Brave New Coin Blockchain Crypto Asset Media Website and Chainlink Partner
Blockchain And Crypto Asset Market Data company Brave New Coin Partners With Chainlink
Brave New Coin recently announced that they have partnered with Chainlink. The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.
— Brave New Coin (@bravenewcoin) September 24, 2018
Brave New Coin (BNC) is a data and research company focused on the blockchain and cryptographic assets industry. Founded in 2014, BNC provides data, analysis, and research to a global network of market participants. Our experience and expertise make us the leading provider of standard and non-standard institutional grade, highly compliant, data solutions.
Using our extensive holding of data and knowledge, we developed a general taxonomy for cryptographic assets.
Details About The Partnership
Before we go into the details about this partnership, we have to know Oracles work. Oracles are the crucial link between the real world and the ethereal digital world, translating the non-deterministic off-chain data into deterministic data on-chain. In order for the decentralized world to really become a reality we need to understand oracles and their role because, one day, we may even function as one. Once universally understood and integrated, decentralized apps (DApps) will start to scale in the real world, powered by millions, if not billions, of blockchain oracles around the world.
Coming to ChainLink specifically, This public oracle provides all smart contracts in the Ethereum network with free access to the daily Ethereum (ETH) US Dollar Price from bravenewcoin.com (BNC). This is an End of Day (EOD), Time Weighted Average Price (TWAP) for Ethereum in US Dollars. The price is derived from tracking all ETH trading across all exchanges globally. BNC's superior market data engine, the first volume sorts global trading into various market averages Eg: EUR/ETH, CNY/ETH, then non-USD pairs are converted to USD and all market pairs are volume-weighted together to produce a Global Weighted Average (GWA) price. This is done every 5 minutes and at the end of each day, a TWAP is created which expresses accurate price discovery for programmers, asset managers and anybody needing a reliable source of Daily Ethereum Pricing. Live, historical, customs data and index feeds are also available.
Any Ethereum smart contract can query this oracle's integration address for a daily Ethereum US Dollar Price as Indexed by BNC at 00:01 UTC. BNC recommends a custom solution for those wanting to create decentralized derivatives or solutions requiring more granular pricing.