate on these two great projects, which improve the experience for Orchid users and help us bring Internet privacy to more people.”
Chainlink has completed a number of successful integrations recently, including providing real time on-chain price feeds for Kyber Network and being listed on the Winklevoss-backed Gemini exchange. A number of competitors for providing pricing data have also emerged in recent months, including signed price data from Coinbase and the launch of Band Protocol 2.0 on the Cosmos network.
”We’re excited to use Chainlink oracles to provide key off-chain data that helps ease the use of Orchid Network,” said Daniel Kochis, head of Business Development at Chainlink. “By aggregating data using a decentralized oracle network, Chainlink is able to provide robust market coverage for pricing bandwidth in a manipulation resistant manner.”
Chainlink was also recently awarded as a Technology Pioneer by the World Economic Forum, selected as one of the top 100 most promising technology pioneers of 2020.