The recent Blockchain 3.0 event (virtual) had Sergey Nazarov, the celebrated Chainlink founder in a detailed chat on the current and near-future situation in the crypto and blockchain space. He started with a discussion on smart contracts and especially stressed on how oracles could solve the blockchain data issues.
Oracles can prevent breakdown of services operating on blockchain
Oracles are middleware solutions that bridge the gap between blockchain’s on-chain world and the external off-chain world. Per the statements of Nazarov, these 3rd party oracles, especially decentralized oracles that provide reliable verifiable data to blockchain – help to solve a lot of problems that might otherwise lead to breakdown of services operating on blockchain.
One of the biggest issues faced by blockchain is inaccessibility to real world data, as per the restrictions set by blockchain’s underlying protocols. This particular situation prevents smart contracts embedded on blockchain to operate at their full potential since they need real-world data for operation. Nazarov stressed this is where oracles, precisely decentralized oracles (such as Chainlink) will come to the rescue.
Per his statements, there has been an increasing flow of data in recent times and with that there is a growing capacity to automate. It calls for increasing use of oracles which has eventually inspired continuous advancements in second systems such as Chainlink which are fast becoming more efficient to bring out a credible outcome.
Nazarov is hopeful to witness a growing volume of real-world application of data fed into blockchain smart contracts by oracles. He believes, real-world applications of data could be tokenized as well as utilized as collateral in the coming months. The Chainlink founder stressed, this utilization of data, would enable users to prove collateral status pertinent to mortgages – a situation that could even have prevented the economic downturns in the past.
Speaking on, he admitted scalability is a growing concern today and that the Chainlink team is working hard to resolve the scalability issues as fast as possible. Once the scalability problem can be solved, users will be able to witness more numbers of use cases.
Chainlink is undoubtedly the leading name when it comes to decentralized oracles. But, a recently launched oracle is fast coming up as a strong competitor to the Nazarov’s oracle giant of late. It’s called “Bridge Oracle” and has recently been introduced on TRON blockchain to cater to the smart contracts operating on the TRON network. It can also be said that Bridge Oracle is TRON’s first ever dedicated public oracle.
Akin to Chainlink, Bridge oracle is also a decentralized oracle and sources external world data from various public data sources, including but not limited to URL, Complex URL, WolframAlpha, BTFS and so on. Bridge oracle promises tamper-proof, verifiable and authentic real-life data for blockchain smart contracts. In that light, the oracle system permits to add varied kinds of proof to verify the credibility of data sourced. This way, Bridge oracle helps smart contracts operating on TRON to contribute to more numbers of real-world use cases.
Moreover, Bridge oracle allows users to incorporate both time-dependent and time-independent data into their smart contracts, according to their specific needs.
The oracle system supports multiple API contracts, including decentralized API, public API and also enterprise API contracts. The last one is especially meant for enterprises which need a dedicated oracle service for their confidential data. Bridge oracle accepts two kinds of payment methods. One is its own native token BRDG and another is TRON’s native token TRX.