Bluzelle Oracles: The Benefits It Offers To Bluzelle Users
Bluzelle development team noticed that oracle can do the trick for them, in how beneficial it can be for the users of the Bluzelle platform. There are some issues that Oracles solve.
Importance of Speed in DeFi Market
The decentralized finance applications need speed to function well, if users are to benefit from them. Users have to act quickly, meaning that they need applications that can offer them updated and easily available data.
This is what makes decentralized finance projects that are successful different from those that aren't. Users will shy away from those apps that give updates minutes after, instead of real-time information. Traders are more likely to embrace DeFi projects that offer real-time information.
Importance Of Security To The DeFi Market.
Usually, decentralized finance projects are designed to offer users information that they can be used in making rational financial decisions. This means that the information that these DeFi projects churn out must be accurate. They can only be accurate when they are secure in terms of getting the information, the storage, as well as the presentation.
Most DeFi projects have to trade off between acquiring a platform that is highly safe or possess intense speed. Bluzelle decided to introduce both in its system by incorporating Oracles.
Oracles will make the system a lot faster. Bluzelle has already taken care of the security issue by having a network of validator nodes.
What are the Bluzelle Oracles?
They are the extension of the Bluzelle DB. DeFi projects want price feeds, and this is something that Bluzelle Oracles offer. This system is made up of three parts that make it an awesome system.
• Rapid pricing intervals.
This system is designed to fetch the data in short period of time, then stores the data in the Bluzelle DB. Similar price will be stored in each node, and it will be validated. What this means is that DeFi apps that use this do not have to worry about the congestion problem that is easily noticeable on Ethereum. Ethereum is known to have congestion issues because of the numerous decentralized applications that use it. Bluzelle solves the issue of congestion that is common in blockchains like Ethereum.
• Top notch price data. Only top notch data are allowed into this system. Bluzelle Oracles makes this possible by utilizing a process that takes up five phases. The data are voted in and out from places that have high reputation. Apart from that, they are run against the previous prices to ensure authenticity. The process makes sure that the data are genuine and validated. Whatever data that are stored can be trusted.
• Complex security measures.
To ensure intense security in the system, Bluzelle Oracles uses an on-demand historical price index. This permits the DeFi apps to easily run statistical analysis on their processes to detect any issue. If a price point seems wrong, warnings will be let out. Bluzelle Oracles is designed to ensure that security of the Decentralized applications that use it is guaranteed.
Conclusion: Bluzelle Oracles provides more ways to elevate value in the network. In addition to providing storage, validators will become instant price oracles. Bluzelle oracles was built to improve DeFi project security and price reliability.