Genshiro Integrates Chainlink Price Feeds In Its NFT Tokens

Genshiro Integrates Chainlink Price Feeds In Its NFT Tokens

By Equilibrium | Equilibrium | 14 Jun 2021


Genshiro is going to release a limited run collection of NFTs featuring cats pertaining to different cryptocurrencies. BTC, ETH, DOT, KSM, GENS, and EQ will all be represented here, and they’ll be available for sale on Rarible, the well-known NFT marketplace. All the money raised from the NFT sale will go toward covering our operational costs, primarily funding our bid for the Kusama parachain auction.

These NFTs are issued on Ethereum and come with a fun feature that depends on the real-time prices of these various cryptocurrencies. By way of the Chainlink integration, when the underlying assets cross a certain price threshold — when BTC crosses $100,000, for example — it unlocks a golden version of each cat NFT. Our Genshiro cats are like trading cards that can change appearance based on real-world price data!

We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols that are responsible for billions of dollars in smart contract value, maintaining robust security and high availability even in the middle of exchange downtime, flash crashes, data manipulation attacks via flash loans, and other unexpected events.

Outstanding flexibility of Chainlink’s technology is also worth mentioning. They promptly added Kusama price to their lineup of feeds upon our request. Now the cat NFT pertaining to KSM is linked to the Kusama token price and can react accordingly as KSM price hits its “golden” threshold.

Chainlink price feeds provide a number of critical features, like:

  • High-quality data — Chainlink price feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
  • Secure node operators — Chainlink price feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain development operations teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
  • Decentralized network — Chainlink price feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
  • Reputation system — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that lets users independently verify the historical and real-time performance of node operators and oracle networks.

About Chainlink

Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink’s decentralized oracle networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.

Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, delivering definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.

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Equilibrium
Equilibrium

The first decentralized interoperable money market that combines pooled lending with synthetic asset generation and trading. Get access to cross-chain liquidity.


Equilibrium
Equilibrium

The first decentralized interoperable money market that combines pooled lending with synthetic asset generation and trading. Get access to cross-chain liquidity.

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