Bridge Oracle, a Chainlink-Alternative on Tron, Launched
Bridge Oracle, a Chainlink-alternative and the first in the decentralized, high-performant, and scalable Tron mainnet, is live after launching on Mar 11.
An Oracle for Tron’s dApps and Smart Contracts
The open-source solution seeking to provide a critical link–turbo-boosting events in the Tron blockchain, will, for the first time, provide external, vetted, trusted, and tamper-proof data to Tron-based dApps and smart contracts.
It is a milestone for the Bridge Oracle, coming over a year after the idea was first conceived in Q4 2019.
This will be possible because projects would extract data via several APIs and parsing helpers such as XML, JSON, and HTML. Payment can either be in TRX or BRG—Bridge Oracle’s native currency.
For tamper-proof data, the platform said it would also allow multi-proofs to authenticate the validity and the authenticity of data.
Types of Bridge Oracles
Specifically, there will be three categories of oracles in the Bridge Oracle. The first will be a public oracle system extractable via a public API contract.
In this mode, the contract will “obviate requirements” from the external data that the validity of data or its proof is not important for the end-user.
The second is the Enterprise oracle system which is customizable. This is possible via its corresponding Enterprise API contract provided to enterprises and private companies holding detailed data that can’t be shared publicly. However, these data will be available to certain companies with access via the Bridge Oracle link. All data requests will be injected privately by the source enterprise.
Third, a decentralized oracle system available via a decentralized API contract is set for platforms aiming for complete decentralization. Herein, they would fetch external data from a fully decentralized system provided by Bridge.
Overly, users relying on the Bridge Oracle can pull different data forms. These include those from the Wolfram system, URLs, enterprises, and decentralized platforms.
Why DeFi needs a Decentralized Oracle: Lessons from Ethereum
It is vital that a decentralized system, especially in DeFi, have in place a robust, tamper-proof, and secure source of price feeds to avert exploits.
DeFi, though currently sitting on billions of dollars in Ethereum’s DeFi ecosystem, upwards of $38 billion as of Mar 15, can be susceptible.
This happens when individual projects fail to source price feeds from trusted, tamper-proof external platforms.
Relying on a single DEX can be catastrophic, especially when the DEX is AMM-based and susceptible to rug-pulls and other advanced exploits executed via flash pools.
Therefore, the availability of robust decentralized systems means DeFi protocols operating in a low-fees environment in Tron can benefit from a reliable link, connecting to them external trusted data, core in their operations.
Already, the protocol has said it aims to make small businesses integrate with their solutions via the Tron blockchain.
As per Bridge Oracle’s spokesperson, their goal is to reduce and even eliminate the cost of doing business, especially those around product development. Joining the Tron network, they added, offers them a conducive environment to grow.
Unlike Ethereum, the Tron network is scalable with a unique consensus format. Instead of being secured by thousands of nodes, it is overseen by 27 revolving Super Representatives (Validators). Their role is to ensure network decentralization, transaction confirmation, and tamper-proof, immutable on-chain transactions.
Consequently, this architecture means the Tron network has evolved to be a preferred destination for DeFi and gaming projects.
Most protocols relying on the platform are attracted by its scalability level (meaning it can handle heavy dApps) and near-negligible fees.
It is crucially important, especially in gaming and prediction markets where margins are low. Punters are keen to reap maximum benefits while spending the least. Tron has, therefore, emerged as a suitable alternative to Ethereum.
As of Mar 15, trackers showed that the average Gas fees stood at $19. This had soared to over $38 in February.
Bridge Oracle Roadmap
In 2021, Bridge Oracle plans to launch enterprise oracle systems, obtain data from various sources, and in mid-2021, provide compatibility with different social media platforms.
Later on, in late 2021, they will provide various Proofs for data authenticity before eventually launching the decentralized oracle system in 2022.
Presently, the BRG token is available for trading at several Tron-based DEXes and DeFi protocols, including PoloniDEX, DigiFinex, Changelly, JustSwap, and more.