After this integration of the industry-leading oracle network, which is already responsible for helping secure tens of billions of dollars of value across the DeFi ecosystem. CACHE Gold users can now verify on-chain that cross-chain CACHE Gold tokens (CGT) on Polygon are fully back 1:1 by CGT tokens on Ethereum.

This latest update builds upon previous integrations of Chainlink Proof of Reserve and Chainlink Price Feeds on Ethereum mainnet. To monitor the lock gold currently backing CGT and enables users to verify that the token’s value accurately reflects real-world market prices for gold. Ultimately these combining integrations give users stronger assurances. That CGT tokens on Polygon are backing by sufficient reserves of gold in the real world.

Some of the notable features of Chainlink Proof of Reserve include:

• Automated On-Chain Audits — By keeping an up-to-date reference contract, smart contracts can get automating, on-chain verification of an asset’s collateralization, removing the need to conduct manual audits.
• High-Quality Data — Through the use of customizable External Adapters, Chainlink can source data from premium data providers who are financially incentivized to provide highly accurate and available data.
• Decentralized — Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to Polygon.
• Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization.

About Chainlink

Chainlink is the industry standard for building, accessing, and selling oracle services. To power hybrid smart contracts on any blockchain. Its 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. It offers global enterprises and leading data providers a universal gateway to all blockchains.

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About CACHE GOLD

One CGT represents one pure gram of gold stored in vaults around the world. The protocol is designing to ensure that the number of tokens in circulation. Never exceeds the amount of physical gold stored. With every gram of gold tracking by asset tracking platform GramChain. And then verifying  by Chainlink Proof of Reserve with proof published on-chain.

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SOURCE:

https://medium.com/cache-gold/cache-gold-integrates-chainlink-proof-of-reserve-to-secure-tokenized-gold-on-polygon-dd3ac4dd90ce

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