The Collective is Integrating Chainlink Price Feeds to Help Secure Smart Escrow Contract
We’re excited to announce that The Collective, the future home of one of crypto-based decentralized freelance marketplaces, is integrating Chainlink Price Feeds on Binance Smart Chain. By integrating the industry-leading decentralized oracle network, The Collective will have access to high-quality, tamper-proof price feeds needed to list stable prices on marketplace services while still being paid in full in various cryptocurrencies. This will provide our users with stronger assurances that each transaction will be fair no matter the volatility of the token/coin.
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 tens of 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.
Here at The Collective, we're developing a decentralized freelance marketplace for bringing together artists, developers, marketers, and other providers of various products and services while providing their prospective clients a safe and secure means to do business. The Collective has a native token interwoven into the marketplace. The platform will also accept multiple types of alt-coins on Binance Smart Chain for the first version of the beta.
One of our focuses is to empower people to use tokens they own for various services, particularly lower market cap tokens subject to increased volatility. By implementing Chainlink technology, we will help ensure that users receive accurate value for their work in any supported token, even when assets are in volatile price movements.
In order for our Smart Escrow Contract to reflect real-time exchange rates, 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. Thus, we needed 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, leading to 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 more precise 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 DevOps teams, 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.
The Collective will continue to expand by adding more price points to our Smart Escrow Contract, as well as expand to other chains to allow our users to accept tokens/coins outside of the Binance Smart Chain network. Our team will also look into integrating Chainlink VRF in our future NFT game to create fair and randomized rewards for users.
“Cryptocurrency is becoming such a powerful entity that adoption is inevitable in everyday life and business transactions. Chainlink oracle technology enables us to create a Smart Escrow Contract that will be fair for both users and creators in everyday transactions.” – Andrew Gago, CEO
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 and subscribe to the Chainlink newsletter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper. Want to discuss an integration? Talk to an expert.
About The Collective
The Collective is the future home of one of the first crypto decentralized freelance marketplaces bringing together artists, developers, marketers, and other providers of various products and services while providing their prospective clients a safe and secure means to do business.
Currently offering graphic design services in exchange for cryptocurrencies, the goal of The Collective is to create a decentralized marketplace, inspired by platforms such as Etsy and Fiverr, for other providers to also offer their products and services to clients in exchange for The Collective Coin, or virtually any established cryptocurrency of their choosing, for a small fee.
Providers will create a profile and have the ability to establish a virtual storefront on the Marketplace, which will be accessible through a dApp from the user’s wallet.
The Collective Coin is a community-driven Defi coin and will be the official currency of The Collective. The coin will be the main currency on the marketplace.
- The Collective