Coinbase leading American crypto exchange annouced own oracle system which will work to provide reliable price data for two different crypto pairs.In start it will provide BTC-USD and ETH-USD data but coming future other crypto pairs will added too. Oracle blockchain provide data in a way the benefits for Defi app and other related blockchain services.Coinbase will relased its own private key anyone can use the key to verify the data. Then oracle will send new data from Coinbase to provide always up to date data. Oracle blockchain can be used in any sort of fincancial services from loan services to credit card.Compound, a crypto interest platform, says that it will use Coinbase’s oracle to “increase the security and decentralization of [its] price feed.
” Furthermore, Coinbase’s oracle data will be compatible with Compound’s “Open Oracle” series of Ethereum smart contracts.Coinbase will face competion in market as Chainlink working as most realiable blockchain service provider. In order to compete with Chainlink Coinbase has to provide wider variety of price , and market pairs.