Swipe, a crypto wallet app and card platform that grants users access to buy, sell, and pay with over 20 cryptocurrencies, recently collaborated with Chainlink, the decentralized oracle network provider that offers high-security data solutions to smart contracts on any blockchain.
The new integration will enable the Swipe platform to access Chainlink’s decentralized price feed oracles, particularly their ETH-USD Price Reference Contract and a custom-built decentralized price reference network for SXP-USD, representing Swipe’s native token.
Chainlink’s oracle solution allows Swipe to create a stable, decentralized bridge between off-chain prices and Swipe’s on-chain transactions. This is accomplished by having multiple Chainlink oracles evaluate the same data point, eliminating one oracle being a single point of failure or absolute truth.
Decentralized apps are only as strong as their weakest component. Hence, why highly secure blockchain-based smart contracts are insecure if being triggered by data about price conversions from a single, centralized oracle.
By decentralizing the data sourcing around token price conversions for point of sale transactions, such as through the SXP-USD decentralized price feed, Swipe users get more secure, reliable, and accurate pricing when buying, selling, and spending SXP.
Additionally, Swipe is using Chainlink’s ETH-USD price feed to cross-reference against the SXP-USD price feed to allow users to spend SXP directly. By knowing the SXP and ETH price in USD, The Swipe platform could easily convert it using Swipe’s point of sale conversion technology.
“I believe this relationship is vital for Swipe users who need access to Chainlink’s trusted oracle services. By collaborating with Chainlink, Swipe will effectively address the security problems for off-chain connections that currently exist for users of the Swipe Network Wallet-Contacts.”
– Swipe CEO, Joselito Lizarondo