Bluzelle aims to enhance DeFi projects through Bluzelle Oracles
Decentralized data network Bluzelle, has taken the DeFi industry by storm with the launch of their new Oracles. Powered by the BluzelleDB database and its hundreds of validator nodes database, these unique Oracles have been designed to provide enhanced security and price reliability to DeFi applications, as well as to interact with fully decentralized databases.
The launch of these ultra-modern Oracles by Bluzelle, couldn’t come at a better time, as in the past few months, we have witnessed the DeFi space grow at an unprecedented rate, which has led to the significant rise in the demand for key infrastructures necessary for the smooth running of DeFi projects.
What problems will Bluzelle Oracles solve?
The DeFi space is growing really vast at an impressive pace and as expected, a large number of investors are looking to capitalise on this. However, in order for a DeFi application to run seamlessly, there is a need for a fast and secure Blockchain oracle, which would not just provide accurate off-chain data, but relay these data into the network in real time.
Before now, existing Blockchain Oracles, have been unable to balance the scale between speed and security, and unfortunately, this has contributed in stunting the growth of a large number of DeFi projects, in recent years. Evidently, for a sector like DeFi where huge financial decisions are constantly being, the need for a fast and secure Oracle, cannot be overemphasized.
What makes Bluzelle Oracles superior to others?
The decentralized Bluzelle Oracles were uniquely designed to offer key infrastructures to the DeFi space in the form of a high-demand price feed for DeFi applications; especially those related to payments, lending, and staking. Embedded within the Bluzelle oracle, are three vital components which makes this unique oracle service superior to another existing one in the blockchain-sphere:
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:
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.
For more information on how Bluzelle Oracles work, visit their Official Blog Post