The Measurable Data Token (MDT) announced the launch of a blockchain-based Oracle service, Measurable Finance (MeFi), designed to connect the traditional financial data market to the financial sector.
In launching its main use, the project built a decentralized application (dApp) – accessible to both the Ethereum and Testnet blockchains – that allows DeFi participants to access transaction data. Trade securities from some of the world’s largest financial markets, including Nasdaq, New York Stock Exchange (NYSE) and Hong Kong Stock Exchange (HKEX).
With the advent of these services, the measurable decentralized data exchange network aims to bring the DeFi industry into mainstream and unify the gap between the real world and the on-chain world.
Oracles are external sources for external data such as global temperatures or sports results that are outside the blockchain but can be used to review smart contracts. They can be compared to application programming interfaces that enable interactive communication with two software units.
Projects in the blockchain space that use this technology include Chainlink (LINK) and Band Protocol (BAND), among others.
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Speaking of data as a superpower in the capital markets, the co-founder of Measurable Data Token, Heatherm Huang, went on to say:
“If DeFi is to become mainstream, DeFi and Dapps innovations must be connected to the external landscape. MeFi serves as “Bloomberg on the Blockchain” – secure connections between blockchain smart contracts and capital markets that give developers access to trusted external financial data in the chain. “
In addition to this integration, the project also shows the ambition to expand the scope of financial data to include derivatives and exchange-traded funds by introducing the native MDT token.