Currently, the traditional financial infrastructure is ruling the market. Decentralized Finance, also known as DeFi, is on the rise, but the question remains if both can co-exist. In fact, the existence of their blended solution is also under question.
Reportedly, the partnership of Inveniam and Accumulate has an answer to that, and both are working to solve the issue. For this purpose, Inveniam and Accumulate will leverage the oracle and oracle node infrastructure of Chainlink, an industry-standard in oracle services which many are still working to match in the industry.
Inveniam was founded in 2017, and it has now successfully established its offices in New York City and Northville. Inveniam is a Fintech company that enables its users to obtain the pricing of private and infrequently traded assets on a real-time basis. The company utilizes three major technologies for its operations. These include AI, Blockchain, and Big Data.
Accumulate, the partner of Inveniam in the project, is an identity-based protocol that functions on blockchain technology. It offers addresses that can be read by human support across multiple chains and key hierarchies. Accumulate has the capability to scale every blockchain on layer one by offering speed and security along with identity-based transactions.
Chainlink will, in a way, power the project through its oracle services. These remain unmatched in the industry even though many continue to attempt to surpass the network. The oracle services of Chainlink are utilized to power hybrid smart contracts on a blockchain. Chainlink serves many major industries to secure billions of dollars. Some of the industries that it serves are gaming, DeFi, and insurance, to name a few.
Inveniam x Accumulate x Chainlink
It is not going to be an easy job bringing the proprietary data of Inveniam on Accumulate to make it accessible to the public blockchain. Therefore, the partners have decided to indulge in a two-part solution.
The solution will ensure that the result is up to the standards of Web3. Inveniam is ultimately looking to deliver the data to Chainlink so that it can have verified private market data that can be pulled from a Chainlink node, says Patrick O’Meara, the Chief Executive Officer & Chairman of Inveniam Capital Partners.
The first part of the solution deals with data delivery. Inveniam will launch a node on the Chainlink network in order to bridge the data with utmost security measures. It will maintain robust data verifiability by the corresponding data proofs cross-chain.
This will be followed by cryptographic verification after a smart contract requests Inveniam data through Chainlink. The verification will enable the users to know when the data was originally written. It will also allow users to know the author of the data.
The verification process relies only on one factor – whether or not Accumulate’s host blockchain has cryptographic anchors. Since the private market data of Inveniam use Accumulate as a metachain, it becomes crucial for Accumulate to have every element in place and make the project a success.