Bytom, a proof-of-work interactive blockchain, will integrate Chainlink as the oracle solution for all Bytom dApps. The integration of Chainlink will provide Bytom’s ecosystem with high-quality data and decentralised security.
As explained in Bytom’s official blog on Medium, Chainlink will enhance several applications on Bytom by providing price feed oracles. MOV, a Bytom-based dApp, will use Chainlink’s BTM/USD to secure BTM staked as collateral in their DeFi products.
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.
From Bytom’s official blog
Tokenizing Real-world Assets
Chainlink’s Price Feeds have been praised by the DeFi space for allowing a fast and effective method to connect smart contracts to real-world market prices of assets.
These Price Feeds will bring several benefits to a broad range of smart contracts and DeFi products on Bytom’s ecosystem. The integration of Chainlink aligns with Bytom’s plans to tokenize real-world assets.
By integrating Chainlink oracles, Bytom developers can get premium off-chain data in a highly secure and reliable manner, including real-world asset prices.
James Zhu, CTO at Bytom
Chainlink has provided high-quality data and a solid oracle infrastructure to several DeFi applications. The team behind Bytom expects to continue to work with the oracle and expand the number of dApps supported by the blockchain.
Chainlink was also integrated into the mainnet of Origin Protocol, becoming the sole provider of real-time price data for OUSD.