We are pleased to announce DataHub support for Provenance providing a gateway to DeFi applications and furthering our mission to build a community of Web 3 developers. Provenance is a Cosmos-based blockchain which enables developers to build and deploy DeFi applications by interacting with modules, smart contracts, and a contract execution environment here. Intrigued ? Read more below or Sign-up for free today.
Why build on Provenance?
Building to new protocols can be confusing, time-consuming, and frustrating at times but DataHub connects the dots with pathways for developers to multiple protocols with open APIs. Our platform allows for easy API key management/rotation, and our service plans are easily upgradeable, giving developers the ability to scale their applications quickly. We are excited to partner with Provenance and provide developers access to an open source ecosystem for developing and deploying DeFi apps.
Provenance brings a unique industry advantage as they were founded by Figure in addition to the Provenance Foundation. The founders from Figure have tenured experience in the mortgage lending space and the company’s main mission is to transform the financial service industry through blockchain. Together they created a solution to leverage KYC practices needed to conform with traditional financial institutions and provide a path for Web 2 applications to connect and build applications in Web 3. Provenance provides the foundation to build marketplaces and exchanges for buyers and sellers of digital assets, Figure’s Provenance Marketplace allows financial institutions, banks, credit unions to buy and sell loans through a bidding process and all the data stored on the Provenance blockchain.
For example, Adnales, a cap table management and valuation building on immutable records and instant traceability. Whereas Figure Pay is a gateway application between blockchain and traditional payment platforms and Figure eVault is a platform for immutable records of documents with encrypted keys.
Provenance: Gateway to DeFi Applications
Provenance has three main layers, modules, smart contracts, and a contract execution environment (CEE).
Modules: Provide the process for financial applications built by assuring communication and responding to queries, modules are a core part of the blockchain functionality.
Smart Contract Engine: Based on CosmWasm, the Provenance engine connects to banking and staking modules by default but allows for custom integration and queries. For example, to represent securities a user can create a “restricted marker” to issue a coin and setup a smart contract to enforce custom rules during transactions such as KYC and more.
Contract Execution Environment: An optional layer that focuses on data privacy and Off-Chain client-side agreements.
Provenance Loan Marketplace
Traditional loan marketplaces are outdated, complicated, inefficient and built with old data aggregation tools. Provenance has integrated two- factor authentication as well as digital certificates for identity. Provenance Loan Marketplace customers enjoy the efficiency, transparency and security of executing orders seamlessly.
Developers will be able to access the following features and benefits:
- Secondary Market Liquidity
- Real Time Remittance
- Real Time Bilateral Settlement
- Comprehensive, Electronic Loan Documentation
- Reduced Custody and Servicing Expense
- Real-Time Asset Performance Information
Additional Use Case Applications
- Financing and trading
- Banking and payments
- Securities exchanges
DataHub removes the complexities of building on blockchain technology. This allows developers to spend more time on product development and creating a better experience for their users.
- High availability access to network APIs backed by redundant infrastructure
- Ability to read on-chain data and submit transactions
- Easy integration
- High-quality support
- Low maintenance
- Enterprise-grade infrastructure
At Figment, our mission is to build a better Internet where individuals are in complete control of how they interact and exchange value online. Our highly available node infrastructure, data and tools makes it simple for developers to build the next generation of decentralized applications without having to worry about managing complex infrastructure. Our products and services reflect our dedication to empowering the next wave of developers looking to build on Web 3.
You can even test out DataHub for free up to 100k requests per day. Sign-up today to get started.
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