Elysia, a tokenized real estate ownership protocol, has announced an upcoming integration with oracle solution Chainlink to price properties and calculate token distributions.
Elysia’s decentralized real estate marketplace allows users to buy tokens representing property ownership and distributes rewards to token holders when the underlying properties generate income.
The Elysia app will leverage Chainlink Price Feeds to give users an accurate valuation of their portfolio while also calculating and payout rewards to token-holders based on fair market rates.
The integration involves price feeds for KRW/USD, EL/KRW, and EL/USD, which are used to distribute monthly rental income from properties located in South Korea.
“It is essential for Elysia to create a reliable yet trustless environment where market participants can trade assets with minimal counterparty risk.”, said Elysia CEO Junggun Lim,
He added,
“As such, we were looking for a network of independent data providers that could supply and validate information essential to exploring real estate opportunities and making investment decisions.”
Reportedly, the reasons for selecting Chainlink as the optimal solution was the price accuracy, decentralization, security, and scalability of the Chainlink network.
This partnership will serve to further deepen Chainlink’s presence in South Korea.
In May, Klaytn, the public blockchain project of Korea’s Internet giant Kakao, announced a partnership with Chainlink to enable Klatyns smart contracts to connect with resources outside the blockchain, and the creation of applications that are connected with real-world data and systems.
South Korea has been increasingly ramping up its crypto regulations of late, however, it continues to promote the use of blockchain technology across various sectors. Blockchain Oracles such as Chainlink, are thus uniquely poised to expand in these markets.
