Before the coming of Bluzelle Oracles, it was common to see existing oracle platforms having some crucial issues that discouraged their users. Some were known as fast and not safe. Others were known as secure but very slow. They had to sacrifice one aspect for the other. It was a dilemma that Bluzelle decided to solve with its Oracles solutions.
Bluzelle Oracles is designed to solve the issues that have besieged those that use the existing oracle services. Decentralized finance platforms have to be fast and efficient if they are to stand apart from centralized and traditional finance institutions. These DeFi platforms have been irritated with the restricted features that the previous blockchain oracles offer.
When we compare Bluzelle Oracles to those things that once existed, it can be said that the former is superior. One reason it stands out is because it works in line with Bluzelle DB, a decentralized database that has access to incredible historical index of prices.
The Oracles solutions are 100% native to the Bluzelle Cosmos-based chain. It is running within the Bluzelle blockchain and leveraging the Delegated Proof-of-Stake Consensus (dPoS) to maximize the integrity of the data.
“Bluzelle’s Oracles are one of a kind, in the industry. We have cleverly employed the natural power of Proof of Stake, inherent in our blockchain, to guarantee the authenticity of our oracle data. We use advanced statistical analytics, historical data patterns, and data filtering techniques, in combination, to produce extremely reliable data feeds to our DeFi customers,” Bluzelle CTO Neeraj Murarka.
Bluzelle’s data oracle services are special because they possess data feeds, hundreds of validators, access to its database, and much more. It uses statistical analysis, to churn out a “blended value” data price that incorporates high amount of value to DeFi platforms. With the Oracles solutions, users can access both new value and historical set of all values.
Every data point has the following statistical functions attached to it like mode, standard deviation, mean, median, and so on. This is added to ensure that DeFi spaces are not attacked via their data sources. At the moment, there are hundreds of validator nodes that support the ecosystem. The nodes provide storage systems, while running a data feeder. The latter is designed to choose what data points need to be ingested, and this is sent back to the blockchain.
It seems that whatever Bluzelle gets its hands into tend to excel.