The blockchain technology is developed with the aim to create “definitive truth”- assurance of tamper-proof agreement which was earlier not feasible with computing systems. Put simply, the cutting-edge technology aspires to build cryptographically secured infrastructure for immutable records. While this optimum secured architecture has earned kudos for the blockchain technology, this very infrastructure also limits blockchain’s adoption in the mainstream world. It’s because blockchain’s underlying protocols restrict access to off-chain real-world data which eventually prevents smart contracts from contributing to real-world use cases. This is where Chainlink decentralized oracle comes to help.
Chainlink leveraging blockchain’s mainstream adoption
Ever since its inception three years back, the Chainlink oracle has served as the much needed bridge between blockchain’s on-chain world and the off-chain external world data. The decentralized oracle performs a crucial role in feeding high quality credible data from and to blockchain portals, currently securing 4 billion USD+ value for the DeFi apps operating on smart contracts. Sergey Nazarov, the celebrated Chainlink co-founder, has explained time and again in recent times how decentralized oracles like Chainlink are leveraging innovation in the world of DeFi as well as helping conventional institutions to securely and conveniently interact with ever-evolving blockchain ecosystems.
In regard to the DeFi zone, Chainlink’s oracle systems are helping developers of smart contracts to create financial products around real-world data events. Examples include crop insurance based verifiable off-chain weather data or synthetic assets linked to real-world information on oil futures. These added capabilities (thanks to decentralized oracle middleware like Chainlink) are helping the blockchain world to operate beyond tokenization and participate more actively in mainstream real-world space.
Resolving the problem of data confidentiality
Now, data confidentiality has been a major problem with decentralized computation. But the good thing is, Chainlink has been proactive to resolve the said problem lately with the acquisition of DECO protocol. DECO can be defined as an innovative privacy-guarding oracle protocol which assures availability of private, top-quality unique datasets for blockchain networks- in strict compliance with industry-grade confidentiality standards.
Chainlink is not alone in the movement
The increasing demand for blockchain’s mainstream adoption has staggering developments in the oracle world of late. While Chainlink can be claimed to be the pioneer in the space of decentralized oracles, there is one recently launched oracle that deserves special mention. It is called the Bridge Oracle which has been lately introduced on major blockchain network TRON to cater to TRON’s smart contracts. Akin to many other blockchain networks, TRON too has long suffered from the problem of disconnection with real-world data given the absence of oracle. This disconnection problem has severely limited its smart contracts to tokenization capabilities only and restricted their participation in the real-world programming ecosystem. But, with the introduction of Bridge oracle, TRON is looking forward to more numbers of real-world use cases for the smart contracts operating on the network. It’s to note here, Bridge oracle is TRON’s first ever dedicated public oracle system.
Bridge oracle is a decentralized oracle which assures tamper-proof, verifiable and authentic off-chain data for smart contracts and DeFi applications operating on it. The oracle sources external world data from various public data sources, such as, URL, Complex URL, WolframAlpha, BTFS and so on. One of the most significant features of the oracle is the permission to add varied kinds of proof to verify the credibility of data sourced. Besides, Bridge oracle allows users to incorporate both time-dependent and time-independent data into their smart contracts, according to their specific needs.
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