Areon Network has announced integrating Chainlink Price Feeds with the objective of securing the Oracle services that will enable the network to offer reliable price feeds. The integration in its initial phase will cover BNB/USD on Binance Smart Chain Mainnet. Areon Network, in the announcement, has highlighted that users will benefit from the integration as they will now know that options have been settled and priced via fair-market price.
Furthermore, this collaboration provides greater security and assurance to all users. Additionally, the fair market spot prices are sourced in a decentralized method.
Chainlink Price Feeds brings a lot to the table. To start with, it makes sure that the Areon Network community gets access to price feeds that are of high quality and tamper-proof.
Areon Network, out of all the available options, decided to go with Chainlink for the reputation that it carries in securing billions of dollars in smart contracts. Moreover, Chainlink is well-known for maintaining security and availability irrespective of how the outside environment is reacting to changes and threats. Events like downtime and flash crashes barely affect the functioning of Chainlink Price Feeds, ensuring that users retain access to the on-chain data.
Some of the features of Chainlink Price Feeds that stand out are:
- High-Quality Data
- Secure Node Operators
- Decentralized Network
- Reputation System
Chainlink Price Feeds supplied high-quality data through the network of premium data aggregators. This brings together approximately a hundred exchanges and the mechanism that weighs the prices based on volume. The model gathers the data more precisely when compared to others who are less resistant to manipulation and inaccuracies.
Secure Node Operators refer to DevOps teams, enterprises, and data providers. They are independent and Sybil resistant, with a strong record of high reliability even during times when the infrastructure reports outages and a huge increase in gas prices.
The decentralized network comes to play at a time when strong protection is needed to deal with downtime and data tampering. As for the reputation system, Chainlink enables the users to independently verify the performance of node operators and networks in real-time based on historical data.
Umur Ince from Areon Network has said that Chainlink will provide them with a wide scope of speeding up the process and providing resources that are reliable for projects which are being developed by them. The Chief Executive Officer of the Layer1 Crypto Project has expressed confidence in Chainlink by stating that it will largely help them get positive feedback from users.
Integrating Chainlink Price Feed is a part of making the platform more reliable. Areon Network is already sustainable with Proof of Area, a unique verification algorithm. It basically combines all the elements of Proof of Work and Proof of Stake. PoA brings together the transaction Security of PoW and the reduction in the transaction cost of PoS.
In simple words, Areon Network and Chainlink Price Feeds are a perfect fit for the puzzle. Chainlink is on a path to see the Chainlink predictions go green with such integrations. The approach to supporting different projects with its Oracle service reflects positively.
The integration also aligns with the mission of Areon Network, wherein it wants to establish a platform that is fast, secure, and unique when it comes to providing the best services in the blockchain ecosystem.