This article was first published on The Blueprint by Bluzelle - Medium
Enhance DeFi Project Security and Price Reliability
Since the start of the year, we’ve had an idea of how an oracle can benefit from using Bluzelle DB. With the explosive growth of defi. We saw a problem in that blockchain oracles are either “fast and not secure” or “slow and secure”.
Why does speed matter?
Defi applications capitalize on market opportunities. Acting quickly is critical and they need access to readily available, up-to-date information. This can be the difference between a successful Defi application that empowers its users and one that is minutes behind on updates with few advantages to traders.
Why does security matter?
Defi applications present information that leads to financial decisions being made, so the accuracy of this information cannot be over-emphasized. Security in terms of procuring, storing, and presenting this information is vital.
Seeing this trade-off between speed and security, we saw that by combining oracles with a decentralized database, like Bluzelle DB, you can be FAST and SECURE. And since we have a network of validator nodes that are providing storage and securing the network, we can give further incentive by turning them into Defi price oracles. With that we present Bluzelle Oracles.
Bluzelle Oracles is an Extension of Bluzelle DB
Bluzelle Oracles provides high demand price feeds for defi applications. It has three components that allow it to be a superior oracle service:
- Fast pricing intervals. Bluzelle Oracles fetches data in short intervals and has it stored on Bluzelle DB. Every node has the same price stored that was validated by the whole network. That means defi applications can grab them quickly and aren’t constrained by congestion issues such as on Ethereum.
- High-quality price data. Bluzelle Oracles uses a 5 step process that votes in and out data from reputable places and runs them against prior prices. This ensures accuracy and validity ...
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The Blueprint by Bluzelle - Medium