What is Chainlink and why is Gaugecash integrated with Chainlink?

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Gaugecash is the 500th integration with Chainlink Announced on Twitter

GAUGECASH has integrated market-leading oracle network Chainlink to access a GAU/USD decentralized price feed. The Chainlink-powered GAU/USD Price Feed will ensure that the Gauge Index is priced against USD at fair market value and without possible tampering.

Chainlink’s market-leading oracle networks provide us with a proven plug-n-play oracle solution that currently secures billions in USD value across Defi. Chainlink being the new oracle solution for GAU/USD is a critical element to our design in bringing off-chain FOREX market data into blockchain ecosystems. Although initially launched on Ethereum, the GAUGECASH system is fundamentally blockchain agnostic, thus we require an oracle like Chainlink that supports various other blockchain environments.

We chose Chainlink because of its clear superiority in technology, security, and market dominance. Some of the Chainlink Price Feed features that add significant value to GAUGECASH include:

• Chainlink oracles have built-in credential management capabilities, enabling them to access premium, password-protected FOREX data used to generate our GAUGE Index.
• Chainlink uses a decentralized network of Sybil-resistant oracle nodes, securing our smart contracts against downtime or data manipulation attacks resulting from a single oracle.
• Chainlink offers transparent visualizations of the oracle network’s performance, allowing users to independently verify they are getting fair market exchange rates.

An example of the Chainlink ETH/USD Price Feed showing a transparent visualization of oracle network activity.

“GAUGECASH is bringing a new monetary decentralized system, empowering users to make stable payments on-chain or store value while hedging against the volatility risks of any single fiat currency,” said GAUGECASH Founder Manuel E. Blanco. “Chainlink will provide us with time-tested oracle infrastructure to ensure that users relying on GAU are always receiving fair market exchange rates when utilizing them for pricing goods and services around the globe.”