OpenBiSea NFT Marketplace Integrates Chainlink Price Feeds to Secure Price Feeds on BSC and Polygon
We’re excited to announce that OpenBiSea NFT Marketplace — a smart contract, iOS, Android, and web UI app, and a simple, step-by-step guided solution to buy, sell and make auctions (smart contract-based) for NFT — has integrated Chainlink Price Feeds on the Binance Smart Chain (BSC) and Polygon mainnet. By integrating Chainlink’s industry-leading decentralized oracle network, OpenBiSea NFT Marketplace has access to high-quality, tamper-proof price feeds needed to use a BNB/BUSD and MATIC/USDT price to calculate total sales in USD, for claim OBS tokens. This will provide our users with strong assurances that they can trust the price feeds and keep their assets secure.
Our initial integration involves the use of the following Chainlink Price Feeds: BNB/BUSD and MATIC/USDT price for claim OBS tokens. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already secures leading DeFi protocols responsible for billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
OpenBiSea is the easiest place to invest and manage your NFT. Within the OpenBiSea smart contracts and mobile apps, you can simply list your NFT contract and start trade with ZERO FEES. Any interaction with smart contact will go directly, with no backend involved. OpenBiSea is open for everybody to list and start marketing for NFT.
OpenBiSea Users can get an added value with OBS tokens safe, based on the blockchain smart contract logic. Our Buyers, Sellers, and Creators can receive benefits from that. With OpenBiSea, you became the shareholder of the marketplace and can influence the further development of the marketplace.
OpenBiSea is a bridge between Ethereum and Binance Smart Chain
Deployed in Ethereum blockchain bridge smart contracts hold Ethereum-based assets and mint the same on Binance smart chain and vice versa. Asset can be ERC20 token, ERC721,1155 NFT. NTF assets flow is transparent, all processing is automated, and results are stored in the blockchain. This is a way to trade NFT without high Ethereum fees but with the same ownership value on Ethereum.
In order to secure our price feeds, we needed access to fresh asset prices that are supplied directly on-chain in a highly reliable manner. Fair market asset prices should reflect a volume-weighted average from all trading environments, so we need to make use of an oracle to fetch aggregated price data off-chain and deliver it on-chain to be consumed by our application.
After reviewing various oracle solutions, we integrated Chainlink Price Feeds because they provide a multitude of critical features such as:
- High-Quality Data — Chainlink Price Feeds source data from numerous premium data aggregators, ensuring broad market coverage through price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned of outliers and wash trading. Chainlink’s data aggregation model generates accurate global market prices that are inherently resistant to inaccuracies or manipulation of any single or small set of exchanges.
- Secure Node Operators — Chainlink Price Feeds are secured by independent, security-reviewed, and Sybil-resistant oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises. Chainlink nodes have a strong track record of reliability, even during high gas prices and infrastructure outages.
- Decentralized Network — Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or oracle network.
- Reputation System — Chainlink provides a robust reputation framework and set of on-chain monitoring tools that allow users to independently verify the historical and real-time performance of node operators and oracle networks.
In the future, OpenBiSea plans to expand Chainlink to other chains, use additional price feeds, and integrate other Chainlink services like VRF and Chainlink Keeper Network.
“OpenBiSea NFT Marketplace selected Chainlink as one of the forefront networks of blockchain economy, which delivers definitive truth via secure to our project and users” — Oleksii Vinogradov, Founder, CEO
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
About OpenBisea NFT Marketplace
OpenBiSea NFT marketplace is a smart contract, and iOS, Android, and web UI app. It’s a simple, step-by-step guided solution to buy, sell and make auctions (smart contract-based) for NFT. The main core smart contracts are built on the Binance Smart Chain (BSC) and have an Ethereum bridge for NFT assets.
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