• Coinbase Cloud will run a Chainlink node to improve smart contract security
• This will allow Coinbase to provide real-world data for web3 projects through its decentralized Oracle network
• Coinbase Cloud already runs nodes and manages blockchain data infrastructure on several networks like Ethereum, etc.
Coinbase Cloud To Run Chainlink Node For Smart Contract Connectivity
Coinbase Cloud, the Web3 infrastructure unit of Coinbase, announced that it would become a Chainlink (LINK) oracle node operator to improve smart contract security. By joining the decentralized oracle network powering Chainlink Data Feeds, Coinbase Cloud will be able to provide real-world data for web3 projects. Additionally, Coinbase already runs nodes and manages blockchain data infrastructure on networks like Aptos (APT), Ethereum (ETH), Flow, Solana (SOL), and Algorand (ALGO).
Improvement In Smart Contract Security
Chainlink plays an important role in providing real-world data for web3 through its decentralized Oracle networks. As many Web3 projects rely on this external data, Coinbase’s entrance to the space means it would now be a part of the decentralized oracle network powering Chainlink Data Feeds. Group Product Manager Kai Zhao stated that this development is a testament to their “commitment to building tools that make developers successful in the Web3 ecosystem”.
Commitment To The Web 3 Ecosystem
The announcement was welcomed by Sergey Nazarov, Co-founder of Chainlink who said they were excited about having such “a major player join our growing list of enterprise customers”. He further noted that with large enterprises actively participating in their decentralization efforts, it helps strengthen the overall security of their oracles as well as increase reliability for all users consuming off-chain data via their solutions.
FATF Urges G7 To Bring Order To Crypto Space
In other news related to crypto markets regulation, FATF head urged G7 nations to bring order into the ‘lawless crypto space’ while CFTC Chairman said they do not have authority over cash crypto markets. Additionally, highlights from Financial Service Committee hearing on stablecoins were also discussed at length during the same period which showed decreased volume in NFT market by 2023 as it is expected to become ‘a game for pros’ only by then. Lastly Filecoin Foundation rejected SEC’s classification of FIL as security due to its unique token economics structure which is different from traditional securities defined by U.S law firms and organizations.
Crypto regulations are still being worked out but certain developments like Coinbase’s addition of Chainlink node shows how major players are actively participating in improving security standards and decentralizing existing infrastructure so that users can benefit from reliable off-chain data sources without any fear when using such services across various blockchains platforms and networks worldwide .