Elevating Blockchain Security with a Partnership
In a groundbreaking collaboration, Coinbase Cloud is set to enhance the security and reliability of the Chainlink blockchain oracle network. This partnership signifies a monumental shift in how decentralized systems can be fortified through global infrastructures. Coinbase Cloud, leveraging its extensive experience in managing blockchain data, will serve as a new node operator within the Chainlink ecosystem.
What’s the Role of a Node Operator?
Node operators are the unsung heroes of blockchain networks. They facilitate connections between various blockchains and the overarching systems by relaying crucial data to smart contracts. Coinbase Cloud’s involvement will ensure that these oracles are decentralized, maximizing both security and efficiency. With current infrastructures that already support heavyweight platforms like Ethereum and Solana, Coinbase Cloud is in a prime position to make a significant impact.
Bridging Web2 and Web3
Chainlink is often seen as the essential link between the traditional Web2 and the emerging Web3 landscape. By sourcing, formatting, and transmitting data to smart contracts, Chainlink provides decentralized price feeds that now protect about $22 billion in value locked in Decentralized Finance (DeFi) protocols like Synthetix and Aave. This integration not only enhances data security but also allows developers to create more robust applications.
Voices from the Frontlines
Highlighting the significance of this collaboration, Kai Zhao, Coinbase Cloud’s group product manager, stated:
“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.”
Meanwhile, William Reilly, from Chainlink Labs, remarked that Coinbase’s robust infrastructure will be instrumental in advancing decentralized applications, elevating the entire industry.
What Lies Ahead for Coinbase Cloud?
With aspirations reminiscent of tech giants, Coinbase aims to become the “Amazon Web Services” of the crypto realm. Since its acquisition of blockchain infrastructure provider Bison Trails in 2021, Coinbase Cloud has rolled out various products to support the decentralized web. One addition to their suite is the Ethereum layer-2 network dubbed Base, launched in February 2022, which aims to reduce transaction costs and increase throughput.
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