We are excited to announce that we are integrating Chainlink to bring more value and versatility to the Carnomic project. We are very happy with this development and feel our two projects can achieve great things together while bringing future-ready products mainstream.

What Does Chainlink Do?

Chainlink provides reliable throughput data which many smart contracts require to run properly. Before Chainlink, it was nearly impossible for a smart contract to access securely the off-chain data that it needed to fully function. For example, a smart contract that automatically offers car insurance and discounts needs to know factors such as driving speed, braking patterns, and location, as well as have access to an insurance company’s offerings that apply to consumers whose driving patterns fit this data. This off-chain data needs a way to interact with the smart contract, this is where Chainlink and oracles come in.

Chainlink uses its decentralized oracle nodes to guarantee the security of the data flowing through it. Many data-pathways, or Chainlinks, bring this data securely to the smart contract before it is triggered, which enables enterprises large and small to trust the data being used.

What Does Carnomic Do?

Carnomic allows users to interact on our app in many ways… Users can play games, view information about cars and auto related information, create content and interact with others, buy/sell used cars, goods, and services, and so much more. Companies can use the data created by our users for marketing purposes. For example, car companies can view what types of cars people are looking at, content being created, car brands they are interacting with, etc. to decide where and how they want to market. They can even show direct, personalized ads to these users. Insurance providers can use GPS data like speed, braking, location, etc. to create discounts or offers based on driving habits. Other businesses, such as gas stations or restaurants, can show geo-targeted ads and offers when people enter a certain area. The Carnomic business model is simple, when a company pays for this data, 90% goes to the users, and 10% of the revenue goes to Carnomic.

Why Carnomic and Chainlink?

Returning to our previous example, we will eventually be able to use data gathered from our app to offer new, usage-based insurance products. Any insurance company can take this data and generate personalized auto insurance quotes that rewards good drivers. Chainlink and its secure oracle nodes make this happen in a smooth, reliable manner.

Carnomic CEO Periklis Kalaitzis states, “Our app and project will need access to oracles to create new, revolutionary products. Chainlink helps enable this future.”

We also plan to host some events and meetups in the future and hope you’ll make it to at least one of them! Please join our Telegram Channel to stay updated on events and other appearances as they’re announced. You can find Chainlink’s channels below.

If you want to start your own Chainlink, please check out their website. Join them on Telegram and Twitter to stay up-to-date on their latest developments.

To learn more about Carnomic, please make sure to follow our social accounts listed below. If you have any questions please reach out on Telegram.

Carnomic Website | Twitter |Facebook | Telegram | YouTube