Silicon Valley-based Taraxa has announced the ongoing work towards integrating a timestamp oracle solution using the world’s leading decentralized oracle provider, Chainlink.
This will provide the Taraxa blockchain with a decentralized and trusted source of time for all informal transactional agreements, enabling Taraxa’s smart contracts to leverage real-time data feeds from sources such as NIST as a means of assigning timestamps to anchored transactions in its audit log.
The Chainlink-powered decentralized timestamp oracles will verify the chain of custody for off-chain transactions and the timing of data commitments anchored into the Taraxa ledger. This is critically important since timing is often a core condition for triggering transactional agreements, such as recurring loan payments or legally required breaches of contract notifications.
For example, Service Level Agreements (SLAs) often have time-based conditions; e.g., merchandise must be delivered within a certain amount of time or a repair job must be completed within a defined timeframe. The prevalence of time-based transactional agreements makes using on-chain timestamps as a form of initiation and completion for Taraxa’s informal agreements highly critical. Besides informal agreements, both companies envision multiple use cases emerging from the integration, such as automated contract payments, automated loan issuance for DeFi applications, and more.
The Time Feed Contract on the Taraxa chain serves as an on-chain resource for DApp developers to use when time-data is required to trigger an event. The Chainlink nodes continuously access time data by calling reliable off-chain sources.
A Chainlink-powered decentralized oracle network then aggregates the data collected by nodes off-chain, before delivering an aggregated timestamp update on-chain to the Time Feed reference contract hosted on the Taraxa blockchain when certain conditions are met. The time oracle will also serve as a protocol-level definition of time for all commitments to the Taraxa ledger.
“Taraxa is very excited to integrate Chainlink, the world’s leading decentralized oracle protocol. Not only will a timestamp oracle deliver tremendous operational value to our customers’ agreements which are dependent on time, but it vastly enriches Taraxa’s ecosystem as a whole by giving developers a critical input that can enable many new classes of functionality.” – Steven Pu, co-Founder and CEO of Taraxa.
