Brave New Coin (BNC) Becomes the Official Chainlink (LINK) Node Operator
Brave New Coin (BNC) has become the official node operator for Chainlink. The partnership between the two ecosystems is being seen as a move to further strengthen the smart contract infrastructure.
We’re excited to welcome @bravenewcoin as a Chainlink node operator! They are a leader in providing institutional grade crypto market data for portfolio managers, traders, fund administrators, regulators and more.https://t.co/5nNpQD5Sm0
— Chainlink – Official Channel (@chainlink) July 16, 2019
The surge for creating crypto derivatives products and other complex financial and legal instruments has to lead to an increased demand for institutional-grade data. However, there are only a few reliable service provider for the same. In order to create foolproof crypto and blockchain-oriented products, data plays a very important role. And, most of these institutional-grade data are provided by third-party information sources also called Oracle.
Chaiink is one such Oracle firm which has established a name for itself in providing real-world data to enterprise businesses and decentralized networks for making reliable and accurate smart contracts. These firms are not only responsible for providing the data but also transfer them securely and reliably to decentralized financial products and services.
Chainlink currently provides secure and reliable oracles to large scale enterprises like Google and SWIFT along with leading development teams such as Polkadot and Hedera.
The Role of Chainlink in Smart Contract Ecosystem
Smart contracts are self-executing computer programs with pre-set conditions, which when fulfilled, the contracts get executed without any human intervention. Since most of these smart contracts are used for financial products and services, the importance of data becomes even more crucial.
With the help of Chainlink's accurate and dependable connectivity to crypto asset data, smart contracts become more dynamic and reliable for changing market conditions. This ensures better accuracy, lower risks, and real-time crypto-fiat exchange rates at the point of settlement.
Chainlink has become a synonym for accurate and consistent crypto-asset market data and currently available on a decentralized network like Ethereum.
Brave New Coin has been tracking crypto asset data since 2014, and for Bitcoin, it goes back to 2010. With the latest partnership with Chainlink, BNC will officially become a node operator for the data service provider. BNC would be expected to follow on the path of Chainlink and would be responsible for providing secure and transparent data sets to smart contract developers and help in furthering the decentralized economy.
Fran Strajnar, the co-founder of Chainlink said,
“We’re convinced of the importance of middleware solutions and it has been great to watch the Chainlink project evolve from initial concept to a fully executed and widely needed tool that infinitely expands the usefulness of smart contract blockchain platforms.”
He also went onto claim that the CEO of Chainlink, Sergey Nazarov is one of the biggest entrepreneurs of the decentralized space.
The CEO himself was quite elated about the Brave New Coin and Chainlink's partnership and said,
“I’ve always been impressed by their willingness to push the limits of what’s possible in our space,”
“and we’re excited to have BNC as one of the very first high-quality data providers to also operate their own Chainlink Node.”
Chainlink has been a reliable data provider for quite some time now, and looking at the demand from enterprises as well as decentralized ecosystem might give you an idea of the importance of accurate real-world data. The need for these reliable data increase many folds when it comes to smart contracts where the accuracy of the data might decide the output of a deal. To ensure reliability and accuracy, the current partnership will for sure has a great impact on the decentralized financial ecosystem.