Connect with us

Hi, what are you looking for?

ELEVENEWS

Cardano

Ergo Launches Oracle Solution for Cardano (ADA) to Foster Interoperability

Ergo (ERG) has announced the launch of an oracle solution for the Cardano (ADA) ecosystem. The firm claims its oracle pools present a new approach to oracles and make the creation of new types of dApps possible, according to a blog post on November 9, 2020.

Ergo Deepens Partnership with Emurgo 

Last June, Emurgo, one of the firms in charge of the Cardano (ADA) blockchain, inked a strategic partnership deal with the Ergo Platform, in a bid to develop highly functional decentralized finance (DeFi) focused solutions.

Now, it appears the alliance has started to yield the desired results for both parties as Ergo, a platform developed by former IOHK engineers, has unveiled an oracle solution for the Cardano blockchain.

As stated in its blog post, the new oracle solution for Cardano is powered by Ergo’s extended UTXO model and will post data right from its (Ergo’s) oracle pools to the Cardano distributed ledger via what it calls tx metadata.

For the uninitiated, oracles are simply third-party services designed to relay information from the outside world to smart contracts. Ergo claims its oracles is already being used by one of Cardano’s stake pool operators, as it has numerous benefits over other models and they also allow for the creation of new types of decentralized applications (dApps).

Ergo wrote:

“One of Cardano’s oracles is utilizing data provided by Ergo’s oracle pools. Marek, a Cardano Stake Pool operator, has built a simple solution for Cardano. Information from the Ergo oracle is sent to the Cardano network through tx metadata.”

What’s more, Ergo says its NUTS oracle currently serves six data streams, providing price information in real-time for ERG/USD: Coingecko, ADA/USD, ADA/EUR and the price of TSLA shares.

Promoting Interoperability

Ergo says the new oracles will lay a solid foundation for interoperability between Cardano and the Ergo blockchain, as both platforms now share the same source of data about the same digital assets.

Going forward, the team says it plans to extend the current functionality of its oracles and possibly create complex DeFi solutions such as Ergo-Cardano atomic swaps, with cross-chain liquidity pools and pricing decided by mutually-agreed oracle data.

Cardano remains one of the most active blockchain projects currently in existence. As reported by BTCManager on October 8, 2020, the Cardano Foundation released details of its delegation methodology for interested stake pools operators.

News Source

Advertisement

Trending Post

Chainlink

ChainLink is basically very exciting.  Users have to state that it stirs the imagination and passions of the community in ways that other projects...

IOTA

Senseering offers an IOTA-based solution to create a marketplace for data that can be shared among partners. Senseering’s solution will be used in collaboration...

Ripple

Cryptocurrency investment is becoming a common trend. In the fourth quarter of the year, when investments are said to start doing well, how are...

VeChain

VeChain (VET), BTCMVMNT, and Team Zuby have joined forces to create a limited-edition merchandise collection dubbed “Take the Power Back.” The team says the...

Copyright © ELEVENEWS