Chainlink-Powered Beam to Build Confidential DeFi

by in DeFI News

Beam to build confidential defi

The most recent crypto-asset scheme using Chainlink’s oracle solution became Mimblewimble-based privacy coin Beam.

Beam is a confidential and scalable stablecoin which ERC-20 bridge uses Chainlink’s oracle supply structure.

Beam supported confidential tokens back in June during the EE 5.0 issue by performing its 3rd hark fork. CAs can be backed by digital currencies as well as traditional assets like gold. Beam users can create these assets by locking 3,000 native beam tokens. In early November, the project introduced the test version of the BeamX protocol that intends to deliver privacy to the growing DeFi industry and eventually reduce Ethereum’s part.

DeFi Pulse informs that at the moment the TVL in different DeFi projects hits $12.5 B. At the same time, popular projects such as Compound and Maker don’t provide full privacy, which the board director of Beam Foundation, Guy Corem thinks is critical.

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That's why the project Beam is making confidentiality immediately into its DeFi features. It will enable to write Dapps in various programming languages. The complete version of the protocol is planned to launch in the Q1 of 2021.