Whitecoin Blockchain to Use Chainlink Price Feeds to Power its DeFi Protocols
Whitecoin (XWC) is proud to announce that we have chosen to integrate Chainlink’s market-leading decentralized oracle network into our upcoming decentralized exchange (DEX) and stablecoin protocols, starting with support for the Chainlink BTC/USD, ETH/USD, USDT/USD, and XWC/USD Price Feeds. This integration will provide our DEX, stablecoin, and all future DeFi products with trusted asset prices needed to perform core protocol functions like checking collateralization and executing limit orders.
We selected Chainlink as the recommended oracle solution for all Whitecoin developers because Chainlink Price Feeds give them access to plug-n-play solutions for obtaining high-quality price data backed by provably secure oracle infrastructure. The Chainlink framework has repeatedly proven its ability to secure billions of dollars in real value on mainnet for large and small DeFi projects, including leading projects such as Synthetix, Aave, and many more. We’re confident that Chainlink’s readily available oracles will accelerate the go-to market of Whitecoin’s DeFi protocols and protect users against various oracle and data manipulation attack vectors.
Whitecoin is a public chain, which realizes value through an interconnection among blockchains via our innovative Multi-Tunnel Blockchain Communication Protocol (MTBCP). Whitecoin constructs a cross-chain blockchain ecosystem through a multitude of features, including Random Proof of Stake (RPOS) consensus, Whitecoin Axis, Whitecoin Wallet, decentralized mining pools, and a smart contract platform.
Whitecoin is custom built to enable cross-chain operations for DeFi, using MTBCP to give developers with cross-chain functionality at scale. However, businesses and new blockchain projects building DeFi products on Whitecoin also require external data feeds on asset prices in order to perform certain on-chain functions. This requires a blockchain oracle.
How Chainlink Benefits the Whitecoin Ecosystem
Blockchain oracles are middleware that allow smart contracts to access external data and use it as inputs to trigger the execution of their on-chain logic. However, external data can be a security risk to the contract’s execution if the data is compromised or manipulated; e.g. garbage inputs equal garbage outputs. Thus, oracles need to be as secure and reliable as the Whitecoin blockchain itself if they are to trigger the movement of users’ digital assets.
Chainlink price oracle feeds provide several strong features to overcome this oracle problem, including:
All price data is sourced from numerous professional data aggregators, ensuring our price feeds accurately reflect a volume-adjusted aggregate of all trading activity instead of a single exchange
Security Through Decentralization
Chainlink is decentralized at the oracle and data source level, ensuring high uptime and hardening our price feeds against data manipulation or single oracle node attacks.
All Price Feeds are secured by a decentralized network of independent, security reviewed oracle node operators run by experienced blockchain and DevOps teams, protecting us against any type of Sybil attack.
Easy to Integrate Solutions
Whitecoin developers can quickly integrate with live decentralized price oracles for a multitude of assets, such as cryptocurrencies, FX rates, commodities, indices, and more, removing the need to provision our own from scratch.
<Each Chainlink Price Feed has an associated visualization to allow users to verify the performance of the oracle network, such as the Chainlink ETH/USD price oracle pictured above>
Building the Future on Whitecoin
Recently, Whitecoin launched a $2 million DeFi foundation that supports projects within the Whitecoin ecosystem and attracts developers from across the globe with significant incentives. We’re working with integrations like Chainlink to give developers quality tools and resources to build innovative new DeFi products alongside our DEX and stablecoin offerings.
“Integrating Chainlink oracles allows us to accelerate the development of Whitecoin DeFi applications, thanks to quick and secure access to trusted price data on various digital assets,” stated by Crypto Beast global BD manager of WhiteCoin. “Instead of spending time and resources building oracle infrastructure, Whitecoin developers will be able to focus solely on their DeFi solutions knowing their oracle security is taken care of.”
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.
If you would like to develop on top of Whitecoin or just wish to discuss your business and how you can utilize Whitecoin’s blockchain technology, then please speak to the community leaders on the official telegram channel here:
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