Coinbase Cloud becomes validator of the Chainlink oracle network

The initiative is designed to improve the reliability of smart contracts

18.05.2023 - 12:45

223

2 min

Coinbase Cloud will leverage its global infrastructure and experience managing blockchain data to bolster the security 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.

Chainlink creates a bridge between Web2 and Web3 by sourcing, formatting and transmitting data to smart contracts. A prime example is Chainlink’s provision of decentralized price feeds, which secures an estimated $22 billion of value locked in decentralized finance (DeFi) protocols, including Synthetix, Aave, Compound and dYdX.

Coinbase Cloud group product manager Kai Zhao highlighted the importance of node operators across the cryptocurrency ecosystem, ensuring the security and reliability of smart contracts:

“By building decentralized Oracles, we are helping to create a more decentralized and trustworthy future for blockchain technology. We believe on-chain is the next online, and we look forward to working with Chainlink to further this future.“

This material is taken from the website cointelegraph.com

Author: