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.
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.
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.