News20 October 2021

MDT Launches a Blockchain Oracle to Help with DeFi Adoption

Oracles fetch live data feeds outside blockchains

The Measurable Data Token (with the token ticker MDT) has unveiled an oracle service called Measurable Finance (or MeFi). An oracle is a third-party, independent source of data that is not connected to the blockchain. It is like an API, but for dApps and other entities that use smart contracts. This oracle, according to MDT, will link up the traditional financial data consumers to the decentralized finance (DeFi) arena.

According to Heatherm Huang, the MDT co-founder,

Data is a superpower in the money markets. If DeFi is to gain mainstream adoption, dApps and other innovations need to have access to live data.

During the launch, the project showcased a dApp that helps DeFi users to access data from traditional stock platforms like Nasdaq, Hong Kong Stock Exchange, and New York Stock Exchange. The MeFi will thus connect the blockchain world to the real-life world.

MeFi will give smart contracts on the Ethereum blockchain the capacity to get access to a live feed of data that cannot be found on the blockchain. An example of such data is the asset prices - for instance, the BSC live prices. Like other oracles, MeFi will act as a verification and relay layer, transmitting vital on-chain information to the smart contracts.

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