Deploy and Utilize Coinbase’s Open Oracle on IoTeX Blockchain
Coinbase is one of the most trusted companies in the crypto space and two months ago, it released a reliable price feed anchored into Coinbase’s secure infrastructure to help with the DeFi ecosystem, reduce systemic risks and unlock the next wave of growth and adoption.
This price feed is served in the payload of Coinbase API and is compatible with the Open Oracle — a set of solidity smart contracts that the Compound team developed and open-sourced to facilitate standardization and interoperability between different sources of oracle price data. Note that all price data provided by Coinbase is actually signed by Coinbase with the public key is 0xfCEAdAFab14d46e20144F48824d0C09B1a03F2BC so all users know it is actually authentic. Bravo!
In this article, I am documenting the process to deploy and utilize such a price feed and open oracle into IoTeX blockchain who has envisioned the Internet of Trusted Things — an open ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy.
- Prepare and understand open oracle contracts (https://github.com/compound-finance/open-oracle)
The core part of open oracle contracts are OpenOracleData.sol and OpenOraclePriceData.sol, where the former defines how each of the data points in this price feed looks like
