Bytom to Integrate Chainlink to Power Its Entire Suite of DeFi Products
We are excited to announce that the Bytom blockchain will integrate Chainlink, the market-leading decentralized oracle network, as the recommended oracle solution for all Bytom dApps. We selected Chainlink as the preferred oracle provider to the Bytom blockchain because it has a proven track record of securing billions of dollars in value on mainnet for various other leading DeFi protocols. Chainlink already has a large and growing collection of on-chain Price Feeds that can be swiftly integrated by development teams thanks to Bytom’s built-in capability to read Ethereum smart contracts. This ensures dApps can offer robust protection of users’ funds without having to spend time and resources provisioning their own oracle infrastructure or testing unproven solutions.
As part of the integration, Bytom-based DeFi dApp MOV (https://mov.network/) will use Chainlink’s BTM-USD Price Feed oracle to secure BTM staked as collateral in their DeFi products. Additionally, more Chainlink Price Feeds will be deployed to support the numerous other DeFi functions and dApps launching on Bytom, such as Mov’s AMM that will rely on Chainlink to change the shape/slope of the pricing curve based on asset weight changes, as well as their orderbook DEX that will leverage Chainlink to allow users to make sound trade decisions via real-time price data references.
Empowering the comprehensive MOV DeFi protocol with high-quality data
Accurate and secure oracle data is quite important, especially for a comprehensive DeFi Protocol like MOV, which supports a suite of DeFi protocols such as an AMM, on-chain order book, decentralized lending and borrowing, and more. Blockchain oracles allow smart contracts to access external data and use it to trigger the execution of their on-chain logic. While external data greatly expands the types of smart contracts that can be created, external data can also be a security risk to the contract execution if the data is compromised or manipulated; e.g. garbage inputs equal garbage outputs. Therefore, oracles need to be highly secure and reliable if they are to trigger the movement of users’ digital assets.
Chainlink Price Feeds provide Bytom users with several strong features to overcome this oracle problem, including:
- High-Quality Data: All price data is sourced from numerous professional data aggregators, ensuring price feeds accurately reflect a volume-adjusted aggregate of all trading activity instead of a single exchange.
- Decentralized Security: All Price Feeds are decentralized at the oracle and data source level, leading to high uptime and mitigation against data manipulation or centralized oracle failures.
- Reliable Oracles: All Price Feeds are secured by a decentralized network of independent, security reviewed oracle node operators run by experienced blockchain DevOps and data providers, protecting against Sybil attacks and downtime.
- Ready-Made Solutions: Bytom developers can quickly and easily integrate with live Chainlink price oracles for a variety of assets, such as cryptocurrencies, FX rates, commodities, indices, and more.
Bytom is unique in that it is a standalone proof-of-work blockchain that can read smart contracts directly on Ethereum. This functionality makes it easy to read Chainlink Price Feeds from the Ethereum blockchain and use them as highly secure smart contract triggers. Thus, Chainlink’s existing list of Price Feeds can be used to support a very broad range of smart contract applications including many products on the Bytom DeFi product roadmap, such as an order book trading protocol, lending platform, and real-world asset tokenization platform.
We look forward to continuing to work with Chainlink to broaden Bytom’s access to in-demand off-chain data and computation, further expanding the scope of applications that the Bytom blockchain can support.
“By integrating Chainlink oracles, Bytom developers can get premium off-chain data in a highly secure and reliable manner, including real-world asset prices. This aligns with Bytom’s goal to tokenize real-world assets and deliver warrants, securities, dividends, and bond products around these assets. Chainlink also provides users with highly secure price data to MOV, giving the Bytom community a live DeFi product that they can use today,” said Bytom CTO James Zhu.
Bytom is a blockchain-based open-source value-exchange protocol. It aims to tokenize real-world assets, such as warrants, securities, dividends and bonds. Users can use the Bytom blockchain to create assets without limits and have these assets circulate freely.
Bytom has built a comprehensive product ecosystem that covers”
1, Bytom Blockchain
2, DeFi protocol (MOV)
3, Cross-chain gateway (OFMF)
4, Enterprise Blockchain (Bystack)
5, And also leading an IEEE working standard group
Chainlink is the most widely used and secure way to power universally connected 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.