- Coinbase Cloud has joined the Chainlink network as an oracle node operator, contributing to the crucial task of securely linking real-world data with smart contracts.
- The integration will leverage Coinbase Cloud’s multi-region infrastructure and expertise in running high-performance validators to enhance the multi-chain ecosystem.
Expanding the Multi-Chain Ecosystem with Coinbase Cloud
In a recent development that underscores the evolving dynamics of the Web3 ecosystem, Coinbase Cloud has announced its entry into the Chainlink Network. As a node operator, it is set to play an instrumental role in bringing high-quality data to Web3. This collaboration will take advantage of Coinbase Cloud’s robust multi-region infrastructure and its proficiency in running high-performance validators.
The ultimate objective is to bolster the growth and scalability of the multi-chain ecosystem.
— Chainlink (@chainlink) May 18, 2023
Bridging Smart Contracts with Real-World Data
The main challenge that smart contracts grapple with is their intrinsic inability to access external data or information. A significant chunk of Web3 use cases, including DeFi, crypto payment rails, NFTs, and GameFi, hinge on the prompt and accurate delivery of real-world data. This is where Chainlink comes into play, forging a much-needed connection between real-world data and Web3 via decentralized oracle networks.
Oracles are responsible for sourcing data from the real world, verifying its accuracy, and ultimately conveying it to smart contracts.
1/ We are excited to run a @chainlink oracle node to help advance the important work of securely connecting smart contracts with real-world data.
A 🧵on why this matters. pic.twitter.com/GR2qnXOCkM
— Coinbase Cloud 🛡️ (@CoinbaseCloud) May 18, 2023
Chainlink and Coinbase Cloud: A Powerhouse Combination
Chainlink’s decentralized oracle networks span across 14+ blockchains, opening up a plethora of use cases. Each decentralized oracle network comprises multiple node operators and data sources. This is designed to enhance decentralization and avoid single points of failure, thereby ensuring network reliability and resilience.
As a Chainlink oracle node operator, Coinbase Cloud now forms a part of this vital decentralized network, powering Chainlink Data Feeds. They express their excitement in contributing to the decentralization and dependability of Data Feeds that serve numerous core ecosystem participants.
The Future of Web3 with Coinbase Cloud and Chainlink
As the Web3 ecosystem matures and explores new use cases, the smooth transition of data and information between Web2 and smart contracts becomes increasingly crucial. Coinbase Cloud is enthused about the work Chainlink is doing in this regard. This partnership is not just a testament to their mutual commitment to decentralization and security but also to their shared vision for a robust and scalable Web3 ecosystem.
Interested parties are encouraged to learn more about Chainlink by checking out Coinbase Cloud’s protocol guide, further demonstrating their commitment to education within the community.