Place/Date: Singapore - August 27th, 2020 at 3:24 pm UTC · 2 min read
Contact: Dan Edelstein, Source: Bluzelle
Decentralized data network Bluzelle has released details of a new oracle intended to enhance security for DeFi projects as well as to interact with fully decentralized databases. The decentralized Bluzelle Oracle will also provide valuable infrastructure in the form of a high-demand price feed for DeFi applications, such as those concerned with payments, lending and staking.
Anchored by the BluzelleDB database and its hundreds of validator nodes, the Bluzelle Oracle represents much-needed scalability and security for the rapidly growing DeFi space, with protocols having recently surpassed the $6 billion threshold for value locked. BluzelleDB helps projects store dApp data in a decentralized manner.
Bluzelle’s Decentralized Oracles are uniquely able to interact fully decentralized databases. 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.
Bluzelle CTO Neeraj Murarka said:
“DeFi is now at over $6.7B total value locked and shows no signs of slowing down. This invites more attackers and thieves. Bluzelle Oracles has a unique algorithm to determine accurate asset prices and at the same time provide advanced warnings of threats on the DeFi app.”
“Having built the Bluzelle database infrastructure the past two years, this was a natural extension of our offering.”
Further information can be found at the official website. A Discord channel for DeFi dApps enables interested parties to be directly connected with the team and added to the early list of service users.
Powered by a Byzantine fault-tolerant cluster of blockchains customized specifically for database operations, Bluzelle is a decentralized database for Web3. Its advanced data delivery network promises to protect businesses from data breaches, network failures and performance troubles. Bluzelle effectively serves as an “Airbnb of databases,” with developers paying for storage space and read/write to the decentralized database. While data storage is the foundation, Bluzelle is in the process of developing data feeds and oracles for the next phase of its evolution to help bring about a faster and more secure internet.