Orchid works with Chainlink on bandwidth-pricing oracle

By Derek E. Silva


Orchid is collaborating with Chainlink, a network of decentralized oracles, on two new tools that make it easier for Orchid users to determine the price of VPN bandwidth. Chainlink is widely considered the market leader in decentralized oracles, providing trusted price feeds to many leading DeFi applications such as Synthetix, Aave, and Nexus Mutual. Chainlink oracles allow blockchains to access information outside their networks (off-chain) in a highly secure manner, providing more meaningful data to on-chain applications while retaining their end-to-end security.

The first oracle -- already up and running -- is a OXT/USD price feed, giving users the ability to price VPN bandwidth in U.S. dollars. Chainlink's decentralized price oracle will help limit the distorting effect of short-term pricing volatility by smoothing moment-to-moment price fluctuations. This provides a more consistent and accurate understanding of the price of OXT than sampling the spot price at a given instant.

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