Bullionix’s GoldLink Feature is Live, Powered by Chainlink’s Gold Price Oracle
We are excited to announce that we have successfully integrated with Chainlink, the market-leading decentralized oracle network, to use their XAU/USD price feed. This provides users with a highly reliable and manipulation resistant gold price within our innovative new gold intel hub.
Bullionix launched three months ago, introducing 3D gold-staked NFTs to the Ethereum landscape. We have been committed to making sure our dApp is just as innovative as the digital collectibles produced on it. Because Bullionix users are minting NFTs backed by actual gold (by staking Digix’s DGX gold tokens), it’s important that we have an accessible intel hub for all who are newly curious about the gold market. Enter GoldLink; our fun and easy space to learn more about precious metals.
The Bullionix GoldLink feature serves as an intel hub for all things gold.
Chainlink x Bullionix
Chainlink is associated with providing the best price feeds for cryptocurrencies, FX rates, and an increasing number of other products. Chainlink provides data feeds for both the gold (XAUUSD) and silver markets (XAGUSD) as well as the entire Nikkei stock index of Japan, among others.
Chainlink’s XAU/USD Price Reference feed is powered by a decentralized oracle network that consists of numerous independent, Sybil resistant nodes that collectively source the gold price from multiple trusted data sources. The price data is then aggregated together to form a highly reliable and manipulation resistant price that is available on-chain for our application to reference and anyone to independently monitor.
Having a sound understanding of the gold market is very important for the Bullionix community and Chainlink provides everything we need to chart gold from a source that is secure and reliable. The GoldLink feature is built to be a home for those who want to track the gold market more thoroughly. We hope our growing base will use GoldLink as a starting point for their journey into one of the world’s most fascinating markets.
This marks the first in a series of potential upcoming integrations between Chainlink and Bullionix. We are already actively exploring unique ways to use Chainlink Verifiable Random Function (VRF) and off-chain data to create dynamic NFTs that respond to external events.
Creator of Bullionix, Jesse Johnson, expressed his excitement for the integration, stating “By integrating with Chainlink, we were able to bring more transparency and decentralization to the tracking of our gold-backed NFTs and make our gold markets hub incredibly compelling.”
The new gold hub for Bullionix users includes a number of unique features that take advantage of the incoming price feeds. In addition to historical price charts, there is also a spotlight area that provides perspective on prices. Here we highlight all sorts of famously valuable items and then price them dynamically in terms of their value denominated in gold! How many bars of gold are necessary to purchase the Mona Lisa? What about some of the most valuable crypto art? The GoldLink’s constantly rotating assortment of priced items is here to spark the imagination and conversation!
If you’re a developer and want to connect your application to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
Bullionix is a decentralized gold mint that allows users to create NFTs that are backed by actual gold value. Users select between provably rare designs that require various amounts of gold to cast. Once a design is selected, users stake the specified amount of DGX gold tokens (1DGX = 1 gram of gold) needed to fully mold the gold asset.
Upon completion, the NFT can be interacted with as a 3D high resolution digital asset inside of the Bullionix Display Case. The NFTs live forever on the blockchain, offering owners with both a base value in gold and a speculative value on top.