Saturday, April 20, 2024
Ethereum

Coinbase Cloud plugs into Chainlink oracle network to improve smart contract reliability

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.

Related: Google Cloud broadens Web3 startup program with 11 blockchain firms

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.“

Chainlink Labs global head of centralized finance, sales and strategy, William Reilly, added that the latest node operator would add experience and robust infrastructure to the oracle network, which will benefit a wide range Web3 products, services and applications:

“Their involvement will undoubtedly contribute to the advancement of decentralized applications, further propelling the blockchain industry to new heights.”

Coinbase signaled its intent to become a central pillar in the wider Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee highlighting the company’s ambition to become the Amazon Web Services (AWS) of the cryptocurrency space.

Coinbase Cloud is central to this gambit and its suite of products is powering a number of services across the ecosystem. The service was born of Coinbase’s acquisition of Bison Trails, which offered blockchain infrastructure provider in early 2021.

Coinbase Cloud’s Node platform allows users to create and manage Web3 applications while the firm also launched its own Ethereum layer-2 network called Base in February 2022.

Magazine: Joe Lubin: The truth about ETH founders split and ‘Crypto Google’

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