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Oracle Network, Tron Blockchain Team Up on Data Oracle Service

Oracle Network, Tron Blockchain Team Up on Data Oracle Service

ORAO, a data-agnostic oracle network that supports multiple blockchains, has struck a partnership with TRON to launch general data products on the popular blockchain protocol.

With the energies and vibes being matched, this collaboration aims to remove limitations of smart contracts being unable to interact directly with off-chain data. This is where ORAO’s blockchain oracles come into play, building their own gateways to connect with chains they see demand for. 

This strategic alliance is built on a common idea, current oracle solutions are mostly centralized, which exposes smart contracts to the risk that one malfunction or fault can cause the whole system to stop working. This possible single-point of failure compromises the benefits promised by these protocols’ decentralized nature.

Benefiting from TRON's recent boom, ORAO aims to fix the inefficiency of oracles on the market, which can only detect issues and punish data providers after their bad data has already been delivered and executed upon. Specifically, their general data oracles will provide external, verified, reliable and tamper-proof data for dApps and Tron-based smart contracts.

The platform also allows multiple proofs to authenticate the data to ensure it is trustworthy, providing proactive rating and computation capabilities in an easy-to-use manner.

The partnership is also important for the TRON as it broadens the scope of data that can be made available to applications and smart contracts deployed on their ecosystem.

With the advent of the ORAO, there is now a more direct avenue to provide data from other chains to TRON users. Ultimately, this would allow non-financial data products and more detailed data protocols to integrate with the Tron blockchain while offering them incentives to grow.

Escaping the bottleneck with ORAO

ORAO and Tron believe that their integration is crucial for attracting businesses and enterprises who may not have the ability or time to create their own dedicated oracles. This could help the Tron network to expand with easy means to connect with off-chain systems, thus expanding their deployment for mainstream enterprise use.

Tron is a competitor to the Ethereum blockchain, which has become a victim of its own success, claiming to beat the Defi market leader on speed and fees. The decentralized protocol offers public blockchain that supports high throughput, scalability and even high availability for all Dapps in its ecosystem.

On this rewarding partnership, TRON CEO Justin Sun said: “DeFi and crypto should not be limited to high net worth portfolios who can afford congestion pricing. We are seeing a rising trend of many top Ethereum projects moving to TRON. We are thrilled for ORAO to join the TRON Network and reap the benefits of a fast, affordable and agile network.”

Nikola Strahija, founder of ORAO, added: “One of the key strengths of ORAO are our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues. TRON is rapidly growing into a powerhouse in the market, we are excited to be working with them to make our services available on a network that is accessible to all.”

 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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