Coinbase price launched up the Feed price to secure data by DeFi

The crypto currency stock exchange Coinbase has released a price for Oracle that allows anyone to publish price data on-chain. The Coinbase-Oracle, a signed price Feed gives users free access to data for the BTC USD and ETH-USD-markets, the company said on Thursday. The idea is to make the decentralized financing more secure.

The price Feed is sourced from Coinbase Pro and updated every Minute, the company said. An Oracle is a real-time price Feed provided by a third party for decentralized financial networks (DeFi). The most common Oracle, the Oracle of Uniswap and Kyber are. Decentralized networks are using Oracle, to services such as derivatives, Collateral and Margin, to offer the trade.

The existing price Feeds that criticized a DeFi-economic value of 1 billion dollars to anchor, however, because of the lack of security and lack of accurate prices. There are cases of attacks. The Crypto lender Bzx lost in the case of an Oracle attack in February, more than 645.000 dollars in Ethereum – the second such attack, the the company has experienced.

With his Oracle Coinbase promises more security. In a statement, the exchange will be explained in more detail:

Anyone can publish the prices of on-chain, and because the data are already signed with the private key from Coinbase, it is not necessary to trust the publisher. With the public key of the Coinbase price of the Oracle, everyone can check the authenticity of the data.

Coinbase has pointed to the risks associated with the reference data from the Off-Chain sources. In the use of Off-Chain data, you must be able to rely on the fact that the publisher published the correct prices and the signing key securely stored, he said and added: “the Latter has proved in the past as a difficult Problem, especially in high stakes.

In comparison, Coinbase Oracle claims, to include a filter mechanism, the data points indicates back significantly different from the expected volatility of each asset vary, and at the same time in front of price manipulation and / or invalid data.

Another important representative of the project is Chainlink that could work within the shortest time among the top 10 largest crypto-currencies, high. Chainlink provides decentralised Oracle also has a price feed that provides the key market data from a number of selected crypto currencies for big corporations. The decentralized financial market could be reached in the next few years, a volume, according to several experts, several billion USD. Whether this development actually occurs, however, remains to be seen.

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