Coinbase has announced an Oracle that will provide reliable and verified price data for two trading pairs: BTC-USD and ETH-USD. The move also dispelled speculation about Chanelink's market position.
How Oracles Work
Blockchain Oracles provides data that is useful for default applications and other blockchain services.
Coinbase will sign all Oracle data with its private key. Anyone can verify this data by using the online chain against the Queen Base public key.
Oracle will send new data every minute from the Coinbase Pro Exchange, ensuring that the price data is always up to date.
In practice, developers can use this data in any type of blockchain service that manages funds automatically. For example, Oracles are useful in loan services that eliminate loan positions and algorithms that automatically manage their suicide attacks.
Who can use it?
Anyone can use Exchange Oracles immediately, and some projects have already expressed support for the project.
Compound, a crypto interest platform, says it will use Queen's Base Oracle to "increase the security and decentralization of [its] value feed." In addition, QueenBase's Oracle data will be compatible with the "Open Oracle" series of Ethereum Smart Contracts compounds.
Derivative platform DYDX has also endorsed this product. CEO Antonio Giuliano notes that Oracle is used in "every lending and derivative protocol" and adds that Coinbase is "the most reliable and secure entity in the crypto space".
Other developers may use Oracle through the Queen Base Pro API, as stated in the original Coin Base announcement.
Although Coin Base has not recognized similar plans, it will face stiff competition from other oracles.
Channellink is the most recognizable blockchain Oracle provider. It has partnerships with more than 25 business pairs, as well as high-profile blockchain companies such as Celsius and Brave New Coin. Ethernet and band protocols are two more notable Oracle projects.
To compete, Coinbase will need to offer a very wide variety of price feeds and market pairs in the future - but as a major cryptocurrency exchange, it is in good working order.
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