The inflation rate is out of control. An automated inflation index on Chainlink wants to make sure that at least the correct figures are transmitted.

  • Truflation is the name of a new, decentralized inflation index on Chainlink.
  • Unlike the basket of goods used for the harmonized consumer price index, the Truflation index incorporates daily price data.
  • The background is a call by ex-Coinbase CTO Balaji Srinivasan from May last year. He had asked Web3 developers to work on such an index. Truflation made the race.
  • The different calculation methodology of the index then produces different figures than the official inflation rate. According to the Truflation index, the inflation rate is currently 13.5 percent.
  • According to official figures, however, inflation in the USA is only 7.9 percent.

Post source: A decentralized inflation index on Chainlink

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