Chainlink oracles will enable us to manage on-chain endorsements for the UTU Trust Token mechanism.
We are thrilled to announce that we are integrating Chainlink oracles into the UTU Protocol testnet, mainnet, and Trust API. By leveraging the industry-leading decentralized oracle network, we can securely track endorsement data based on past ratings and reviews to reward users for successfully participating in our protocol’s endorsement system.
How UTU Protocol Uses Chainlink Oracles
We will integrate Chainlink’s oracles to manage and track endorsements to facilitate the UTU Trust Token (UTT) rewards within our protocol. To better understand how this will work, let’s go over how the UTU Protocol will function.
UTU Protocol users can stake UTT to endorse entities—service providers, DeFi protocols, or other entities—on apps in the UTU ecosystem.
Here’s an example that will be live in the near future.
Let’s say you’re a fan of Aave. You’ll be able to visit our DeFi Portal to stake some UTT on Aave to show that you support it as a trusted platform. These endorsements are used by our Trust API to deliver personalized recommendations to other visitors searching for trustworthy DeFi apps.
When another user visits the DeFi Portal and discovers Aave, and that user subsequently endorses Aave, you’ll receive some UTT as a reward (the amount depends on a few factors). This is because you provided a valuable endorsement that was confirmed by someone else’s endorsement of the same entity.
When these endorsements (which are on-chain) occur, our smart contract needs to figure out who the previous endorsers were so they can be rewarded for their successful endorsement. This is where we need Chainlink. Chainlink oracles will be used to keep track of all endorsements and recommendations made and securely provide that data to our smart contract so it can deliver UTT rewards to endorsers in an automated and tamper-proof manner.
Why We Chose Chainlink
As the most time-tested and widely used decentralized oracle network in the blockchain space, Chainlink has a proven history of strong security and a rapidly growing ecosystem. Additionally, Chainlink’s support for multi-word responses allows us to deliver additional data in our oracle calls in a seamless manner, with Chainlink’s AWS quickstart making it easy to run our oracle node directly on AWS infrastructure—keeping transaction costs low.
Chainlink has a multitude of critical features that made it a great fit for our use case, a few of which are:
- Blockchain Agnostic — Chainlink is blockchain agnostic, meaning our data can be easily made available on any current or future blockchain environment. This is particularly important as we make our endorsement system accessible to users across the multichain ecosystem.
- Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, offering us access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software designed according to leading academic research, already helping to secure billions of dollars in value live in production.
Looking forward, we are exploring the potential of integrating our Creditworthiness API with Chainlink oracles to deliver credit data to lending platforms across multiple blockchains.
“After extensive research, we believe that Chainlink is the best oracle solution for our unique use case. Chainlink oracles already have the ability to call a custom API as well as infrastructure to support paid and authenticated APIs, which was very important to us. The widespread adoption amongst the blockchain ecosystem’s largest protocols is also impressive and points towards its long-lasting, future-proof nature.”
-UTU CTO Bastian Blankenburg.
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.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
UTU is building the trust infrastructure of the internet to help businesses and consumers engage and transact in an easier, safer, and more trustworthy way.
Our AI-based API products collect and analyze data to create trust signals and personalized recommendations that help consumers and businesses make the best decisions for their situation. And the UTU blockchain protocol rewards users for trustworthy actions and compensates them for sharing their data while protecting their privacy.
UTU changes the economics of trust, ensures trust can’t be bought or manipulated, and leverages data to help people make better decisions.
We are proudly based in Nairobi, Kenya… with frens all over.
We hope you enjoyed this article! If you did, please share it with the share buttons below so others can discover it.
Let us know what you think about this article by commenting below or messaging us on Twitter, Telegram, Discord, LinkedIn, Reddit, YouTube, Facebook and Instagram.
0 commentsWrite a comment