This Blockchain Social Media Platform Is Using Chainlink (LINK) for Secure Transactions
A blockchain startup aiming to take on the likes of social media giants Twitter and Facebook chose the Chainlink protocol to provide reliable and secure payments to all participants, the firm announced yesterday.
Decentralized Governance with Chainlink
Rev Populi – colloquially RevPop – is a decentralized data and identity exchange. The firm aims to supersede social media platforms by providing a better, more private experience for users.
In a post yesterday, RevPop said it was choosing Chainlink’s price oracles to empower independent developers building on the platform. The firm targets decentralized governance – and the presence of reliable, yet distributed, data provider like Chainlink fits the cause.
Yale computer scientist and professor Dr. David Gelernter and Rob Rosenthal, an ex-Goldman Sach, are the minds behind RevPop.
Gelernter was involved in advancing computer microprocessing in the 1980s, while Rosenthal held several high ranking positions across his Goldman Sachs tenure, including Global Finance Leader of the Securities division.
“We’re going to return the internet back to the people to whom it rightfully belongs,” said Rosenthal in the release.
“We’re going to integrate Chainlink’s powerful smart contract middleware throughout the project, which will secure point to point transactions across this new digital ecosystem and social net.”
Chainlink smart contracts will allow developers and applications – both centralized and decentralized – to easily access and on-board to the decentralized data exchange. The price oracles will allow accurate pricing for both users and media firms placing adverts on the platform.
For the uninitiated, oracles are a third-party service that fetches data from “outside” the blockchain to withing, ensuring a faster network and reliable data feeds. Chainlink has emerged as the leader in this regard.
Chainlink Protocol Seeing Massive Demand
The partnership is yet another feather in the cap for Chainlink. The blockchain agnostic tool has quickly become sought-after among blockchain and crypto-projects, as evidenced by a number of partnerships in 2020.
Chainlink’s price oracles and verifiable randomness function services are a catalyst. Firms reliant on pricing, exchange, and similar services choose the former, while the latter is popular with blockchain-based gaming platforms and NFTs.
Major partnerships this year have been those with DeFi token swap protocol Kyber Network, crypto loan service Nexo, and China’s Blockchain Service Network.
As BTCManager noted this week, Chainlink’s native token LINK is up 100 percent since June and trading above $8 today. These prices are the token’s all-time high values.