Binance announced on July 23 that it has integrated the Chainlink decentralized data oracles for its Binance Smart Chain, in the testnet stage, before the mainnet deployment completes. This integration with Chainlink will allow developers of the Binance’s upcoming smart contracts platform to access and utilize real world data for their DApps, contracts, protocols etc. This major partnership between currently the largest digital assets exchange Binance and the most widely used decentralized oracles project Chainlink will enhance/speedup the progress and development of the blockchain industry.
.@Binance Smart Chain has integrated #Chainlink as its oracle live on testnet! Using Chainlink gives devs access to off-chain data (e.g. @Binance_DEX), enabling them to build DeFi dApps for derivatives, crypto payments, automated asset management and more.— Chainlink – Official Channel (@chainlink) July 23, 2020
The Binance official press release regarding the matter placed an special emphasis on the Decentralized Finance (DeFi) aspect of the partnership. According to the press release, developers can take advantage of the Binance Smart Chain programmability to build DeFi related applications on-chain, to procure market prices, arrange liquidity, issue loans, manage liquidations, automate payments for goods/services, enable asset/portfolio management and execute settlements. All of it based on the secure and reliable Chainlink data, procured from multiple independent node operators and fed into decentralized oracles.
About Binance Smart Chain
Binance announced the launch of a Binance Smart Chain on Apr 17, alongside the existing Binance Chain and Binance DEX. The new blockchain would have the ability to implement programmable smart contracts, interoperability with Ethereum and other characteristics of the Ethereum Virtual Machine (EVM). The Binance Smart Chain will be a sovereign, cross compatible, low fees and high performance blockchain. It will feature on-chain governance via staking feature, relying on 21 validators providing transaction validation and decentralization. It will provide another use case for the native BNB tokens and reduce its circulating supply, since people will lock it for the staking mechanism.
Chainlink is a decentralized data oracles service, which connects smart contracts to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator.