Coinbase Cloud Becomes Chainlink Node Operator To Improve Web3 Ecosystem

Key Points:

• Coinbase Cloud, an infrastructure provider, will become a node operator on Chainlink’s system.
• In an effort to strengthen the decentralization of the Web3 ecosystem, Coinbase’s cloud service will function as a new node operator on the Chainlink network.

Coinbase Cloud will use its worldwide infrastructure and expertise in handling blockchain data to strengthen the Chainlink blockchain oracle network’s security and dependability.

The cloud service of the cryptocurrency exchange located in the United States will function as a new node operator on the Chainlink network as part of a collaboration aimed at improving the decentralization of the Web3 ecosystem.

A node operator scans blockchains for data requests like stock prices and temperature readings, then obtains the off-chain data and transmits it to the smart contract that made the request. Swisscom, German Telekom, and Associated Press are among the other Chainlink node operators.

Chainlink’s dominance in the crypto sector has grown in recent years, thanks to high-profile integrations across networks, businesses, and organizations such as the National Basketball Association, which employs the technology for dynamic NFTs.

Chainlink, as the name suggests, is a link from the blockchain to data from the outside world. It is often used to develop comprehensive smart contracts that deal with anything from crypto loans to insurance. According to statistics on its website, Chainlink provides 974 data streams and has facilitated $7.8 trillion in transactions since the beginning of 2022.

Coinbase declared its intention to become a critical pillar in the larger Web3 ecosystem in 2021, with Coinbase chief product officer Surojit Chatterjee emphasizing the company’s desire to become the Amazon Web Services of the crypto sector.

Coinbase Cloud, with its suite of products supporting a variety of businesses throughout the ecosystem, is crucial to this gambit. In early 2021, Coinbase acquired blockchain infrastructure startup Bison Trails, which resulted in the creation of the service.

The architecture of Coinbase Cloud already supports numerous popular blockchains, including Ethereum, Solana, Algorand, and Aptos. Chainlink node operators are critical to the network because they connect smart contracts on various blockchains to data and systems.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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