Recently, there have been a few upgrades and improvements with crypto projects and exchange platforms.
Coinbase announces that it will be leveraging its global infrastructure on the Chainlink oracle network.
This development is aimed at improving Coinbase’s cloud security, reliability and experience.
The United States-based cryptocurrency exchange will henceforth operate as a new node on the Chainlink network to improve the decentralization of Web3.
Coinbase Cloud is a leading infrastructure hosting blockchain platforms such as Ethereum, Solana, Algorand and Aptos. Operators of Chainlink nodes are essential to the entire system and are in charge of tying data and systems to smart contracts on various blockchains.
Chainlink technology enables blockchain platforms to securely interact with external data. The platform seamlessly allows bridging between Web2 and Web3 platforms. Chainlink is a prominent illustration of a platform that offers decentralized price feeds, ensuring the security of approximately $22 billion worth of assets held in decentralized finance (DeFi) protocols such as Synthetix, Aave, Compound, and dYdX.
Kai Zhao, Coinbase Cloud group product manager explained that Chainlink is important and can be applied across the cryptocurrency ecosystem. According to him;
“We are fostering a more decentralized and reliable future for blockchain technology by developing decentralized Oracles. We think that on-chain is the next online, and we’re excited to collaborate with Chainlink to advance this idea.”
Supporting this statement, Chainlink Labs’ global head of centralised finance, sales and strategy, William Reilly added that;
“Decentralized application development will surely grow as a result of their [Coinbase Cloud] cooperation, taking the blockchain sector to new heights.”
He further added that this new development would add experience and robust infrastructure to the Oracle network, benefitting a wide range of Web3 products, services and applications.
Coinbase Chief product officer, Surojit Chatterjee, highlighted the company’s desire to become the Amazon Web Services of the cryptocurrency sector as a way of indicating its intention to establish itself as a key player in the larger Web3 ecosystem in 2021.
This strategy revolves around Coinbase Cloud, whose product line powers numerous services throughout the ecosystem. Early in 2021, Coinbase acquired Bison Trails, a provider of blockchain technology, and this led to the creation of the service.
The Node platform from Coinbase Cloud enables users to build and maintain Web3 apps. In February 2022, the company also introduced Base, its own Ethereum layer-2 network.
The collaboration between Coinbase Cloud and Chainlink Oracle Network marks a significant step forward in enhancing the reliability of smart contracts. By leveraging the robust capabilities of Chainlink’s Oracle network, Coinbase Cloud aims to strengthen the trustworthiness and accuracy of data inputs for smart contracts.
This partnership not only reinforces the integrity of blockchain-based transactions but also paves the way for the broader adoption of decentralized applications (dApps) and decentralized finance (DeFi) protocols. The improved smart contract reliability resulting from this alliance holds great promise for the continued growth and maturation of the blockchain ecosystem.
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