Quick Notes: Drivers of Real World Value in Crypto
2 minute summary about how of real world data drives on-chain Impact
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In 2 minutes, gain a better understanding about how oracles drive real world data on-chain.
If you find this post valuable, make sure to read Oracles - Drivers of Real World Value in Crypto.
Bringing real world data into smart contracts drives value to the blockchain
Oracles provide insights that allow developers to accomplish their goals
A common use case for oracles is price data which is brought to exchanges
Oracles reduce engineering time and ensure the accuracy of real world data which makes dApps
Transparent data is widely believed to be a necessity as blockchain projects rely heavily on the accuracy of oracles
The Incumbent Oracle Has Inspired Innovation
Chainlink was founded in 2017 and is the standard oracle in the blockchain ecosystem
Chainlink has been criticized for potentially not being as decentralized as much of the community would prefer, leading to a perceived gap in the market.
SupraOracles and Band Protocol are two projects looking to challenge Chainlink.
SupraOracles main differentiator between Chainlink is its finality speeds and multiple decentralized sources
Band Protocol is built on Cosmos which is an emerging protocol but has integrations with 8 protocols including Ethereum, BNB Chain and Avalanche
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About the Author
Hey friends! Thanks so much for checking out the CryptoJeter newsletter. I’m Austin and I write this newsletter weekly to shine a light on emerging web3 startups and display the innovation and various evolutionary moments impacting the industry.
In 2017, during my sophomore year at Morehouse College, I bought my first fraction of a Bitcoin and have since been inspired by the financial access blockchain technology creates.
Over the last 5 years, I’ve built community and learned so much. I am excited to share my thoughts with the crypto ecosystem.
I truly enjoy meeting founders, investors, and contributors who are in the crypto space so please feel free to send me a DM on Twitter to @Cryptojeteror shoot me an email to Jeter@cryptojeter.com if you’d like to chat.
Opinions are my own