The Bit.Store platform has been created to be easy and jargon-free, allowing all investors, whether rookie or seasoned, to purchase cryptocurrencies with simplicity and confidence. Additionally, Bit.Store is able to offer straight fiat-to-crypto investment on its portal as a result of its cooperation with dual crypto-fiat payment specialist Alchemy Pay, which accepts fiat money rails including Visa, Mastercard, and PayPal as well as cryptocurrencies.
Chainlink is the world’s top decentralized oracle network, and it is utilized by smart contracts throughout a wide range of industries, including Decentralized Financial Institutions (DFI), insurance, exchanges, gaming, as well as other significant areas of the blockchain environment. The decentralized network offers blockchain programmers with a complete collection of credible real-world data sets, which they may use to build their blockchain applications.
Chainlink also offers extensive safe off-chain computing, which allows developers to extend the functionality of their smart contracts in order to boost throughput, automation, and randomization while maintaining high security. As the most widespread and time-tested decentralized oracle network in the world, Chainlink has already contributed to the security of more over $75 billion in total value locked (TVL) for important DeFi protocols throughout the blockchain environment.
Smart contracts are used to carry out activities and contracts on the blockchain, but they do not interact with the rest of the world outside of the blockchain. Chainlink provides a solution to this problem by acting as a bridge between the on-chain and off-chain realms.
Weather, currency, and cryptocurrencies values, as well as Internet of Things data and geolocation info are all obtained off-chain via the oracle network and sent on to smart contracts through the blockchain.
Centralized banking platforms and FinTech applications may also gain from Chainlink oracles by having access to a tamper-resistant source of information that has been vetted by a decentralized network of Sybil-resistant and motivated node operators, which can be used to improve their operations. Users will have better access to the data they need to make educated choices if pricing infrastructure is decentralised, and Chainlink Price Feeds will serve as a backend source of facts if pricing architecture is decentralized.
Specifically, Bit.Store noted that it chose to incorporate Chainlink in hopes of giving enhanced assurances to Bit.Store consumers that reliable pricing data is being utilized during transfers between fiat and crypto currencies. Chainlink Price Feeds have a greater degree of tamper resistance and have traditionally functioned with exceptional dependability for long periods of time.
The following are amongst the unique benefits of Chainlink:
A high level of quality is achieved through the use of chainlink price feeds, which draw their information from multiple premium data aggregators. This results in price data that has been tallied from hundreds of exchanges and weighted by volume, as well as being washed of anomalies and dubious volumes.
In spite of API/exchange outages, flash crash anomalies, and data rigging attempts, Chainlink’s data gathering technology produces reliable worldwide market prices that are immune to data manipulation assaults.
The ability to execute quick price updates at low cost allows Chainlink Price Feeds to provide exact price data that accurately represents current market circumstances. High update frequency is also possible with Chainlink Price Feeds.
Rugged Infrastructure – Chainlink Price Feeds make use of decentralized networks of professional node operators, which are managed by top blockchain DevOps teams as well as conventional organizations, and which have a proven history of uptime during periods of market instability.
Enhanced Transparency – Chainlink offers a powerful reputation system, in addition to a collection of on-chain monitoring software, which enable users to independently check the historical and real-time accuracy of price data.
Carl, the Project Manager, said “At Bit.Store, we are dedicated to providing our community with the most seamless and straightforward user experience possible. Using Chainlink Price Feeds, we have been able to provide our users with the highest quality price data, thereby increasing their confidence when making pricing-related decisions on the Bit.Store platform, as a result of integrating Chainlink Price Feeds into our platform.”