Chainlink Data to Power Ampleforth (AMPL) Oracle System and Pricing Protocol
The Ampleforth’s market, together with the price Oracle will soon get powered by the help of the Chainlink data providers. It is all in the big step of releasing the vision of the Ampleforth platform, that is having an independent and decentralized smart commodity money.
— Chainlink – Official Channel (@chainlink) July 10, 2019
What to Know About the Ampleforth Platform?
It has been designed as a new digital asset that has an elastic supply policy which they have referred to as the AMPLs or the Amples. It is a digital protocol for the smart commodity money that has been funded by Brian Armstrong, Slow Ventures, True Ventures, and the Pantera Capital.
They will go ahead and integrate Chainlink, which is established as a decentralized oracle network that will be able to enable the use of smart contracts that will help in securely accessing the off-chain data feeds.
It is together with the API and the use of traditional bank payments.
The move has been considered to be the very first move of several milestones of the Ampleforth roadmap. At the same time, the project will continue to seek better value delivering and high-quality partners to help in strengthening the current Oracle system.
Just a small clarification, an oracle has been considered to be a trusted source of information. One that can easily find and verify some of the real-world occurrences or even just the data feeds. And from here, the system goes ahead to submit the gathered information to the blockchain technology which is then used in the smart contracts.
The need for Oracles System and the Data Providers
The protocol in the Ampleforth platform is able to receive price information after every 24 hours. To be specific, the knowledge that the system gets is the VWAP, Volume Weighted Average Price. With this, you can adequately calculate the proportional expansion to each of the token holders. Making this a very integral part of the core nationality of the system.
Not forgetting, with the use of the trusted data providers, it will ensure the Oracle system to offer users a fair and transparent system that can perform well.
Why did Ampleforth go-ahead to partner with Chainlink?
Simply, the Chainlink platform will be participating as the Oracle provider within the market and the CPI, Consumer Price Index. Thus, Ampleforth will be able to leverage from the Chainlink platform and as a result be able to increase the decentralization of the project. It will also have an added effect in expanding the censorship resistance.
As Brandon Iles, Ampleforth’s CTO says,
“The Oracle system is core to the Ampleforth protocol. Integrating and working with a trusted partner like Chainlink to ensure reliable data feeds will further decentralize the Oracle system key to Ampleforth’s future.”
Chainlink has been considered to be among the top blockchain technologies; this is according to the Gartner, an independent research firm. The company has been able to build a reputation for providing reliable and secure oracles to the larger enterprise within the market. But this is not all as they are also the lead in the development of smart contracts.