Oracle supports new business scenarios, increasing the scale and diversity of Oracles network

The Oracle Network is an internet of blockchains designed to provide a technological foundation on which distributed business applications can be built. The Oracle network is part of a larger network of Oracles - all partitions in the network are able to interact with any other partition in the network of Oracles through the standard IBC protocol. By introducing a layer of service semantics in the network, we will provide an innovative solution that supports entirely new business scenarios, thereby increasing the scale and diversity of the network of oracles.

The oracle network supports new business scenarios

At the "center" of the Oracle Network is a blockchain called the Oracle, which is a Proof-of-Stake (PoS) blockchain built on Oracles SDK and Tendermint. It will serve as a regional hub connecting Oracles hubs. Oracle Hub is equipped with a service protocol that coordinates on-chain transaction processing with off-chain data processing and business logic execution. We have also enhanced the IBC protocol to facilitate those off-chain services being called across chains if needed.

The service agreement and enhanced IBC protocol can eventually be fed back into Oracles SDK, allowing SDK users to develop blockchains compatible with the Oracle network. We will also provide customer-oriented SDKs for specific programming languages to facilitate the easy provision and use of off-chain services within the plug network.

Oracle network expands diversity

The Oracle oracle network opens a door for cross-chain interaction between executions, combining the high-efficiency and data-independent interaction of comos and the underlying functional components of Polkadot to achieve scalability.

Specifically, Oracle can realize data interaction with each independent blockchain network through the oracle network, and also adopts the Oracle Hub setting to combine technical resources, business needs, existing blockchain functional components, and practical business chains. Connected to meet different business needs while achieving scalability.

 If each blockchain network is imagined as a city, then Oracle Hub is equivalent to a trading port extending in all directions, with complete infrastructure, strong technical resources, and efficient circulation interaction, which can meet the needs of different blockchain cities , and is highly scalable. The function of Oracle Hub is specific to the blockchain world, which can be cross-chain services, such as chain register , automatic market maker , Ethereum bridge , Bitcoin bridge, and the establishment of a close connection with the wider digital economy; it can also be for the new The blockchain shared security and fundraising, providing cross-chain accounts and equipment for capital formation.

Asset security in the decentralized technology system becomes the primary guarantee

The decentralized technology system and concept guaranteed by blockchain technology and smart contract technology is becoming more and more popular, because it can realize business scenarios without trust, and the use of decentralized technology can make all businesses open and transparent , and cannot be tampered with, thus removing all perceived interference factors, asset security is thus guaranteed, and assets and products based on decentralized technology have become the primary choice for global investors.

 Digital assets have been one of the fastest-growing assets in the world over the past decade. According to CoinGecko, the market value of digital assets was only about $10 billion in 2014, but it has grown to about $2.3 trillion in early 2022. That's a staggering 216x growth, representing a CAGR of approximately 96% over the past 8 years. More and more individuals and institutions realize that the rise of encrypted assets is an unstoppable trend. Since the launch of the first U.S. bitcoin ETF in October 2021, the combined market capitalization of the top 10 U.S. bitcoin-related ETFs has grown to about $2.27 billion, according to VettaFi. 

Morgan Stanley became the first major U.S. bank to offer its wealthy clients a bitcoin fund in March 2021, and Goldman Sachs offered its first bitcoin-backed loan facility in April 2022. Many other large companies are also involved in the cryptocurrency industry in various ways. This has greatly boosted the development of oracles. All DApps are implemented based on smart contracts. One problem with the smart contract is that it cannot actively request data from the outside world, that is, it cannot actively obtain additional information, and can only passively accept information and data outside the chain. Each smart contract is a program that waits for others to meet its trigger conditions before starting. Therefore, in general business scenarios, it is necessary to use some off-chain data to start the program.

epilogue

We provide an innovative solution by introducing a layer of service semantics in the network . This key innovation supports a new digital business scenario, provides more possibilities for the new blockchain ecology, and continuously expands the boundaries of the digital economic ecology .