The community is excited to announce that PegNet is now working with Chainlink, the leading decentralized oracle network, in an effort to help further decentralize the data and prices that Chainlink is gathering.

The integration will see that a PegNet operator is added to the Chainlink system to report on all of the prices from the PegNet system, enabling the flow of PegNet asset prices into Chainlink.

Additionally, this connection between PegNet and Chainlink can flow the other way; with the PegNet miners reading the API’s from Chainlink — which averages prices of crypto from multiple different sources to present a median price — which can then be used as one of the price feeds for the recently launched PegNet.

Integrating with Chainlink not only strengthens Chainlink’s data sets with proof-of-work secured asset prices, but it also strengthens PegNet with additional data sources that our miners can use, so it’s a benefit to both communities. As far as we know, PegNet is the first Proof-of-Work (PoW) oracle added to the Chainlink network. Therefore, PegNet adds a new level of verification to Chainlink’s data set of prices because it’s secured with Proof of Work.

The announcement is about the greater decentralization of information, in that people who use Chainlink as a data source will now benefit from PegNet’s data sources as another decentralized source of information. This is highly important because it has become a necessity to have decentralized oracles in DeFi. Not long ago, there were two attacks on the DeFi exchange, bZx, caused by low liquidity and price oracle issues. If bZx would have integrated Chainlink’s price oracles, these types of “flash loan” attacks could have been avoided.

Now moving back to PegNet’s Chainlink integration, the integration enables people to use PegNet to trigger smart contracts that work with Chainlink, which gets PegNet involved at the application level in DeFi. This can have big implications for PegNet as developers building anything in DeFi can more confidently use PegNet’s real decentralized stablecoins such as pegged dollars and other pegged assets (pAssets) in their DeFi applications, knowing they are secured by Chainlink.

Therefore, PegNet’s integration with Chainlink should help to further advance PegNet’s vision of bringing a decentralized, non-custodial network of tokens pegged to different currencies and assets to the world of decentralized finance and DeFi applications.

PegNet joins the growing group of top projects working with Chainlink such as Polkadot, Hedera Hashgraph, Synthetix, Celer Network, Matic, and more.

About Chainlink

Chainlink is a decentralized oracle network that enables smart contracts on any blockchain network to securely connect to external data sources, APIs, and payment systems. Chainlink is the leading decentralized oracle network recognized by top blockchain companies and leading independent research firms such as Gartner. Chainlink has highly reliable and secure oracles that provide tamper-proof inputs and outputs for complex smart contracts on any blockchain and is the industry leader for decentralized oracle solutions. To learn more about Chainlink’s latest developments, join them on Telegram or Twitter.

About PegNet

PegNet is a decentralized, non-custodial network of tokens pegged (stabilized) to different currencies and assets that allow for trading and conversion of value without the need for counterparties. PegNet leverages a decentralized network of Proof of Work-based price oracles in creative ways to converge on the prices of pegged currencies and assets (pAssets) on the network. PegNet enables the conversion between any listed pAsset for just 1/10th of a cent ($0.001) and can play an integral role in new DeFi applications. To learn more about PegNet’s latest developments, join them on Telegram, Twitter or Discord.