“Coinbase” is trying to compete with the “Chainlink” project through its new project… Details here
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Answer “Coinbase” is trying to compete with the “Chainlink” project through its new project… Details here
San Francisco-based cryptocurrency exchange Coinbase announced yesterday that Issuance Coinbase Oracle, a source for BTC-USD and ETH-USD market data and prices sourced from the Coinbase Pro platform.
The Coinbase Oracle price feed is updated every 60 seconds and is secured by the same Coinbase infrastructure used to store users’ crypto assets.
The Chainlink project is also using Oracle to pull data from third parties for auditing and use it in services such as pricing services, which means Coinbase has entered into direct competition with Chainlink.
The purpose of the Coinbase Oracle is to help make the decentralized finance (DeFi) ecosystem more secure by providing a secure and trusted source of price information to help reduce reliance on price data from less liquid trading platforms or chain data from decentralized exchanges, both of which are vulnerable Attacks from bad actors.
Read:Cryptocurrency exchange KuCoin launches a decentralized crypto wallet…Details here
CoINBASE just launched a price for Oracle DEFI PRICE
Every crypto bank will follow
Exchanges with Ethereum will work too
I expected earlier this year…
“At least one A-rated crypto exchange will adopt a DAI provisioning rate sometime in 2020.”
One step
– Ryan Sean Adams – rsa.eth (@RyanSAdams) April 23, 2020
Antonio Giuliano, CEO of dYdX, an open source cryptocurrency exchange, said:
The pricing of Coinbase will have a significant impact on Oracle and the DeFi ecosystem as Oracle is used to price every lending protocol and its derivatives.
Coinbase is uniquely positioned to offer Oracle pricing because it is the most trusted and secure institution in the crypto arena, these rates can be used as input to help create a more decentralized and secure Oracle ecosystem.
Any third party can access the Coinbase Oracle data via the Oracle API to publish it on the chain because the data is already signed with a very secure Coinbase private key and can be verified with the public key.
Read:All members of the Spanish Parliament have become holders of Bitcoin … for this reason!
The prices generated by the Coinbase Oracle API are compatible with open source Ethereum-based Oracle smart contracts created by Compound developers used to standardize data from different Oracle sources.
Compound, backed by the investment arm of Coinbase, is a decentralized money market that sets interest rates based on supply and demand used to power a variety of different DeFi applications.
Read:The Binance platform generates more than 7 million dollars annually for this reason!
Coinbase Oracle also uses a filtering mechanism to remove outliers of price data, while Oracle uses open contracts to lock in and ensure that data that differs significantly from the last reported price is not accepted.
According to a statement from Compound CEO Robert Lechner, Coinbase Oracle will increase security and decentralize the Compound pricing feed, describing it as a mission critical.
Lechner said:
We’re not alone – the rest of the DeFi market will benefit through faster development, consistent data, and common standards.
Read also:
What is the correlation between global markets and the price of Bitcoin? Coinbase has the answer
Coinbase: These are our predictions for cryptocurrencies in 2020
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