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Monday, March 8, 2021

Bluzelle oracle to power Polkadot DeFi developers 

Decentralized data network startup Bluzelle will provide its decentralized storage services to developers who will build on Polkadot’s DeFi ecosystem, a flagship project of the Web3 Foundation, according to a press release shared with AMBCrypto today. Furthermore, Bluzelle’s distributed storage project will integrate with Parity’s  Substrate framework as well.

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As per the release, Polkadot’s integration with Bluzelle will allow developers to launch new parachains or parallelizable blockchains, while retaining access to a decentralized data network. 

Bluzelle is a decentralized database service provider with its data storage solutions meant for developers of decentralized applications (dApps) that would otherwise have to rely on centralized infrastructure and traditional cloud-based databases. It is powered by BLZ, its external ERC20 token and its native token BNT (Bluzelle Network Token). Bluzelle said in a statement: 

By entering the Polkadot ecosystem, Bluzelle will provide a backbone to support innovation while positioning itself at the heart of the Web3 movement. Polkadot’s scalable blockchain, designed to support cross-chain composability, is ideally suited to launching decentralized applications (dApps).  

The startup stated that the integration could especially further the transition to a new and more secure internet, otherwise known as Web 3, by connecting Bluzelle’s decentralized storage projects to these apps built on Polkadot. Moreover, Polkadot is a flagship project of the Web3 Foundation that funds research and developers to build DeFI applications or dApps.

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The release further stated that Bluzelle’s oracle system, a functionality within its DeFi services would also help projects store historical prices while strong dApp data in a decentralized manner. 

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