By The brave new coin is a crypto asset market Data Company announced that they have partnered with Chainlinks. The Chainlink network provides reliable tamper- proof inputs and outputs for multiple smart contracts or any blockchain.
Brave New Coin (BNC) is a data and research company which is focused on the blockchain and the cryptographic assets industry. It is founded in 2014 and provides data, analysis, and research to a global network of market participants. Our experience and expertise make them the leading provider of standard and non- standard institutional grade, data solutions and highly compliant.
Using the extensive holding of data and knowledge, they developed a general taxonomy for cryptographic assets.
Before they go into the details about this partnership, they have to know oracles work. Oracles are the link between the real digital world and the real world. It is by translating the non- deterministic off-chain data into deterministic data on-chain. For the decentralized world to become a reality, they need to understand oracles and their role, because they may even function as one. Once universally understood and integrated, decentralized apps will start to scale in the real world, powered by millions of blockchain oracles around the globe.
This public oracle provides all smart contracts in the Ethereum network with free access to the daily Ethereum US Dollar Price from Brave New Coin (BNC). This is an End of Day (EOD), Time Weighted Average Price (TWAP) for Ethereum in US Dollars. The rate is derived from tracking all the ETH trading across the exchanges worldwide.
BNC’s superior market data engine is the first volume that sorts global trading into various market averages. For example, EUR/ ETH, CNY/ ETH, then non- USD pairs are converted to USD, and all the market pairs are volume-weighted together to produce a Global Weighted Average (GWA) price. This is done for every five 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. Customers’ data and index feeds are also available.
Any Ethereum smart contract can question this oracle’s integration address for a daily Ethereum US Dollar price as indexed by BNC at 00:01 UTC. Brave New Coin is recommending or solving the required more granular pricing.
