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CACHE integrates LINK to monitor gold backing

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CACHE Gold has adopted a Chainlink (LINK/USD) Proof of Reserve (PoR) feed on Ethereum (ETH/USD) Mainnet to monitor the locked gold backing the CACHE Gold token, CGT, Invezz learned from a press release. This will help create an automated workflow for updating current reserves on-chain based on changes reported by GramChain.

Time-tested, historically reliable

Chainlink is a proven and historically reliable oracle network in the blockchain industry, already securing tens of billions of dollars for top DeFi projects. After the Chainlink PoR implementation, Cache’s CGT will become an even more trusted asset within the Ethereum DeFi ecosystem, as users have additional proof of its 1-to-1 collateralization.

Securing tokenized gold product

CACHE Gold is also using the XAU/USD Chainlink Price Feed to help make sure reliable, high-quality, tamper-proof data secures its tokenized gold product. The data reflects real-world market prices for gold. Developers can leverage the Locked Gold Oracle and XAU/USD Chainlink Price Feed to price CGT on-chain with the assurance that physical gold backs it in full.

A redeemable, fully-backed, regulated gold asset

CACHE Gold Token (CGT) is a fully backed, redeemable, and regulated tokenized gold asset, where one CGT is backed by one gram of pure gold stored in vaults worldwide. An interface called the CACHE Token Governor synchronizes the circulating supply of CGT with the underlying physical gold supply of CACHE.

The CACHE Token Governor guarantees that the amount of physical gold locked is always more or equal to the number of tokens in circulation. Asset tracking platform GramChain tracks the ratio.

Brian Hankey, cofounder of CACHE Gold commented:

Chainlink Proof of Reserve is a highly reliable, low-cost automated audit solution that brings increased transparency and trust to our platform through cryptographic truth. With our platform now Chainlinked, users can have more confidence that the supply of CGT is backed by physical gold stored in vaults, ultimately making it a more reliable gold-backed asset.

Chainlink PoR will now monitor CACHE’s gold bullion inventory as reported by the GramChain API. If there is a change in physical gold reserves reported by GramChain beyond a certain threshold, Chainlink oracles will relay the change on-chain to update the CACHE Gold Proof of Reserve Oracle smart contract.

The post CACHE integrates LINK to monitor gold backing appeared first on Invezz.

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