Wednesday, March 25, 2020

Bidao Partners with Chainlink to Add Support for More Cryptocurrencies as Collaterals

Bidao Partners with Chainlink to Add Support for More Cryptocurrencies as Collaterals
Bidao announced a new partnership with Chainlink to integrate the price feed solution. The stablecoin wants to add more cryptocurrencies as collaterals. Chainlink Solutions can provide an aggregated market price for each collateral.
“@Bidaochain, a decentralized stablecoin built on @Binance_DEX, to use multiple Chainlink Price Reference Contracts to create & liquidate CDPs based on aggregated market prices. This expands the types of assets that can be used to collateralize Bidao CDPs”, tweeted Chainlink.

Oracle Solution for Price Feeds

Chainlink provides decentralized oracle solutions to integrate off-chain and on-chain data more accurately and securely. Bidao project wants to use those solutions to power the Bidao stablecoin.
Bidao will initially integrate ETH/USD, BTC/USD, and LINK/USD price feeds from Chainlink. Those pairs are currently running on Bidao’s mainnet. Adding Chainlink solutions for reference price data makes it possible for Bidao to add more cryptocurrencies as collaterals.
Chainlink’s oracle solution provides an efficient way to transfer data from off-chain sources to the blockchain. The received data will activate a smart contract. So, the accuracy if that is at a high level of importance.
Oracle solutions like the decentralized version provided by Chainlink, aggregate data from various data points. Using multiple sources for applications like price feeds mitigates the risk of failure in one source and also depending on just one source.

Using Chainlink on Bidao Blockchain

Bidao has two different tokens. The governance token is BID, and there is s stablecoin named BAI. BAI stablecoin is pegged 1:1 to US-Dollar. Users can deposit BID tokens or other supported collaterals like BTC, ETH, and LINK to act as over-collateralization and get a loan in the form of BAI.
Anyway, the system needs an accurate price for collaterals, and Chainlink provides a decentralized oracle solution for each of the above collaterals. Therefore, Bidao can be sure about the accuracy of the prices and prevent manipulation attacks that sometimes try to change the price points in low liquidity exchanges.
Bastian Aigner, CEO at Bidao, believes the new partnership strengthens the Bidao platform’s security: “Chainlink substantially hardens our pricing mechanism using the most decentralized and secure oracle infrastructure in the market, ensuring that user’s funds are never at risk.”

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Brave and Binance Partner to Launch a Widget Which Lets You Trade Directly in the Browser

Brave and Binance Partner to Launch a Widget Which Lets You Trade Directly in the Browser
There are virtually endless ways in which companies can make access to cryptocurrency easier especially for new users. Brave browser, a crypto-friendly privacy-focused company founded by an ex-Mozilla exec is doing exactly that intending to bring cryptocurrency closer to the average user.
The Brave Browser prides itself on serving its users with an ad-free experience whilst using the browser and now, it has partnered with leading cryptocurrency exchange Binance to make access to the Binance trading platform even easier.
According to a Tuesday announcement, Brave will integrate with Binance through a Brave plugin add-on which will allow Brave users to access their Binance accounts without leaving the Brave home page.
The Binance widget will offer access to the Binance.com and Binance America (Binance.us) platforms and users will be able to perform actions such as check balances, depositing crypto to their Binance accounts and trading between pairs all on the widget. For security reasons, balances on the Binance accounts will not be withdrawn through the widget.
“The new Binance widget in the new tab page of the Brave desktop browser makes Brave the only browser that offers integrated functionality for buying and trading cryptocurrency,” Brave noted in the announcement.
Basic Attention Token
Brave is an open-source browser developed atop the Chromium project similar to Google’s Chrome browser. In launching Brave, its founder Brendan Eich created a blockchain token dubbed Basic Attention Token (BAT) which is based on the popular Ethereum blockchain.
The browser itself is not based on a blockchain platform but it has integrated its native BAT token to reward users for interacting with ads from Brave advertisers. The BAT tokens can then be sold or donated by the user at their command.
“Cryptocurrency trading can be a daunting task for users not familiar with such assets, so integrating Binance into the Brave browser makes the process seamless and simple,” Eich said in a press statement on Tuesday. “By bringing a leading exchange like Binance directly into the browser, Brave is taking cryptocurrency trading mainstream and enabling users to conduct transactions with ease.”
Binance CEO Changpeng Zhao expressed similar sentiments adding that Binance is “looking forward to our long-term partnership with Brave to make it even easier to interact with crypto and encourage more utility in the near future.”
According to the announcement, the new Binance widget will be available on the general version of the Brave browser starting April. An early version of the feature can, however, be accessed through the Brave Nightly desktop version.

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