Here I am again to talk to you about blockchain technology, and I want to share with you an exciting news, which is related to HEDERA, that Blockchain I talked about in my previous post.
Make yourself comfortable because here I will explain in detail what this is all about, I know you might be interested in the topic.
Image created with Bing AI - Edited in Photoshop CC
Table of contents for this article:
♦️ What is Pyth Network?
♦️ The importance of Price Feeds
♦️ What is Pyth Benchmarks
What is Pyth Network?
Have you heard of Pyth Network? It is a provider of real-time market data for blockchain applications. On the 26th of February, they have announced something big, it is the launch of Price Feeds and Pyth Benchmarks on Hedera.
If you don't know anything about the HEDERA network and its HBAR token, I invite you to read my previous post where I talk in more detail about this network, and I think it is important that you read it to understand the context of this article I am writing (The project that will create new millionaires - Blockchain HEDERA).
Pyth Network is an oracle protocol that is revolutionizing the blockchain world. And how does it do that? Well, Pyth Network has the ability to connect market data owners with applications on multiple blockchains. This is made possible through the collaboration of more than 95 first-party publishers, which include some of the largest exchanges and market making companies in the world.
But that's not all, Pyth Network also provides real-time market data for a variety of categories, including cryptocurrencies, stocks, currencies and commodities. Best of all, this data is available on more than 50 blockchains.
The importance of Price Feeds
Now let's talk a bit about Pyth Network's Price Feeds. Imagine having at your disposal more than 400 price feeds updated in real time and with ultra-low latency. These feeds cover a wide variety of categories, from cryptocurrencies to stocks and exchange traded funds (ETFs), now knowing this, create in your mind what this would look like in operation with the HEDERA network, have you thought about it yet? It really is a great option and a great tool for active users who day by day make transactions on this network.
One thing that greatly characterizes Pyth Price Feeds is its pull oracle design. To explain it a little better, this means that both single users and Hedera developers can access the latest price updates easily and quickly.
But that's not all, Pyth Price Feeds also provides a confidence interval function. This function is very useful because it informs subsequent protocols about ongoing volatility and market dislocations, this is a very interesting concept to investigate, but here I leave you with the basics, well if you have any other questions you can leave them in the comments and I'll be happy to explain more.
What is Pyth Benchmarks
It is time to explain a basic and simple to understand concept about Pyth Benchmarks, it is important that you know how to read this so you can understand the difference between (Pyth Benchmarks/ Price Feeds), because for you they may be similar things but in reality it is not so because Pyth Benchmarks is a service that allows users to consult a historical archive of prices of the Price Feeds, the same that are granted thanks to the Price Feeds of which I spoke to you earlier in this article.
For example, if you need to know the price of BTC/USD for the last Friday at 8:00 AM UTC, Pyth Benchmarks can provide it. This price can be used for contract settlement or any other application that requires historical price data, or simply if you want to see the value of BTC at a specific season, date and time.
For those of us who are active and following the news about the HEDERA network, we know that this is a great news that will certainly provide better comfort for all users of the network, and besides that also capture the interest of new users, and as I mentioned in my previous article about the HEDERA network, small news like this that I present today, are what make the network take more interest and after that more users interested in being part of HEDERA, and that translates into higher value of the token.
Thank you very much for reaching the end of this article, I hope you liked today's information and remember to leave your opinion in the comments so we can discuss a little more about HEDERA and its ecosystem which is flourishing recently.
Follow me on Twitter.
English is not my native language, so I have used Hive Translator.