RiveX will use the Witnet Decentralized Oracle Network to power the Sonce NFT platform and other DeFi initiatives!
How RiveX will use Witnet
RiveX will be utilizing the Witnet decentralized oracle network to retrieve and deliver high-value off-chain data to a variety of mechanisms within the RiveX ecosystem.
RiveX is a chain agnostic interoperable layer-2 solution, aiming to empower the next generation of decentralized applications, decentralized finance, and enterprise solutions. As the RiveX dApp ecosystem expands, it will require an accurate, efficient, and secure methods for data retrieval. Witnet’s decentralized network of oracle nodes can trustlessly provide this data in an accurate, transparent, and censorship-resistant way.
Initial and immediate plans include utilizing Witnet on RiveX’s upcoming NFT platform — Sonce — to retrieve prices for NFTs pegged to real-world assets, including XAU. Both communities are working hard to ensure a timely and effective launch later this year.
Moving forward, the RiveX foundation will also be encouraging projects launched on the platform to use the Witnet protocol for ultimate reliability and decentralization.
Statement from Rivex
Mark Tan, Co-Founder of RiveX: “2021 will be an exciting year for the RiveX and its eco-system as this partnership encompasses the reliability, security, and accuracy of price oracles, which is a very important aspect in all the products on Sonce. Oracle price manipulation was a hot topic in 2020, causing many financial losses among the DeFi community. We are confident that Witnet is able to withstand these issues and provide the security and decentralization we’re looking for.”
Statement from Witnet
Adan Sánchez de Pedro, Co-Founder: “The Witnet Community is very excited to work with RiveX as they build on their projects in the coming months and years. It’s great to see projects recognize the need for decentralized and trustless methods to retrieve and deliver crucial data to smart contracts.”
About RiveX and Sonce
RiveX aims to empower the next generation of decentralized applications, decentralized finance, and enterprise solutions with Sonce. Sonce, RiveX’s new venture into DeFi, will be an NFT minting platform, allowing users to mint NFTs based on real-world assets. Introduce blockchain-backed security, fractional investment, and asset tokenization to your project without the frustrations of having to craft NFTs from scratch — or bring your own assets to the blockchain from gold to property and even artwork. Looking to launch your project but worried about liquidity? Sonce can mint tokens for Liquidity Generation Events or LGEs.
Sonce, RiveX’s new venture into DeFi, is an NFT minting platform, allowing users to mint NFTs based on real-world assets.
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Witnet is a next-generation decentralized oracle that leverages state-of-the-art cryptographic and cryptoeconomic techniques to provide smart contracts with secure data inputs. In exchange for WIT tokens, Witnet’s network of permissionless oracle nodes retrieve, attest, and deliver information to smart contracts in a tamper-resistant and decentralized way.
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