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Truflation Blockchain Pioneers Censorship-Resistant Economic Data

Truflation Blockchain Pioneers Censorship-Resistant Economic Data Market News
  • Truflation is a decentralized on-chain oracle
  • Truflation provides clear, verifiable, and tamper-proof economic data.
  • The network provides real-world price information and calculates inflation and macro metrics.

Innovative new project, Truflation brings the power of blockchain to financial and economic data reporting. Built as an on-chain data DAO, Truflation is a real-world oracle that will provide standardized, decentralized, democratized, and accessible economic data via a free public dashboard.

Truflation will therefore provide real, trustless, tamper-proof (thanks to on-chain recording via blockchain oracles), and provably accurate measures of key economic indicators that are accessible to all.

The platform successfully closed its first private token sale and has secured funding from Fundamental Labs, C² Ventures, Balaji Srinivasan, the IBA, as well as a slew of other private investors from the decentralized finance and data industries.

Truflation’s real-time data extraction approach is in direct contrast to that of the Bureau of Labor Statistics (BLS) which is based on survey data that is not only published with a significant time lag but is arguably not impervious to fluctuations based on, for example, new economic developments or respondent preferences.

Ryan Emmick, DeFi Lead at Fundamental Labs, said:

For far too long, the groups responsible for inflation have been able to manipulate data with impunity, making it difficult if not impossible to determine how, when, and where inflation has crept into the economy. Truflation is revolutionizing economic reporting using tokenized incentives to obtain continuous, accurate, and uncensored global economic data. We at Fundamental Labs are proud to be leading the investment round and helping Truflation to spearhead this cause, and we plan on adding inflation indexes for five additional countries as well as a wide range of other on-chain economic data feeds next year.

Balaji Srinivasan, the former Chief Technology Officer of Coinbase said:

In times of increasing inflation, unreliable data, and general economic turmoil, the world needs a global, decentralized, and censorship-resistant inflation dashboard that we can trust. Truflation is pioneering the use of blockchain and its countless benefits in the economic data space, and with the help of Chainlink oracles, Truflation’s data dashboard will be a gamechanger for the industry.

Stefan Rust, the Founder of Truflation, also commented by saying:“Truflation started as an experiment to gauge how taking a developer approach to calculating inflation would stack up against reported metrics. This experiment has now rapidly grown to become a full-feature, data-rich, and verifiable on-chain inflation product that updates daily for everyone to use, and we are proud to have found such a great group of supporters who believe in what we are doing.”

In a world of raging inflation and a loss of faith in public institutions, tech innovations can offer a workable way forward toward clarity, reliability, and fairness. Truflation’s real-time, real-world data dashboard is a step toward that, and with the backing of high-level investors, it will be interesting to track the progress of this initiative over the months and years to come.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.