Oracles have become an integral component of blockchain technology today. Without them, real-world data and information wouldn’t be accessible to smart contracts, limiting their utility and use cases.
But, the current oracle solutions and infrastructure are not as powerful and robust as they could be. Popular centralized oracle providers, such as Chainlink and Band Protocol, have been the frontrunners in this space for years, but have fallen short in terms of providing a truly fast, decentralized, secure, and scalable product.
The blockchain and cryptocurrency market is still in need of a next-generation oracle that can fix these issues and create a truly viable product. That’s where SupraOracles has taken the reins, entering this landscape as a major disruptor to change the way we know and use oracles.
What is SupraOracles?
SupraOracles provides an extremely quick, scalable, decentralized, and secure oracle solution that reliably feeds off-chain data to smart contract applications on-chain. It’s raising the bar for the oracle industry, further enhancing the way these smart contracts operate on dApps (decentralized applications).
The project aspires to use its high-quality oracle to help power these applications so they have higher functionality and serve a wider variety of use cases than was possible relying on other oracle solutions.
It also offers cross-chain services, leveraging multiple prominent blockchains that are available on the market today to offer an unprecedented experience.
The Most Powerful Oracle To Date
So what makes SupraOracles’ technology so revolutionary? The project’s team has focused on several key elements that solve the problems presented by existing oracles while also addressing huge unmet needs:
- Decentralization: SupraOracles contains a variety of nodes that receive data from many sources instead of from central entities, making it less susceptible to one or several key parties.
- Scalability & Speed: Not only is its oracle extremely scalable in terms of the amount of information that can be processed, but it’s also extremely fast with 3-5 second finalities.
- High Security: Via features such as parallel processing and threshold cryptography, SupraOracles is able to provide an oracle that users can trust.
As a whole, SupraOracles’ solution introduces technology that is far more reliable, accurate, and cost-effective for users and businesses alike. It also minimizes price delays and lags in the transfer of other important information fed to applications. Users can view and absorb data in near real-time and feel confident that it’s reliable. Currently, it’s also the only truly decentralized oracle on the market, presenting an optimal alternative to its centralized counterparts.
With oracles having cemented themselves in today’s blockchain world, the need for a more reliable alternative is greater than ever. They’re critical for maintaining and powering the infrastructure necessary for DeFi protocols, and becoming even more important as the space continues to blossom and grow.
Additionally, current oracle services possess vulnerabilities, making them more vulnerable to hacks and cyberattacks in Web 3.0. When these hackers modify on-chain information, they’re able to successfully steal millions of dollars in funds, leaving users and organizations at risk. This has posed a huge set-back to DeFi, one that SupraOracles is committed to overcoming.
SupraOracles is helping to revolutionize and enhance the capabilities oforacles, fixing the issues presented by existing solutions and allowing DeFi applications to thrive in ways never imagined. The next frontier of oracles is here, powering the future of crypto and blockchain.
Post source: Supercharging Oracles with SupraOracles