Truflation Wins Chainlink’s Inflation Dashboard Competition
On the 8th of April 2022, Coindesk and Chainlink announced that Truflation won a $100k competition for building an inflation dashboard.
Truflation is an independent, on-chain inflation index that aims to provide cryptographically true information on price inflation using the most recent and accurate real-market data.
The competition, detailed by 1729 and Balaji Srinivasan, and supported by Chainlink, involved creating a decentralized and censorship-resistant inflation dashboard with data put on the blockchain using Chainlink’s oracle network.
First announced in August 2021, the competition garnered the attention of big crypto names: Chainlink’s Sergey Nazarov, Solana’s Raj Gokal, crypto investor and podcaster Anthony Pompliano, and NFL’s Russell Okung.
The organizers were not only aware of the impending inflation crisis but also the misinformation that would follow and the need for alternative, independent, and decentralized sources of macroeconomic information.
“(…) when inflation is happening, there is often a push to censor discussion of inflation itself, under the grounds that discussing the problem actually causes it in the first place.” — Tweeted Balaji
Truflation’s team took a developer approach to independent inflation data by aggregating real-time price information directly from the merchants and data providers.
Their alternative US inflation rate is reported daily rather than monthly and is available through a free, public dashboard, and as a paid data feed via the Chainlink marketplace.
