Singapore-based blockchain startup Bluzelle has released the details about a new oracle that will enhance security for DeFi projects, in addition to some other key features.
Founded in 2014, Bluzelle is a decentralized database for Web3. Its advanced data delivery network promises to protect businesses from data breaches, network failures and performance troubles. According to the company, its platform serves as an “Airbnb of databases,” with developers paying for storage space and read/write to the decentralized database.
In a press release, Bluzelle said that its new oracle is intended to enhance security for DeFi projects as well as to interact with fully decentralized databases. It 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.
“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 said.
Bluzelle CTO Neeraj Murarka noted that 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,” said Murarka. “Having built the Bluzelle database infrastructure the past two years, this was a natural extension of our offering.”
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