Cryptocurrency

Bytom has Chosen Chainlink as its New Oracle Service Provider

eToro

Chainlink’s oracle system’s efficiency is not hidden from anyone. Their oracle system offers smart contracts that are based on decentralized oracles. The presence of decentralized oracles leads to various features that include establishing a good and solid connection with important off-chain resources, which further supports data feeds, API functions, and other payment methods. Such a dynamic platform is joining forces with Bytom blockchain. Bytom has recently announced about the integration.

This integration of Bytom blockchain and Chainlink will support the former in empowering its smart contracts. By far, the smart contracts of Bytom were created for operations that are related to the digital assets. This required security and data feeding system that can be relied upon. This integration with Chainlink will further support Bytom’s smart contracts in the following manner-

eToro Crypto
  • Now, there can be an off-chain connection between incoming and outgoing data.
  • The integration of the two companies should uplift the accuracy and overall functioning of the smart contracts of Bytom.
  • The decentralized app developers will be able to access the real world, real-time information, and data in a much more secure manner, and therefore, the efficiency will increase many folds.

The decentralized oracle network- Chainlink should definitely take the performance of Bytom’s smart contracts way higher than what it is today. Chainlink has been known for its reputable blockchain technology services for a long time. This integration is not the first one for Chainlink. In the recent past, the company has catered to big names that include Google, SWIFT, and so on. It has also very efficiently lead smart contract teams.

The Founder and CEO of Bytom- Xinxing Duan thinks that this integration and deploying of Chainlink’s oracle should help the platform to support the “decentralized finance” and “programmable economy” possible. In his words-

We look forward to working with Chainlink to deploy their oracle service on Bytom. Better monitoring of off-chain data and assets helps the adoption of decentralized finance and the coming of a programmable economy.

Bytom is already an interactive platform that has multiple byte assets. Bytom’s vision is to build diverse assets and programmable economy, as mentioned in the above statement. The platform offers services to register, exchange, gamble, or engage in various kinds of byte assets such as digital currency, digital assets, warrants, securities, dividends, bonds, intelligence information, forecasting information, and so on.

Chainlink, on the other hand, mentioned about this integration on Twitter yesterday. The fact that the tweet received one hundred and fourteen re-tweets and three hundred and ninety-two hearts is a statement in itself, about how equally excited the audience is along with the two companies about the integration. The Global Head of Business Development of Chainlink- Daniel Kochis said-

Chainlink is looking forward to providing reliable oracles to power the creation of diverse digital assets and on-chain financial products on Bytom.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button