Coinbase introduces Price Oracle

Coinbase launched a new product called Coinbase Price Oracle. It provides crypto enthusiasts with fair predictions about crypto prices.

Coinbase introduced Coinbase Price Oracle — “a critical service to the ecosystem of decentralized finance (DeFi)”. Coinbase representatives say that existing approaches to DeFi price data — “signed data” from a centralized source and the use of Decentralized Exchanges (DEX) prices — are unreliable:

“Using data from an off-chain source requires trusting the publisher to post correct prices and keep the signing key safe — the latter historically has proven to be a difficult problem, especially when stakes are high. Similarly, relying on DEX-generated on-chain feeds exposes protocols to various novel attack vectors yet to be fully explored.”

The exchange approach combines the advantages of both, as Coinbase is one of the best known and most liquid in the market and provides data whose authenticity is guaranteed by its signature:

“Anyone can publish prices, and since the data is already signed with Coinbase private key, there is no need to trust the person who publishes it. With the Coinbase Oracle Public Key, anyone can verify the authenticity of the data”.

Coinbase assures that its solution relies on “the same infrastructure that stores large volumes of crypto assets on behalf of Coinbase clients”:

“A highly reliable price feed anchored into Coinbase secure infrastructure can help make the DeFi ecosystem safer, reduce systemic risks and unlock the next wave of growth and adoption.”

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Blockchain enthusiast developer and writer. I love video games, blockchain and the hot symbiosis of these two worlds.

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Jeffrey Hancock

Jeffrey Hancock

Blockchain enthusiast developer and writer. I love video games, blockchain and the hot symbiosis of these two worlds.

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