This Privacy Coin Preferred Chainlink – What Is It For?
The privacy coin Beam chose Chainlink to strengthen its “stealth DeFi” feature.
Mimblewimble-based privacy coin Beam has become the latest cryptocurrency project to integrate Chainlink’s oracle solution, according to a blog post on November 27.
Chainlink’s oracle solution framework will be used for Beam’s secret stablecoin protocol and ERC-20 bridge.
Making DeFi Special
Beam enabled support for hidden entities by implementing the third letter fork during release of EE 5.0 in June. CAs can be linked to old assets like gold as well as cryptocurrencies. Beam users can create these assets by locking 3,000 local beam tokens.
Earlier this month, the project launched the experimental version of the BeamX platform, which aims to bring privacy to the burgeoning decentralized finance industry and potentially reduce Ethereum’s share in this market.
According to data provided by DeFi Pulse, the total value locked in various DeFi projects currently stands at $ 12.5 billion. However, leading projects such as Compound and Maker do not offer enough privacy as Beam Foundation executive director Guy Corem deems necessary:
Privacy is a core component for financial services and therefore Beam incorporates privacy directly into DeFi functions.
BeamX will make it possible to write DeFi applications in multiple programming languages.
Mainnet version launch is planned to take place in the first quarter of 2021.
Leader in Blockchain Oracle
Oracles play a crucial role in connecting the blockchain to real-world data.
Chainlink has already become a solution in the DeFi industry and looks set to be effective with privacy-focused coins.
Beam chose Chainlink for its “premium data” and “decentralized security”. Corem claims that its high-value oracles can provide reliability and security.
Chainlink, the undisputed market leader in blockchain oracles, has proven its ability to provide Beam with secure and reliable price oracles that can trigger high-value contracts and secure user funds.