World Mobile Token Enters a Technical Collaboration With Chainlink to Leverage Decentralised Infrastructure for Mobile Payments
World Mobile Token is excited to announce our technical collaboration with Chainlink, the industry-leading decentralised oracle network. As the first step in this collaboration, World Mobile integrates Chainlink Price Feeds on Polygon to help ensure accurate pricing for mobile payments. World Mobile also integrates Chainlink Verifiable Random Function (VRF) to enable the inclusion of randomness as one of the weights used in the mechanism for selecting Earth Nodes in Communications-as-a-service and other services in the network. World Mobile is also actively exploring the opportunity of becoming a data provider on the Chainlink Network.
The initial integration involves the following Chainlink Price Feeds: ADA/USD, GBP/USD, TZN/USD, EUR/USD. One of the main reasons we decided to use Chainlink Price Feeds is because they are the most time-tested market data solution available in the entire blockchain industry. In fact, Chainlink oracle networks already help secure tens of billions of dollars of value across 1,200+ integrations in the smart contract ecosystem.
World Mobile was founded with a far-reaching goal: to connect everyone, everywhere while advocating for economic freedom and dignity. There are nearly 4 billion people unconnected globally to mobile networks, as the traditional mobile network industry won’t invest to reach remote places; it’s not profitable enough, leaving half the world disconnected from the opportunities a mobile network would provide. Unlike traditional mobile networks, World Mobile is based on blockchain and the sharing economy. Local business owners in unconnected regions can operate affordable nodes on our network and bring their community online while sharing the rewards. Earth Node Operators around the world also contribute to the network and WMT is rewarded to them and their stakers. World Mobile Token powers this network and is used as the utility token in the sharing economy.
In order to help ensure accurate pricing for mobile payments on our network, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments. Thus, we needed to make use of an oracle network to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After considering a variety of options, we chose to integrate Chainlink because of its time-tested security. Chainlink offers a multitude of superior features, including:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion.
- Decentralised Network — Chainlink Price Feeds are decentralised at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
- Transparency — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
“We’re excited to enter into this technical collaboration with Chainlink to help bring high-quality pricing data to the World Mobile network,” stated Micky Watkins, CEO of World Mobile Group. “We look forward to helping accelerate the growth of Chainlink as the industry-leading oracle network and the adoption of smart contract-based applications across the telecommunications industry, specifically in previously underserved regions.”
“We’re delighted to collaborate with Chainlink, the leading oracle in the space. This is an important step towards helping ensure fair pricing for our customers as their use and rapid adoption of the network and sharing economy grows, which is powered by the utility of World Mobile Token.” stated Zachary Vann, Head of Token of World Mobile Token.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
About World Mobile Token
World Mobile Token is the token that powers the World Mobile network, the first mobile network built on the blockchain. World Mobile Token is a native asset on the Cardano blockchain and is used as the utility token in the World Mobile Chain token economy. World Mobile Chain is a decentralised telecommunications network that provides a sharing economy that aims to enable the delivery of internet access to half of the world that is not connected. The primary role of World Mobile Token is to power the sharing economy that is at the heart of the network. All transactions generated on the network will be rewarded in WMT to node operators and stakers. Transactions on the network are generated via calls, text messages, streaming, internet browsing or by using any other value-added services such as healthcare, insurance, micro-loans and more offered through the World Mobile service.