Bringing Real-Time Data Accuracy in the Blockchain World
For cryptocurrency, 2024 becomes one of the most essential years it’s a time where innovation meets necessity. Introducing the new oracles of prices that redefine crypto.
These next-generation protocols are designed to bridge the blockchain with the (RWAs) Real World Assets.
They provide the necessary data to decentralized applications and smart contracts. Now, let us get into the depths of these technological marvels, and talk about their profound industry impacts.
The Inevitable role of Price Oracles
Price oracles act as the essential conduits between the ethereal blockchain and palpable reality.
Their mission is to provide external data to smart contracts. Now, consider the following scenarios: a DeFi protocol calculating interest rates, or a gaming platform that rewards users with in-game tokens both of which are dependent on real-time, accurate data.
Thus, any glitch or delay and the effects can become financially catastrophic. Hence, the reliability of oracles becomes non-negotiable
Supra's DORA 2.0
Of these new constellations of oracles, none shines as brightly as Supra’s DORA 2.0. Far from being merely an advanced data conduit, this oracle is a window into new DeFi possibilities.
How? Through the incorporation of price feeds for real-world assets. Take foreign exchange rates, commodity prices, and equity valuations now at the fingertips of smart contracts.
But that’s not all. The consensus mechanism of Supra, the Moonshot, is like a rocket engine taking it further in processing speed by a whopping 530,000 transactions per second. Security and velocity together, felt in this celestial creation.
This is already active on several blockchains.
Ripple's Oracle
Ripple, known for its ability in cross-border payments had planned for its oracles to lift off by Q2 2024.
These oracles will be the cosmic beacons lighting up the XRP Ledger with real-world data. Their mission? Powering institutional DeFi apps.
Ripple’s journey puts the firm at the forefront of the race, casting it as an ultra-powerful contender to already established oracle giants like the Chain-link. Gravitational pull toward growth in the DeFi sector.
XYO and Razor Networks
Aside from Supra and Ripple, come other constellations. XYO Network powered by geomining, mints on-chain assets from every location data in the real world.
Think e-commerce transactions, due to be triggered by product delivery coordinates, to a trustless bridge between the ordinary and the cosmic.
Additionally, Razor Network wields a Proof of Stake sword fetching and processing external data, infused with unwavering economic security. Attacks literally bounce off its celestial shield.
In summary
With the maturing of the blockchain cosmos, 2024 sends us light-years ahead. These innovations blaze through frontier boundaries: Supra, Ripple, and other cosmic peers with heightened security, warp speed transactions, and the versatility.
