Communications of the ACM
World's Biggest Traders Betting on Blockchain Data
For decentralized finance to succeed, it needs dataand thats where services like Pyth come in.
Credit: Mario Wagner
The Pyth blockchain-based technology service managed by a coalition of traders aims to provide data for diverse cryptocurrency projects in real time.
The Switzerland-based Pyth Data Association has been streaming price data from some of their trades in stocks, currencies, commodities, and cryptocurrencies into Pyth's network, whose data is publicly available.
Developers worldwide can use the data to create decentralized finance (DeFi) applications, and Pyth's creators hope to dethrone competing services to become DeFi projects' top source of financial data.
These so-called oracle networks aggregate data from various sources and supply it to DeFi projects, but Pyth provides free data, and backers also cite superior technology based on the Solana blockchain.
Solana lets Pyth update prices roughly every 0.4 seconds.
Supporters say this data will be more reliable because it originates from veteran trading firms.
From The Wall Street Journal
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