Popular decentralized oracles Chainlink has been enlisted to assist Orchid users to estimate the price of VPN Bandwidth.
Chainlink which is arguably the top decentralized price oracles available today will be integrated with two new Orchid tools.
Prior to this, Chainlink provided price feeds to top DeFi applications like Synthetix, Aave, and Nexus Mutual. It enables these blockchains to securely gain access to top-notch off-chain data without in any way compromising end-to-end security.
About the two new Orchid oracles
First on the list is an OXT/USD price feed, which is currently up and running. The OXT/USD feed makes it possible for users to estimate VPN prices in dollars. Chainlink’s major task is to smoothen “moment-to-moment” price fluctuations. Thereby reducing the effect of short term price volatility and lastly providing a more stable and accurate understanding of OXT price with respect to the US dollars.
The second oracle harvest information from Orchid feed providers, thereby providing users with “a better estimate of the cost of bandwidth”. Though still ongoing development, the second oracle is already being referred to as a “secret shopper”. Simply because it is designed to collect bandwidth prices from all Orchids providers and then compile them into pricing information for users. This, in essence, will make price estimation on the network both easy and reliable.
According to the official blog post, the two oracles simply enable users to estimate VPN prices. This estimation is carried out both in OXT and US dollars. The first covers VPN Bandwidth OXT price movement in relation to the US dollars. The second enables users to give a fairly correct estimate of how much the bandwidth would cost.
Chainlink will provide the oracles with trusted and secure data free from all forms of manipulation.
Speaking on the partnership, Dr. Steven Waterhouse disclosed that the entire Orchid team is excited by the collaboration. Adding that, it would further help Orchid users “bring Internet privacy to more people.” For the uninformed Waterhouse is the Co-founder and CEO of Orchid.
Daniel Kochis, Chainlink Head of Business Development also pointed out that “we’re excited to use Chainlink oracles to provide key off-chain data that helps ease the use of Orchid Network.”
About Orchid and Chainlink
Orchid is a P2P privacy network that provides users with the ability to buy and sell bandwidth using its native token OXT. It boasts of its services being unaffected by geographic location. Simply put, users can browse privately from any geographical location.
Chainlink, on the other hand, is a decentralized oracle network known for its secure and trusted price feed data. It provides oracle to giant enterprises like Google, SWIFT, Oracle. Synthetix, Ava Labs, Kyberswap, Vite Labs have also integrated its price data feed.