ETHA And Chainlink To Premiere First Decentralized Remittance Platform For On-Chain Transactions
ETHA Partners Chainlink To Premiere First Remittance Platform For On-Chain Transactions
Recent News from the grapevine suggests that the duo of ETHA and Chainlink are striking a very solid partnership that will result in the provision of a decentralized oracle solution.
There have been ongoing efforts by active players and actors in the cryptocurrency market to bring about massive adoption and increased interest in the system.
Earlier in the week, Dash announced a partnership with ePaymints to increase speed of transactions and payments, thereby leading to the upgrade and launch of its InstantSend, a system that will not only speeds up payments among merchants, but has also become the industry’s first auto payment platform.
In a similar way, Bitcoin Satoshi Vision (Bitcoin SV), the fork of the Bitcoin Cash split, had earlier moved to scale up its users list to 5 billion daily.
The new effort to position virtual asset and digital crypto business in a firm stead is coming from ETHA, self-styled ‘most profitable and rewarding new Proof of Stake (PoS) coin in the crypto world.’
The company will be working closely with Chainlink, the crypto’s industry leader in terms of decentralized oracle networks to provide smart contracts have access to off-chain data feeds.
As it stands in the industry, access to off-chain data feeds is limited, with smart contracts not open to make use of APIs as well. But a partnership with Chainlink which is a decentralized oracle network, allows and enables smart contracts to safely secure access to off-chain data feeds, web APIs, and traditional bank payments.
The reason is simple: the manner in which smart contracts are encrypted on the blockchain, leading to miners’ reaching consensus.
But the ceaseless public outcry from merchants, investors and major players and actors in the industry for more liberal operational requirements in transactions and high-powered security technology that will ensure data safety is yielding positive results.
The partnership between ETHA and Chainlink will produce a blockchain oracle solution that will now permit smart contracts to access off-chain data feeds and APIs on ETHA platform.
This is in order to confirm and carry out transactions while allowing execution of activities including bank transfer. The partnership will also help streamline the excessive processes taking place at the on-chain which often restricts smart contracts to access key off-chain resources on ETHA platform.
With a view to bring about this solution, ETHA’s technical team is working in collaboration with Chainlink to introduce the world’s first blockchain-based remittance solution platform.
The platform will provide merchants and consumers with the opportunity to deploy their digital assets to send fiat money to anywhere in the world, 24 hours a day.
On ETHA’s new platform, senders will now be able to seamless send fiat money while also having the opportunity of flexibility while selecting different payout options for the recipient.
The options will now include Direct to Bank, Local (Cash) Pick-Up or Mobile Top Up. These will give ETHA the leverage to provide top notch services to their numerous users resident in well over 190 countries around the globe.
The technical aspect of the payment system is that under a platform, it will work as a decentralized operating system (DoS) that will integrate the benefits of decentralized systems with the necessary centralized resources.
Chianlink, serving as a decentralized oracle network, will provide a secure solution that can easily connect ETHA smart contracts to APIs and off-chain data feeds.
By this system, ETHA will premiere the first remittance platform to streamline over 90% of the process to send money abroad securely on-chain.