Card Pay by Cardstack, a consumer-oriented cryptocurrency exchange platform, will integrate Chainlink, decentralized finance (DeFi) system. This integration will help them set a fixed and highly accurate price rate for cryptocurrency exchanges on the Cardstack platform. The charges cannot be tampered with or altered by any unwarranted intruder into the network. The Chainlink Price Feeds will be first implemented on the DAI chain; however, they have long-term plans for utilizing this oracle by Chainlink for the other blockchains and in layer-2 Ethereum solutions.
The usage of Decentralized Finance price feeds in Blockchain solutions is not new. These have been implemented for a long time for trading purposes and economic services and are designed so that the investors and token owners are given the utmost priority. However, with the advent of layer 2 and many other crypto solutions for the growth of blockchain, the demand for using price feeds to augment payment service cases is increasing.
To address these needs, Cardstack has programmed a payment gateway that will involve multiple parties. Card Pay will facilitate payment with prepaid cards and reward facility cards, for the protocol is a subset of Cardstack’s licensed software and delivery model suite. The user can thereby not only purchase tokens but also earn tokens as bonus prizes. While using Card Pay, one has to transact in stablecoins, using Web3 cryptocurrency wallet for checking their account balances and sanction payments. The platform also comprises a QR code run by WalletConnect, which can be scanned to make quick payments and confirmed by scanning biometrically with a face ID or fingerprint sensor.
Since payment services are based on exchange rates, Chainlink gives the users access to many forms of exchange rates, including ETH cryptocurrency, which is native to Cardstack, DAI stablecoins, and even US dollars. With such multiple arrays of options, customers can enjoy hassle-free payments with just a click. Chainlink price feed system will calculate the number of tokens that the customer has to pay to the merchant for currency exchange, without any verification swap required.