Introducing Bluzelle Oracles Enhance DeFi Project Security and Price Reliability


Bluzelle silently entering to DeFi now roaring...

 

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Since the start of the year, Bluzelle had an idea of how an oracle can benefit from using Bluzelle DB. With the explosive growth of defi everyone 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:

  1. 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.
  2. 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 to arrive at a blended value that can be trusted and stored.
  3. Advanced security triggers. Bluzelle Oracles has an on-demand historical price index. That enables applications to run statistical analysis that will generate warnings when a price point appears out of the norm. For example, a bad actor changing the price to create a flash loan attack.

Bluzelle is able to do the above because it has a decentralized database at its core and it is powered by Cosmos/Tendermint, making it interoperable across chains.

 

For more details visit Bluzelle official blog : https://blog.bluzelle.com/introducing-bluzelle-oracles-6b06c547d830

 

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DeFiGuru
DeFiGuru

Crypto and specially DeFi enthusiastic and specially Polka dot chain lover.


DeFi is not a bubble or just a boom... It's future
DeFi is not a bubble or just a boom... It's future

Just remember the day when you first head of the Bitcoin and you might not be able to understand what it really is and why people are mad towards it. It's the first step to the financial freedom and Decentralization of the Finance. And with recently emerging protocols it would be more easy to enter to the DeFi (Decentralized Finance)

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