Beam to Integrate with Chainlink to Bring Oracles to Confidential DeFi
Beam, the Confidential DeFi platform, is excited to announce its planned integration with Chainlink’s market-leading oracle network to securely and reliably deliver external asset prices and market data to the Beam ecosystem. Beam will leverage the Chainlink Price Feed framework to launch decentralized price oracles for BEAM/USD and BEAM/ETH. In particular, these Price Feeds will support Beam’s confidential stablecoin protocol, as well as its Beam-ERC-20 bridge for moving assets between the Ethereum and BeamX blockchains.
DeFi dApps need secure and accurate price data in order to execute financial smart contract protocols such as maintaining collateralization of stablecoins and loans, minting and trading synthetic commodities, settling perpetual futures contracts, and more. As more developers build on Beam’s privacy-focused blockchain, the Chainlink Network’s plug-n-play Price Feeds offer them highly proven oracle solutions that can be leveraged to quickly launch DeFi products in production, as well as scale to support demand for additional markets and assets. The possibilities are endless.
How this will work
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.
Chainlink has become the industry standard for providing off-chain data to blockchain applications via secure and reliable oracles. Recent examples show the importance of quality oracles, as several protocols suffered exploits due to their reliance on an on-chain price oracle generated from a single exchange.
Since day one, Chainlink has maintained strong guarantees on data quality and decentralized oracle security, providing a multitude of features not found in other oracle networks, such as:
- Premium Data: Chainlink price data is sourced from numerous professional data aggregators, ensuring Price Feeds are accurate and reflective of market-wide price discovery rather than a single exchange.
- Decentralized Security: Chainlink is decentralized at the oracle and data source level, providing users with high-uptime oracle networks that are resistant to single points of failure like one node or data source.
- Trusted Oracles: Chainlink oracles are run by independent, security reviewed oracle node operators made up of experienced blockchain and DevOps teams, protecting the Price Feeds from Sybil attacks and network congestion.
- Easy to Integrate Solutions: Chainlink provides Beam developers with live, time-tested decentralized price oracles that are already proven to secure billions of dollars in on-chain value, such as price data for cryptocurrencies, FX, commodities, indices, and more.
Providing developers with reliable price data for dApps built on Beam is essential to the rapid innovation and longevity of the Beam ecosystem. We look forward to launching our integration on mainnet and eventually expanding it to include additional price feeds in the future.
“Privacy is an essential component to financial services, which is why Beam is building confidentiality directly into its DeFi functionalities,” said Guy Corem, Board Director at the Beam Foundation. “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. As the unquestioned market leader in blockchain oracles, Chainlink has demonstrated its ability to provide Beam with secure and reliable price oracles capable of triggering high-value contracts and securing user funds.”
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
About Beam and BeamX
Almost 2 years since the Mainnet launch, Beam brings its privacy and usability expertise to the DeFi space. The recently launched BeamX platform enables creating financial applications that are confidential, decentralized and user-friendly. Expect apps like DEX, Uniswap-like Automatic Market Making, DAI-like Algorithmic Stable Coins, lending, wrapped assets and NFT tokens to emerge soon on Beam blockchain, all with privacy at the forefront.
To learn more, check out the getting started docs, download the BeamX experimental wallet, and join the Developer Channel on Telegram. For more info on Beam, visit beam.mw, and follow @beamprivacy on Twitter.