Dipole Announces Integration Of Chainlink Oracles for Pricing Distributed Energy Markets
Dipole is integrating Chainlink’s market-leading decentralized oracle network. Chainlink integration will allow Dipole to deliver on Chainlink’s goal of distributed energy resource trading by allowing energy resource aggregator to source reliable pricing data from a variety of trusted API data sources.
— Chainlink News (@LINKNewsOracle) June 11, 2020
According to the announcement, Dipole’s aim is to provide services for the massive and fragmented distributed energy asset market that will emerge in the near future, as well as facilitate the decarbonization of the energy system. Chainlink will also allow users to purchase energy resources on Dipole’s marketplace using traditional and cryptocurrency payment options.
Working alongside the UN Environment Program (UNEP), Dipole Tech already has regional energy allocation projects underway in communities in Manila and Bangkok, providing decentralized tools that allow customers to monitor, manage, and buy electricity in local markets.
Kaikai Yang, CEO of Dipole, commented:
“It is my belief that our integration of Chainlink’s decentralized oracle network will greatly boost the application of blockchain in the pursuit of carbon neutrality. An energy system with transparent data and trusted transactions will help off-grid users, or users in developing countries, gain access to clean electricity — advancing equitable and sustainable development across the world.”
In the future, Dipole plans to explore the use of Chainlink’s technology stack to facilitate the creation and trading of non-fungible tokens (NFTs) that represent renewable energy assets. These assets would require off-chain pricing data, which could be provided by Chainlink’s oracle network.
Chainlink also leverages modular external adapters, which allow Chainlink nodes to pull data from premium, password-protected data APIs. With most high-quality energy data coming in the form of premium APIs, this is a critical function for Dipole to price energy assets. External adapters are also important for handling credentials when interacting with external payment systems and other blockchains.
Through Chainlink’s decentralized oracle network, Dipole can securely and reliably bring high-quality off-chain pricing data to on-chain energy trading markets. This allows Dipole’s energy aggregator, which takes in all the energy inputs provided by users and distributes them to consumers, to consistently price energy in a manner that reflects global and/or local markets.
As AZCoin News reported last month, The Force Protocol used the Chainlink oracle network to calculate the value of collateral assets to create bonds, calculate the collateralization ratios, trigger conditions for supplementary collateral, and trigger conditions for collateral liquidations, among other uses.
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