BLUZELLE ORACLE PROFFERS SECURITY SOLUTIONS FOR THE DEFI
The continuous advancement of technology has to a large extent impacted every aspect of life. Everyday individuals are presented with new tools developed to simplify tasks and increase the quality of life.
In the aspect of communication, there are more than 20 billion devices exchanging and transmitting information from one point to another unlike in the previous years when almost every task is executed manually. As a result of this, it is quite normal to have various tiers of data fragmented across different platforms. However, with the absence of decentralized data service management networks, those information remain vulnerable to compromise and unauthorized infiltration.
Fortunately, Bluzelle network was developed to curb the menace of cybercrimes and hacks on diverse database services around the globe. Descriptively, Bluzelle is a high throughput, interoperable, multifunction decentralized database which aims to become the innovative data layer for Web3.0 by providing a decentralized data management network designed to be tamper proof, transparent, secure, highly scalable and efficient than the previous traditional solutions.
Bluzelle has reached yet another milestone in its pursuit to proffer data solutions for the global population by making its way into DeFi (Decentralized Finance).
BLUZELLEHQ AND DEFI
Decentralized Finance is the new financial paradigm which has eliminated centralization, a factor that has limited the financial system for so long. It entails those monetary services that do not require a central authority, and is carried out with certain cryptocurrencies (decentralized money powered by strong encryption codes) which can easily be programmed for automated lending, borrowing and payment activities.
Security breaches always been the major threats to decentralized finance as various cyberpunks and hackers are relentless in seeking ways to infiltrate the DeFi ecosystem with the intention of compromising the network and making away with users funds and assets, this is why Bluzelle has stepped in.
BLUZELLE EVOLVES TO STRENGTHEN DEFI
To allay the fears of DeFi participants, this decentralized’ data network has proffered a lasting solution to these security and scalability issues by releasing details of an innovative Oracle developed within the network which will offer strong framework in the form of a ‘’high — demand — price — feed’’ for Dapps especially those that are deployed for borrowing, lending as well as staking.
The rationale behind Bluzelle DB involvement in DeFi initiatives is to facilitate the storing of information associated with decentralized apps in a completely decentralized fashion.
Furthermore, Bluzelle oracle will be able to communicate with fully decentralized databases and enable price feeds to be stored and referenced at any time, this will help DeFi users have access to genuine price feeds validated by numerous nodes across the bluzelle ecosystem.
Another interesting aspect of Bluzelle’s functionality in DeFi is that users can run statistical analysis as a means of protecting against cyber attacks and infiltration, this is feasible through users access to a history of data points as well as a swift retrieval of stored prices on the network.
The issues of scalability and security in DeFi can now be properly addressed with the integration of the BluzelleDB. This is achieved by Bluzelle’s capacity to deploy an inventive ‘Oracle’ which will store DApps related information in a decentralized manner and help in preserving genuine price feeds validated by innumerable nodes as well as protect users against attacks through access to a history of data points on the network.
For more information about Bluzelle and partnerships, visit their official website and their official telegram group for all enquiries