Customizable Off-Chain Data Products For Elrond Smart Contracts Via ORAO Oracles
Tamper-proof data streams are essential for maintaining the trustless nature of blockchain-based applications. This is why blockchain oracles have a well-earned place at the heart of decentralized finance.
Delivering unaltered and trustworthy information is a critical attribute of oracles, but there are many differentiating factors such as speed, scalability, cost, and the degree to which they can be configured.
This is why we are excited to announce that ORAO Network will feed smart contracts on the Elrond Network with customizable off-chain and cross-chain data!
“Those blockchain applications that will explode in virality will likely transcend the pure DeFi implementations which represent the bulk of the current dApps ecosystem. The ability to integrate information beyond the usual price data in a reliable and adaptable manner will make a huge difference for Elrond developers.” said Beniamin Mincu, Elrond CEO.
ORAO Network is an oracle service that is built for custom data feeds. Thanks to its blockchain agnostic design and scalable infrastructure, ORAO oracles are able to deliver a large variety of data, securely and at high speeds.
The collaboration will focus on making information streams originating outside of the Elrond Network, either from non-blockchain systems or other chains, available for smart contracts and applications deployed on our mainnet.
“The Elrond Network design allows for some novel use-cases for our users, such as feeding “free” data for consumers via meta-transactions, where a relayer can pay for the gas fee. We’re looking forward to diving deeper into their tech stack.” said Nikola Strahija, ORAO Network Founder.
The collaboration is important for the Elrond ecosystem as it broadens the scope of data that can be made available to applications and smart contracts deployed on our mainnet.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About ORAO Network
ORAO is a data-agnostic oracle network that supports multiple blockchains providing proactive data rating and computation capabilities.
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