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Partisia Blockchain and Frax have joined forces to a new distributed ledger technology-powered, highly accurate inflation tracker dubbed the Frax Price Index (FPI). The team claims the newly-launched FPI is the blockchain replacement of the hugely criticized Consumer Price Index (CPI). In addition to unveiling FPI, the $FRAX stablecoin will also be launched on the Partisia network.
Partisia, Frax Forge New Inflation Index
Partisia Blockchain, a project that claims to be dedicated to building a new sustainable>Built on Transparency
The Partisia team claims the network is built for trust, transparency, privacy, and speed of light transaction finalization, which is achieved by combining secure multiparty computation (MPC) and blockchain technology.
In addition to rolling out FPI, the Partisia-Frax alliance will also see to the launching of the $FRAX stablecoin on the Partisia blockchain network. The creators of Partisia claim to be pioneers of privacy protection, with vast experience in the provision of privacy integrations to secure enterprise data.
The team says the Frax Price Index (FPI) is built to function as an on-chain inflation tracker that fosters transparency. FPI will be integrated into the Partisia blockchain network and it will utilize the privacy-preserving data from the network to formulate an efficient and transparent inflation tracking tool for the DeFi world.
Brian Gallagher, Partisia co-Founder said:
“We Chose to work with Frax Finance to integrate their algorithmic stablecoin because the technology is advancing beyond a pegged USD stablecoin and uses a demand-supply curve where users minting and redeeming $FRAX keeps the price stabilized. Together with Partisia Blockchain’s advanced privacy oracles, a variety of crowdsourced demographic purchasing data are converted into trustworthy indexes enabling FPI to disrupt the non-transparent methods so far used to report inflation data.”