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