This article was first published on The Blueprint by Bluzelle - Medium
Genshiro, Equilibrium’s Kusama-based DeFi parachain, has added Bluzelle as a price oracle to integrate its data flow with our newest DeFi playground.
This brings the total number of oracle providers on Genshiro to three. Oracle functionality calls for accurately pricing assets during a market that’s open 24 hours a day, so the best oracles can handle a large volume of data in a highly secure and reliable way. Broadly speaking, the more oracles a DeFi platform has, the more rugged and robust it becomes. The strongest platforms achieve high decentralization and redundancy for sourcing their price data, so this Bluzelle integration instantly makes Genshiro a more reliable platform overall.
There are three primary characteristics that make Bluzelle an ideal partner for beefing up Genshiro’s awareness of live market prices. Genshiro is a highly experimental playground for DeFi, and Bluzelle Oracles meets certain specifications that make it very capable to help drive the DeFi networks of the future.
Fast pricing intervals. The crypto market is volatile and any fluctuation can greatly impact the programmatic interest rate of borrowing and lending on Genshiro. We want price data to be as accurate and up-to-date as possible. Bluzelle’s oracle provides real-time prices for crypto assets and refreshes this data every several minutes. New and historical values are stored in Bluzelle’s decentralized database, where they’re easily retrievable and the blockchain is free of congestion issues.
High-quality price data. Bluzelle’s oracle aggregates market data from a wide variety of reliable sources, and is operated by a decentralized network of nodes. They use a five-step process that votes data in and out from reputable sources, runs statistical analysis on prior price to ensure data accuracy and validity, and ultimately arrives at a blended value that can be stored in trustless fashion.
Advanced security triggers. Bluzelle runs statistical analyses ...
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The Blueprint by Bluzelle - Medium