Truflation has successfully closed its first private token sale, securing the funding required to accelerate its mission to systematize, standardize, decentralize, and democratize the reporting of all financial and economic data, as an on-chain Data DAO.
Truflation's seed round includes investments from Fundamental Labs, C² Ventures, Balaji Srinivasan and the IBA as well as other private investors with extensive decentralized finance and data industry expertise and influence.
Founded in 2021, Truflation offers independent and censorship-resistant US inflation calculations based on census level price information from more than 30 data sources in real time, as opposed to the BLS (Bureau of Labor Statistics) approach which is based on survey data. This is put on-chain via blockchain oracles and is also accessible through a free public dashboard.
Ryan Emmick, DeFi Lead at Fundamental Labs, said: "Truflation is revolutionizing economic reporting. Using tokenized incentives, they are making it possible to get continuous, accurate, uncensored sources for economic data globally. No longer can the groups causing inflation get away with manipulating the metrics surrounding it. We at Fundamental Labs are proud to be leading the round and helping Truflation to spearhead this issue."
All Truflation price indexes will be available through Chainlink's on-chain data oracles for DeFi and Web3 smart contract developers to incorporate into their applications. Truflation is a pioneer Data DAO in the Chainlink ecosystem.
By taking a developer driven approach, data is collected from a large group of different data sources updated daily, tracking the price changes of 10 million items across 12 different categories. In 2022, Truflation plans to release inflation indexes for 5 additional countries as well as launch a wide range of other economic data feeds on-chain.
Balaji Srinivasan, former Chief Technology Officer of Coinbase said:
"In times of increasing inflation and unreliable sources, the world needs a global, decentralized, and censorship-resistant inflation dashboard we can trust. With the help of Chainlink oracles, Truflation is working to bring such a dashboard to life. We are excited to see what they build"
Stefan Rust, Founder of Truflation, added: "We are proud to have found such a great group of supporters for a project that started off as an experiment to gauge how taking a developer approach to calculating inflation would stack up relative to what's being reported. This experiment has now rapidly grown to become a fully featured, data rich, and verifiable on-chain inflation product that updates daily for all to use. And we're just getting started!"
Truflation is a data DAO that provides daily, unbiased, data-driven, real-market inflation rate available for DeFi and Web3 products. The on-chain information offered by its services is powered by decentralized oracles and is based on calculations of real-world prices from public and commercial data APIs.
Truflation's mission is to offer the most objective, decentralized, and current economic and financial information alternative in the form of on-chain price indexes to fuel a new generation of blockchain products. Truflation enables developers to create tools to help people maintain their purchasing power, navigate their portfolios through a challenging macroeconomic landscape, and propel the DeFi space into the new era of an inflation-proof and blockchain-powered economy.
Robert Penington Robert@thronepr.com
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