PolkaCover will Integrate with Chainlink
PolkaCover is thrilled to announce that we will be integrating the market-leading Chainlink Price Feeds on Polkadot. We aim to establish precise, up-to-date, and tamper-proof price references for determining the value of assets used within our decentralized insurance marketplace. Most notably, this will allow us to determine the fair market value of user quotes, premiums, and payouts across a multitude of crypto and fiat currencies.
We selected Chainlink to secure all oracle functions on PolkaCover because they offer pre-made decentralized price feeds. These have been time-tested in production and proven to secure billions of dollars in on-chain value for leading DeFi apps. Each Chainlink Price Feed is backed by premium data providers and robust oracle infrastructure. This ensures that all of PolkaCover’s insurance products are fully protected against a variety of unexpected situations, such as API downtime, flash crashes, and data manipulation attacks from flash loans.