Bluzelle (BLZ), a decentralized data network, has shared the details of its ground-breaking oracles solution for decentralized financial instruments (DeFis), Bluzelle Oracle.
Bluzelle (BLZ) introduces oracles for fully-decentralized databases
The Bluzelle Oracle solution utilizes the decentralized power of hundreds of nodes behind BluzelleDB, the nuclear element of all Bluzelle systems. It is one-of-a-kind peer-to-peer data structure that can seamlessly process huge amounts of information required by blockchain instruments of all types.
Three functions of the new oracle solution are crucial for understanding its role in the DeFi segment. It provides Bluzelle clients with access to real-time price feeds confirmed by all Bluzelle validators. Then, it allows for statistical research of trading data, which can be useful in detecting and preventing all sorts of malicious activity.
Also, Bluzelle offers fast retrieval of prices, since they are already stored on BluzelleDB capacities.
The Bluzelle team highlights that the new release is the first-ever oracle solution naturally designed for fully decentralized databases. If this is true, the supremacy of Chainlink (LINK) and Band Protocol (BAND) oracle infrastructure may be on borrowed time.
Why is it important for DeFi?
The accurate broadcasting of real-time prices is of particular importance to decentralized lending/borrowing ecosystems and "yield farming" tools. It protects them from frontrunning and eliminates all opportunities for unfair price arbitrage strategies.
In a press release shared with CryptoComes, Bluzelle CTO Neeraj Murarka underlines that the implementation of Bluzelle Oracle will help the DeFi segment to protect its decentralized and fair nature from numerous types of threats:
DeFi (...) 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.
Bluzelle (BLZ) is tasked with building a multi-purpose, chain-agnostic database for decentralized solutions. As covered by CryptoComes previosly, Bluzelle activated its mainnet operations on Aug. 8.
Also, it has onboarded several high-end blockchain systems with its BluzelleDB, built on top of the Byzantine fault-tolerant cluster of blockchains. For instance, Bluzelle has powered the HedgeTrade social trading platform.
