Chainlink is back to recording gains, up nearly 12% on the back of partnership with China’s national Blockchain Services Network.
The recently launched BSN will be integrating the Chainlink oracle function to its network that enables governments and enterprises to incorporate real-world data such as IoT data, weather, location information, and financial asset prices into their BSN applications. SNZ pool, a PoS operator, will run nodes to support the operation.
Chainlink will be integrated into BSN via the interchain service hub of IRITA, a consortium blockchain product. It will allow BSN blockchain to receive external off-chain data through Chainlink oracles.
The interchain service hub is the first step toward achieving easy and convenient interoperability among all the decentralized applications (Dapps) deployed on the network. Xiang Dai, Deputy Secretary of the BSN Development Association and Director of Planning and Consultation with the China Mobile Group Design Institute Co., Ltd. said,
“We believe that this integration will transform blockchain applications and foster greater growth of the BSN ecosystem – in China and around the world.”
Providing Interoperability to all DApps
This integration is said to provide BSN users reliability, interconnectivity, and additional security to help fuel the growth and adoption of blockchain applications in China and around the world. Sergey Nazarov, co-founder of Chainlink said,
“We're excited to help build out BSN's global infrastructure project by providing secure and reliable oracle services. By connecting BSN applications to real-world data, smart contracts can bring new levels of automation and trust to global agreements.”
A working prototype using Chainlink oracle is already underway, and BSN and SNZpool have also allocated resources to support the development of node infrastructure to run IRITA and Chainlink nodes.
BSN is designed to be a one-stop-shop for companies to access ultra-low-cost blockchain cloud computing services. It is used by the likes of China's State Information Center, China Mobile, China Unionpay, and Red Date Technologies.
“One of the main purposes of BSN is to provide interoperability to all DApps, regardless of whether they are for permissioned chains or public chains,” said Yifan He, CEO of Red Date Technology and BSN co-founder. Also stating,
“On BSN, each Dapp should be able to call any other Dapps in a very convenient and low-cost way.”
Today, Chainlink also announced that the Ontology network is working towards a mainnet deployment of Chainlink to securely access off-chain data feeds, web APIs, and traditional bank payments. Andy Ji, Co-founder of Ontology said,
“Chainlink has demonstrated a stellar track record in providing bespoke oracle solutions to leading global enterprises including Google, Oracle, and SWIFT.
This experience underlines Chainlink’s credentials as the undisputed, market-leading decentralized oracle network.
This collaboration marks another milestone in our platforms’ long-standing and fruitful relationship, and we are excited to see this integration come to life.”
LINK is today’s biggest gainer among the top 50 cryptocurrencies. The 13th largest cryptocurrency by market cap of $1.6 billion is currently trading at $4.80, just a little off from its all-time high of $4.95 hit on March 4, 2020. In 2020 so far, this hot cryptocurrency is up 160%.
Amidst this price action, people are removing their LINK from cryptocurrency exchanges. Over 285k LINK has been withdrawn from the Huobi exchange in the past 24 hours.
But this isn’t anything new. The total amount of LINK on exchanges has been declining since May 2019.
This behavior, however, is further bullish for LINK as this indicates the investors are preferring hodling instead of taking profits.