Chainlink’s oracle network has been integrated into several platforms. Over 315 projects, including, 74 blockchains, 98 DeFi, 23 data providers, 44 nodes, and several others have integrated oracle. The crypto-verse has been steering towards DeFi. A “Confidential DeFi platform”, Beam is all set to incorporate Chainlink’s oracle network.
Beam Joins The Chainlink Oracle Family
Back in June, Beam steered towards confidential assets specifically during its third hard fork during the EE 5.0 release. Now the platform intends to employ Chainlink’s Oracle network for its confidential stablecoin protocol and its ERC-20 bridge for transferring assets between BeamX and Ethereum. A recent blog post, penned down by Beam, pointed out the need for accurate and secure price data that would aid in the execution of smart contract protocols in the DeFi dApps sector. Beam revealed that it intended to go with Chainlink following the billions of dollars that it has secured in on-chain value.
Detailing the execution of the project the post further read,
“Beam will implement the Price Feed workflow by providing a Chainlink External Adapter that allows Chainlink nodes to write information directly into the Aggregator Contracts. These Aggregator Contracts will run on the BeamX blockchain and be consumed by application-specific smart contracts.”
Elaborating on the selection of Chainlink’s oracle network, Beam further revealed that apart from providing premium data and decentralized security, the network was trusted by many. The Chainlink oracles have stood as a substantial barrier against Sybil attacks as well as congestion of networks. Furthermore, Chainlink has reportedly provided the developers of Beam with live, time tested decentralized price oracles that secure large funds in on-chain value.
Guy Corem, the Board Director at the Beam Foundation pointed out the importance of privacy and confidentiality. He added,
“A core part of building confidential DeFi applications is highly available and tamperproof price feeds, with market coverage across all trading environments as opposed to a single exchange.”