CACHE Gold & Chainlink Integration
CACHE Gold announced integration with Chainlink Proof of Reserve (PoR) feed on Ethereum mainnet to monitor the locked gold currently backing the CACHE Gold token (CGT).
This will facilitate an automated workflow for updating current reserves on-chain based on changes reported by GramChain. The Chainlink PoR feed supports the ability to mint new tokens based upon the quantity of off-chain reserves.
Chainlink, which powers the PoR data feed, is the most time-tested and historically reliable oracle network in the blockchain industry, already securing tens of billions of dollars for top DeFi projects. Thanks to Chainlink PoR implementation, CGT becomes an even more trusted asset within the Ethereum DeFi ecosystem, as users have additional proof of its 1-to-1 collateralization.
Additionally, CACHE Gold is leveraging the XAU/USD Chainlink Price Feed to ensure tokenized gold product is secured by reliable, high-quality, tamper-proof data that reflects real-world market prices for gold. Developers can leverage the XAU/USD Chainlink Price Feed and Chainlink Proof of Reserve Oracle to price CGT on-chain with full assurance that it’s fully backed by physical gold off-chain.
About Chainlink
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 CACHE Gold
CACHE provides fully redeemable, transparent, compliant, public tokens backed by gold stored in vaults around the world.
📰 INFO
