Published 28 Oct, 2022
We’re excited to announce that Truflation—a provider of independent, economic and financial data to Web3—is officially joining the Chainlink BUILD program. As a part of BUILD, we aim to greatly expand awareness and adoption of a variety of novel and trust-minimized data indexes pioneered by Truflation, such as commodity prices, precious metal prices, climate data, and more by making them available to Web3 developers through Chainlink oracles.
Truflation has been an active participant and believer in Chainlink since its inception, already serving as a Chainlink node operator and winner of the decentralized inflation dashboard challenge, co-sponsored by Balaji Srinivasan and Chainlink. Our participation in BUILD aims to maximize our ongoing integration with Chainlink, with added benefits of enhanced technical support in building and managing highly reliable and customized oracle solutions, as well as early access to beta launches of new Chainlink solutions and support from the Chainlink community.
We’re confident that the cross-ecosystem incentives alignment made possible by the Chainlink BUILD program will further the realization of Truflation’s stated mission of becoming a standard in financial and economic data —ultimately helping people around the world better hedge inflation and get real-time data analytics that they can be confident are true.
Founded in 2021, Truflation offers independent and censorship-resistant inflation calculations based on census level price information from more than 50 data sources in real time. Truflation was built on the premise of revolutionizing century-old models and methodologies that are no longer relevant.
By deconstructing and remastering the most popular inflation index in the world—the Consumer Price Index (CPI)—Truflation better reflects consumer spending habits and real market price changes. This data is then brought on-chain through the Truflation Chainlink node, which will be accessible to smart contract developers on the Chainlink Market. Furthermore, additional data indexes will become available through Truflation including emissions, climate data, commodities, and precious metals.
To ensure long-term independence and sustainability, Truflation will be supported by a Data DAO—a distributed collective of key contributors and community members who will collaborate and control the Data DAO through the eventual release of a governance token. Token holders will be responsible for voting on strategic decisions including treasury management, rewards distribution, dispute resolution, index improvements, and more. In addition to facilitating governance, the token will be used to incentivize and reward both partners and contributors for sharing data, encouraging the diversification and decentralization of data sources that make up the Truflation index.
Truflation joined BUILD to support our development and management of our data oracles and to help accelerate adoption of inflation-resistant data throughout Web3 and traditional financial systems. Some benefits include better collaboration with oracle and data experts, stronger alignment with the engaged and active Chainlink community, and better access to the many resources available in the Chainlink ecosystem.
In connection with our participation in Chainlink BUILD, we are committing approximately 4% of the Truflation token supply over time to pay for services from Chainlink service providers, including stakers. These economic incentives enable Truflation to fully realize the benefits the Chainlink ecosystem has to offer.
“We are excited to join the Chainlink BUILD Program and receive support in building and managing oracle infrastructure, a crucial component in our mission of providing transparent, unbiased inflation rate data on-chain in real-time. We look forward to continuing our collaboration and helping support the shift to Web3, powered by trust-minimized data and applications,” stated Truflation Founder, Stefan Rust.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
Truflation is an economic data aggregator serving independent, unbiased, real-time data on-chain and off-chain. Truflation validates, harmonizes, and calculates outputs using open-source algorithms. Truflation’s indexes are a premium source of independent censorship resistant financial and economic data on-chain. Truflation is the engine that powers inflation protected web3 applications and blockchain economies.
Our mission is to provide the most objective, decentralized, and current inflation data and enable a new generation of inflation-proof blockchain products. Ultimately, we hope to help people maintain their purchasing power and take the DeFi space into the new era of an inflation-proof economy.