Bluzelle is turning its attention to the decentralized finance (DeFi) space with the creation of an oracle that aims to offer security and reliable price discovery solutions for DeFi protocols. The move is the latest effort by the project to leverage its technology across several facets of the crypto space.
DeFi continues to be a major topic of interest within the cryptocurrency industry in 2020 following the flurry of developments seen of recent in the market sector. Such is the extent of the massive DeFi growth that Ethereum (ETH) fees have climbed to their all-time highest level.
Bluzelle Targets Robust DeFi Security with New Oracle Service
In a press statement issued last week, Bluzelle revealed a new oracle product targeted at the DeFi market space. According to the press statement, the oracle will provide robust security and accurate price-feeds for DeFi protocols involved in operations like staking, payments, and lending among others.
As part of the technical details released in the announcement, the Bluzelle Oracle will utilize the company’s proprietary BluzelleDB database infrastructure. Thus, the oracle product will have access to numerous validator nodes required for optimal interfacing with DeFi protocols.
DeFi projects require oracles to serve as a bridge relaying data such as price feed between on-chain and off-chain sources. According to Bluzelle, its oracle solution is able to communicate with decentralized databases thus ensuring greater fidelity of the data transfer chain.
An excerpt from the press statement reads:
Within its DeFi functionality, Bluzelle’s oracle solution enables historical prices to be stored and referenced, with three principal benefits introduced: access to trustworthy price feeds validated by hundreds of nodes; the ability to run statistical analysis to safeguard against attacks, enabled by access to a history of data points; and fast retrieval of prices, since they are pre-stored on BluzelleDB.
Commenting on the release of the…