INTRODUCING BLUZELLE ORACLES AND HOW THEY ENHANCE DEFI
The introduction of the blockchain technology has so far reshaped lives and certain activities around the globe,including data management. The Bluzelle is one of the leading infrastructures which leverage the blockchain technology to provide a decentralized data management service for the world’s population.
Meanwhile, Bluzelle has discovered a loophole within the blockchain infrastructure which has hampered the advancement of DeFi over the years. As a matter of fact,most blockchain oracles are either '’swift and not secure’' or '’slow and secure’’.
For DeFi development, speed and security are two of the most vital factors to be considered without hesitation,this owes to the fact that Dapps basically capitalize on market opportunities and require readily available,up-to-date information to empower users within the ecosystem.
Furthermore, DeFi applications present information that results in participants making some financial decisions,and as such, it is required that such information be accurate and valid,besides,the security of this information should always be intact.
With the irregularity between speed and security in mind, as well as the network of validator nodes which provide storage and security for the network, bluzelle intends to extensively utilize these node validators as DeFi price oracles.
INTRODUCING BLUZELLE ORACLES
This structure is an extension of the Bluzelle database which provides high demand price fees for the entire DeFi applications. It is characterized by three components which makes it quite superior than others.
To ascertain price accuracy and validity,it utilizes a 5 step process which votes in and out data from diverse honorable sources and runs them against prior prices.
Secondly,it possesses an on demand historical price index which helps applications run statistical analysis that will alert users when a price point is being manipulated.
Also, Bluzelle oracle fetches data in a flash and stores it up in the Bluzelle DB,and by providing every node with the same network wide validated price, DeFi applications can utilize them as quickly as possible without having to worry about congestion like what is obtainable in Etherum.
MODE OF OPERATION OF THE BLUZELLE ORACLE
There are hundreds of validator nodes powering the network which do not only provide storage but also runs data feeder,the data feeder narrows down which data points are ideal for ingestion, lifts them off various off chain Url sources and ingest back into the blockchain.
The data points are then whitelisted on Bluzelle in a namespace that is made viewable to the members of the public,along with the various price sources(approved URLs) from which they can be retrieved.The whitelist is controlled by bluzelle internal governance protocol made up of the network delegators and validators.
Bluzelle utilizes the validator voting power,standard deviation filtering,recalculate voting power,source weighting and delta banding to arrive at a clear and reliable price data point.
HOW USEFUL IS THE BLUZELLE ORACLE TO THE BLZ TOKEN?
BLUZELLE Oracle increases value within the network, this is because aside from providing storage,validators will also function as price oracles.As the demand for data increases, the participants use Blz tokens to pay fees in a bid to get their hands on the price data. Meanwhile, validators who stake more blz tokens are expected to have a proportionally increase in their voting power to earn more fees than the others in the network.
Bluzelle is making giant strides towards proffering a better DeFi experience for everyone, with the bluzelle oracles it intends to increase the usability of network node validators and expose new ways to increase the value of the network while maintaining speed and security in the blockchain structure.
Stay tuned on Bluzelle website here to be updated