Coin base leading American crypto exchange announced 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.
Coin base will relased its own private key anyone can use the key to verify the data. Then oracle will send new data from Coin base to provide always up to date data. Oracle blockchain can be used in any sort of financial services from loan services to credit card. Compound, a crypto interest platform, says that it will use Coin base’s oracle to “increase the security and decentralization of [its] price feed.
” Furthermore, Coin base’s oracle data will be compatible with Compound’s “Open Oracle” series of Ethereum smart contracts. Coin base will face competion in market as Chainlink working as most realiable blockchain service provider. In order to compete with Chainlink Coin base has to provide wider variety of price , and market pairs.