QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
QuiverX Capital, Ltd. will be working exclusively with the Chainlink Network to integrate a customized Proof of Reserve oracle solution within the QuiverX Capital crowdfunding portal that provides quarterly on-chain updates of listed businesses’ off-chain earnings.
QuiverX is a decentralized crowdfunding platform where small to medium sized enterprises (SME) can raise money by offering investors tokenized equity. In order to help independent investors make sound decisions regarding early-stage funding, QuiverX plans to utilize Chainlink to provide users with transparent cash flow information within the platform about these SMEs.
Through a customized Proof of Reserve solution, Chainlink oracles will retrieve data regarding the quarterly business revenue of SMEs listed on the QuiverX platform and deliver it on-chain where it is stored in reference contracts. By doing so, QuiverX will create a transparent bookkeeping model where anyone with access to the internet can easily verify a token’s value based on its historical revenue. This is a huge leap forward in transparent startup funding.
As the world leader in blockchain oracles, already securing billions of dollars in on-chain value through its oracle solutions, Chainlink greatly expands the usefulness of smart contracts by connecting them to the real world outside the blockchain (off-chain). We believe Chainlink is exceptionally well-suited to perform such a highly specialized task for QuiverX, as their oracle solution is highly flexible and can aggregate data from any off-chain APIs.
In addition to providing access to high-quality off-chain data feeds, Chainlink is a highly secure and reliable oracle solution. Chainlink oracles networks are decentralized, removing any single point of failure in the delivery of data on-chain and thus ensuring high availability and manipulation resistance. These decentralized oracle networks consist of a large collection of secure node operators run by leading DevOps with extensive experience running blockchain infrastructure that secure large amounts of value. Chainlink oracle networks are also transparent and can be filtered according to historical performance via third party reputation and listing services, ensuring that users can independently monitor and verify the quality of oracle networks and independent nodes.
“We are confident that Chainlink will provide QuiverX users with a reliable source of quarterly revenue data, helping us differentiate ourselves as a trusted and transparent platform for listing and investing in SMEs,” said CEO Ivan Castillo. “QuiverX will offer businesses the potential to expand their crowdfunding efforts via open blockchain technology, while investors can better trust in their investments based on transparent oracle data feeds.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlinknewsletter, and follow
@chainlink on Twitter.
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QuiverX Capital, Ltd. is a decentralized crowdfunding platform that allows enterprises to raise capital via digital assets. It promotes dynamic growth through fractional ownership and transparent booking, lowering the barrier of entry to Pre-IPO opportunities and bridging the gap between cryptocurrency and traditional markets.
To learn more, visit quiverx.io, and follow @QuiverX5 on Twitter.