The emergence of DeFi (decentralized finance) has undoubtedly showcased the true power of blockchain technology and how it can transcend the financial realities of individuals on a global scale. With more crypto organizations and projects implementing and leveraging DeFi capabilities, the need for information feeds that are decentralized, secure, and efficient is greater than ever.
DeFi oracles provide real-world off-chain data and submit this information to a blockchain for smart contracts to leverage. Since their inception, they’ve already come a long way, with solutions such as Chainlink and Band Protocol stepping in as some of the first to provide information and data feeds to applications everywhere.
But DeFi has evolved, and with that, expectations from DeFi Oracles have grown. SupraOracles is a promising project that stands to answer the newly-formed expectations of DeFi founders, taking the concept and application of oracles an entire step further. This will forever change the way Oracles function and are utilized in the blockchain sector– and may end up fundamentally changing the industry itself.
Problems Facing Oracles Today
Oracles enhance the value of smart contracts by bridging the gap between the crypto world and real-world assets; they also play a major part in helping determine the security and level of decentralization of DeFi protocols. While oracles have continued to evolve throughout time, many oracle solutions that exist on the market today have fallen short in specific key areas.
Leading oracle providers mainly offer centralized solutions where a single party provides the data to the smart contracts. Although centralized oracles have historically offered more functionality and faster speeds than decentralized ones, users are required to place a large amount of trust in the central party at any given time, and a centralized oracle could choose to censor data or turn off their servers, removing the data link to an application’s smart contract.
In addition, the majority of current oracles lack transparency, contain outdated and delayed price feeds, and have difficulty scaling, among other major issues. Furthermore, oracles are often easily exploited through weak consensus mechanisms and often undergo tremendous downtime. These vulnerabilities do a disservice for the applications themselves and the users who depend on these technologies to receive the information they need to facilitate essential functions.
SupraOracles: Bringing Forth the Next Frontier in Oracles
SupraOracles has the answer to these growing problems within the oracle marketplace. Its goal is to bridge the gap between TradFi (traditional finance) markets and blockchain and Web 3.0 spaces, offering an advanced oracle toolset for developers to create and manage their applications in the most efficient manner possible.
Their all-in-one solution is driven by a decentralized EVM-compatible cross-chain oracle, leveraging its interoperability to real-world data to public and private blockchains. That way, smart contracts can better automate processes and provide increased security to users.
SupraOracles delivers data directly on-chain, offering a fully decentralized product that’s scalable, secure, and fast, transcending the DeFi space by enhancing the use case of smart contracts across the spectrum.
Through its one-second block times and 3-5 second on-chain refresh rates, SupraOracles boasts a strong competitive advantage with the fastest speeds and finality in the oracle space. In comparison, Chainlink offers refresh rates of only around 120 seconds. SupraOracles’ price feeds also have an extremely high level of accuracy, making them far more efficient and trustworthy over the long term.
The SupraOracles network also offers a Multi-Helix Ledger (MHL) called “Unitychain,” its’ flagship feature that enables greater scalability and security without comprising network downtime. It also allows for parallel processing of nodes to ensure the right nodes are participating in consensus. Additionally, this technology allows for threshold cryptography and random sampling to further enhance security.
With its algorithmic stablecoin, users can transfer assets across multiple blockchains with zero slippage and extremely low transaction fees, making the process seamless, smooth, and stable.
SupraOracles’ innovative solution cements itself as the optimal next-generation cross-chain technology in this space, bringing forth an all-encompassing cross-chain oracle that’s powering the DeFi world of tomorrow, today.