Privacy coin Beam has chosen Chainlink to power its “confidential DeFi”
Mimblewimble-based privacy coin Beam has become the latest cryptocurrency project to integrate Chainlink’s oracle solution, according to its Nov. 27 blog post.
Chainlink’s oracle feed framework will be used for Beam’s confidential stablecoin protocol and its ERC-20 bridge.
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Making DeFi private
Beam enabled support for confidential assets back in June during the EE 5.0 release by executing its third hark fork. CAs can be pegged to cryptocurrencies as well as legacy assets such as gold. Beam users are able to create these assets by locking 3,000 native beam tokens.
Earlier this month, the project launched the experimental version of the BeamX platform that aims to bring privacy to the burgeoning decentralized finance industry and potentially chip away at Ethereum’s share of this market.
According to data provided by DeFi Pulse, the total value locked in various DeFi projects currently stands at a whopping $12.5 billion. However, leading projects like Compound and Maker don’t offer enough privacy, which Guy Corem, board director at the Beam Foundation, considers essential:
Privacy is an essential component to financial services, which is why Beam is building confidentiality directly into its DeFi functionalities.
BeamX will make it possible to write DeFi applications in numerous programming languages.
The launch of its mainnet version of is slated to happen in the first quarter of 2021.
The leader in blockchain oracles
Oracles play a pivotal role in connecting blockchain to real-world data.
Chainlink has already become a go-to solution in the DeFi industry, and it appears that it will be instrumental in its privacy-focused niche as well.
Beam has chosen Chainlink because of its “premium data” and “decentralized security.” Corem claims that its high-valued oracles will be able to provide reliability and security:
As the unquestioned market leader in blockchain oracles, Chainlink has demonstrated its ability to provide Beam with secure and reliable price oracles capable of triggering high-value contracts and securing user funds.