Coinbase Cloud Partners with Chainlink to Strengthen Web3’s Connection with Real-World Data

By 0xK2 On May 18, 2023

Coinbase Cloud has recently announced its participation as a node operator in the Chainlink Network. This collaboration aims to bolster the secure connection between smart contracts and real-world data, advancing various use cases within the expanding web3 ecosystem.

In a tweet, Coinbase Cloud expressed its enthusiasm for running a Chainlink oracle node, highlighting the significance of securely linking smart contracts with real-time and accurate external data. Smart contracts, which power a multitude of web3 applications including decentralized finance (DeFi), crypto payment rails, non-fungible tokens (NFTs), and GameFi, rely heavily on the availability of timely and trustworthy real-world information.

.@coinbasecloud has joined the #Chainlink Network as a node operator to help bring high-quality data to #Web3.

Explore how Coinbase Cloud’s multi-region infrastructure & experience running high-performance validators can help grow the multi-chain ecosystem. https://t.co/Ww0jHsHUgu pic.twitter.com/gap5LgL4wV

— Chainlink (@chainlink) May 18, 2023

Chainlink plays a pivotal role in bridging this gap by creating decentralized oracle networks that act as intermediaries between the blockchain and external data sources. Oracles retrieve real-world data, validate its accuracy, and deliver it to smart contracts, ensuring their reliability and functionality.

With decentralized oracle networks spanning across 14+ blockchains, Chainlink enables a wide array of use cases. These networks consist of multiple node operators and data sources, promoting decentralization and safeguarding against single points of failure. By joining as a Chainlink oracle node operator, Coinbase Cloud becomes an integral part of this decentralized ecosystem, contributing to the reliability and decentralization of Chainlink Data Feeds that serve core players in the web3 landscape.

As the web3 ecosystem matures and embraces new use cases, the seamless integration of data and information between web2 and smart contracts becomes increasingly crucial. Coinbase Cloud recognizes the significance of this integration and expresses excitement for Chainlink’s efforts in this domain. By leveraging its multi-region infrastructure and experience in running high-performance validators, Coinbase Cloud aims to facilitate the growth of the multi-chain ecosystem and reinforce the connection between web3 and real-world data.

The partnership between Coinbase Cloud and Chainlink exemplifies the collaborative efforts within the blockchain industry to enhance decentralization, data reliability, and the overall functionality of the web3 ecosystem. As the importance of real-world data integration continues to grow, such initiatives will play a pivotal role in shaping the future of blockchain applications and their impact on various industries.

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