ORAO Launches General Data Oracle Services on Tron Blockchain
Blockchain agnostic oracle platform, ORAO has entered into an alliance with TRON network to work on a mutual vision that enables real-world data to be injected into smart contracts.
The partnership will enable the team behind ORAO to launch general data products on TRON with customizable off-chain and cross-chain data. The two companies said in a statement that the lack of this infrastructure is currently a pain point as it limits both the blockchain’s use cases and oracles’ ability to deliver a large variety of data, securely and at high speeds.
The collaboration also will focus on information streams originating outside the TRON Network or from non-blockchain systems.
ORAO is an oracle service that is built for custom data feeds using Validators, which ensure that all data being sold is accurate. Thanks to its blockchain agnostic design and scalable infrastructure, ORAO will be able to provide data from other chains to TRON users.
Delivering trustworthy information is a critical attribute of oracles, but there are many obstacles such as speed, scalability, cost, and the degree to which they can be configured.
Ethereum gas fees limit scaling
Meanwhile, the soaring punishing transaction costs, known as gas fees, and delayed transaction processing times on Ethereum sent traders and developers to Binance chain, Elrond, Tron, and other rival blockchains. This happened after many projects and investors were priced out and became unable to participate in decentralized finance or NFT activities.
One of the key strengths of ORAO is that it supports multiple blockchains, providing proactive data rating and computation capabilities. Supported by economic incentives, ORAO uses a proactive rating system to judge data as it is submitted. This ensures that bad and malicious data never makes it to the buyer in the first place.
As such, the TRON’s unique architecture will help the ORAO network to scale on-demand, opening the door to integrating non-financial data products and more detailed data protocols.
Justin Sun’s brainchild can facilitate sending detailed data on-chain without fear of spiking transaction fees. This is perfect for ORAO, as data buyers and providers both can be secure in the long-term viability of its data market.
Commenting on the partnership, Nikola Strahija, founder of ORAO, said: “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.”
“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,” added Justin Sun founder of TRON and CEO of BitTorrent.