Value Network Integrates Chainlink Price Feeds to Help Secure Its Prediction Market Protocol
We’re excited to announce that Value Network — a decentralized and open-source peer-to-peer prediction market protocol — has integrated Chainlink Price Feeds on Ethereum and Binance Smart Chain mainnets. By integrating the industry-leading decentralized oracle network, Value Network has access to high-quality, tamper-proof price feeds needed to open and settle prediction markets around various crypto assets. Chainlink’s decentralized oracle networks provide our users with stronger assurances that prediction markets reflect accurate global market prices that are hyper-resistant to single points of failure.
Our initial integration involves the use of the following Chainlink Price Feeds: BTC/USD, ETH/USD and users now have the option to create custom markets from different cryptocurrency pairs and place predictions using price data from Chainlink. 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 tens of billions of dollars for leading DeFi protocols, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Value Network is a blockchain-based prediction market protocol for placing predictions on the future price of crypto assets. Every asset prediction has a strike price and an expiration date upon which prediction markets are settled. All that’s needed to get started is a MetaMask account and an Internet-enabled device. Users can publicly monitor all predictions directly on the blockchain — no user funds are stored in centralized wallets, with all funds trustlessly held in smart contracts and disbursed on settlement.
In order to help secure our Value Network Price Feed, we needed 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 integrated 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 from outliers and suspicious volumes.
- High Update Frequency — Chainlink Price Feeds can perform frequent price updates at minimal costs, resulting in precise price data that consistently reflects current market conditions.
- Robust Infrastructure — Chainlink Price Feeds utilize decentralized networks of professional node operators run by leading blockchain DevOps teams and traditional enterprises with a strong track record of uptime during market volatility.
- Transparent Monitoring — 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 price feeds.
Beyond this current integration, Value Network hopes to use additional price feeds from Chainlink in the near future and explore the possibility of expanding the integration to other blockchains.
“With Chainlink Price Feeds, Value Network users now have the blockchain industry’s leading market data solution to help ensure their predictions are accurately opened and settled at real-world prices,” stated Artem Levin, Founder of Value Network.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About Value Network
Value Network is an innovative decentralized blockchain-based prediction markets protocol and trading platform. Value Network is a blockchain project focused on prediction markets, solving the conflict of interests between users and brokers, allowing users to put predictions against each other on smart contracts. Users can place predictions on the prices of crypto assets and create markets to predict; all predictions can be monitored on the blockchain, and prices are updated in real-time using Chainlink as the price oracle. Value Network was Top 5 in the 2021 Binance Hackathon.
We are eager to evolve Value Network into an inclusive community project. If you believe you can help in any way, please join the community on Telegram.