Saturday, June 3, 2023

Coinbase Cloud plugs into Chainlink oracle network to improve smart contract reliability


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Coinbase Cloud will leverage its world infrastructure and expertise managing blockchain knowledge to bolster the safety and reliability of the Chainlink blockchain oracle network.

The United States-based cryptocurrency exchange’s cloud service will operate as a new node operator on the Chainlink network in a partnership set to improve the decentralization of the Web3 ecosystem. 

Coinbase Cloud’s infrastructure already services several leading blockchains, including Ethereum, Solana, Algorand and Aptos. Chainlink node operators are integral to the network and are responsible for connecting smart contracts on different blockchains to data and systems.

Related: Google Cloud broadens Web3 startup program with 11 blockchain firms

Chainlink creates a bridge between Web2 and Web3 by sourcing, formatting and transmitting knowledge to smart contracts. A first-rate instance is Chainlink’s provision of decentralized value feeds, which secures an estimated $22 billion of worth locked in decentralized finance (DeFi) protocols, together with Synthetix, Aave, Compound and dYdX.

Coinbase Cloud group product supervisor Kai Zhao highlighted the significance of node operators throughout the cryptocurrency ecosystem, making certain the safety and reliability of smart contracts:

“By constructing decentralized Oracles, we’re serving to to create a extra decentralized and reliable future for blockchain know-how. We consider on-chain is the subsequent on-line, and we glance ahead to working with Chainlink to additional this future.“

Chainlink Labs world head of centralized finance, gross sales and technique, William Reilly, added that the newest node operator would add expertise and sturdy infrastructure to the oracle network, benefitting a variety of Web3 merchandise, companies and purposes:

“Their [Coinbase Cloud] involvement will undoubtedly contribute to the development of decentralized purposes, additional propelling the blockchain business to new heights.“

Coinbase signaled its intent to become a central pillar within the wider Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee highlighting its ambition to change into the Amazon Internet Companies of the crypto business.

Coinbase Cloud is central to this gambit, with its suite of merchandise powering various companies throughout the ecosystem. The service emerged from Coinbase’s acquisition of blockchain infrastructure provider Bison Trails in early 2021.

Coinbase Cloud’s Node platform allows users to create and manage Web3 applications, whereas the agency additionally launched its own Ethereum layer-2 network referred to as Base in February 2022.

Journal: Joe Lubin: The truth about ETH founders split and ‘Crypto Google’