For crypto enthusiasts around the world Chainlink Coinbase are popular names that are synonymous with large-scale cryptocurrency dealings. And as the digital currency niche evolves, companies like these will adapt to suit the needs of worldwide users online. Without progression from the crypto providers, the entire market would die off, so growth is essential for the future.
What Is Going on With Chainlink Coinbase Lately?
Announced recently on April 23, 2020, Coinbase is expanding to provide an oracle for price data pairs in the market. This oracle will be verified and a reliable source of price data for the BTC-USD and ETH-USD trading pairs. This is big news for the cryptocurrency world lately.
With Chainlink being one of the popular blockchain oracle providers, it will need to increase their services to remain competitive. Currently, Chainlink has over 25 different trading pairs, along with partnerships with infamous blockchain companies Celsius and Brave New Coin.
And while Coinbase has only recently joined the blockchain oracle niche, its competitive edge is apparent. But this competition doesn’t shake Chainlink in the least, and actually remarked that Coinbase’s interest in blockchain oracles is complementary. Although, Chainlink will have to increase its position with additional price feeds and more market pairs to remain competitive.
What Is A Blockchain Oracle Exactly?
A blockchain oracle is an essential tool in the cryptocurrency market for numerous reasons. From DeFi applications to outside blockchain services, an oracle can be a useful instrument. With its ability to collect data and process it through the network efficiently, users can get the most up-to-date information.
For users who manage cryptocurrency funds, a blockchain oracle is a way to go for many tasks. For example, loan services can utilize blockchain oracle features to help liquidate a debt position. The specific details of a blockchain oracle are:
• Third-party information source
• Functions by supplying data to blockchains
• Smart contracts are created and executed based on pre-set parameters
How Blockchain Oracles Are the Way of the Future
Investors are keen on amenities that not only make their investment decisions easier but also quicker. Oracles have attractive capabilities that users want and need and now Chainlink Coinbase are both able to provide this. The age-old saying ‘Work smarter not harder’ still applies in today’s world and blockchain oracles help in this way.
Oracle Corp. is one of the major names you will see consistently in the tech world. This company continues to evolve and adapt to the fast-changing market of technology. Some of Oracle Corp’s big milestones have been:
• Providing a service blockchain platform
• Releasing a cloud platform for blockchain applications
These moves have shown how users want and need blockchain software applications for many reasons. Oracle Corp. is not the only player in the blockchain game but has joined the ranks of ones like Chainlink Coinbase. In any market, it’s always good to have some healthy competition, and cryptocurrency is no different. How Chainlink Coinbase changes the face of blockchain oracles is yet to be seen, but many enthusiasts are confidently watching.