The TRON protocol is ready to launch its first Oracle System, courtesy of Bridge Oracle, taking it one step closer to its ultimate goal of decentralizing the Web.
Solving the Authentic Data Problem
In the early years following Bitcoin’s rise as a cryptographically secure and decentralized form of money, developers and economists turned their attention to the programmability aspect of digital currency.
The idea of using ‘smart contracts’ to do this, most notably by Ethereum, sought to use code to regulate the social interactions that individuals and organizations — employer and employee, and issuer and receiver, for example — conducted among themselves in the same decentralized manner that blockchain ideals promoted. Trust shifted from people, authorities, and organizations, to code, with participants coordinating among themselves.
However, if information sent to smart contracts must be provided by the network itself, the challenge is to apply this to real-world scenarios. This is because the information governing smart contracts are controlled by entities who conduct this flow of information from real-world sources to the smart contracts. These are traditionally singular or centralized authorities, whose data can still be easily tampered with. The solution? Oracles that can reconcile this data source with the decentralized and trustless proposition of a smart contract platform like TRON.
Bridge Oracle’s Role in A Shift to Decentralization
For Bridge Oracle, smart contract networks need to be fed objective and accurate data, serving up opportunities for enterprises and even governments to offer Oracle verification services and hyper-secure and decentralized oracle networks to regulate information.
The end result? Trustless smart contracts that establish, govern, and execute agreements based on “perfect” data conditions.
Ready for the Real World
Bridge’s Oracle is built for the real world. It is the first-ever dedicated public oracle technology on the TRON network which is developed to provide the ability to access external data for ordinary users’ smart contracts.
There are many real-world demands that are ready to use these smart contract solutions but are not, simply because there is no Oracle solution. Smart contracts would be able to replace, among many other examples:
1. Payment upon service delivery. For example, if paying a promoter to show content to a fixed number of viewers, the contract can determine accurate data that proves the content has received the required number of legitimate views, then pay out the agreed sum to the promoter. This solves disputes where marketers have to trust that service buyers will payout, and service buyers have to trust marketers to deliver legitimate views.
2. Insurance claims. Using oracles to access IoT data feeds, for example, from a fire tracking system in a building, accurate data on fire and damage can be injected into a smart contract to precisely calculate and pay out compensation to the policyholder.
3. Shipping and tracking. In the age of online shopping, consumer use of shipping and tracking services has become increasingly demanding. Traditional services suffer from shortcomings such as delayed data, wrong data, and missed payments. A smart contract that is fed Oracle-verified data can accurately keep track of a delivery, releasing payments to merchants and deliverers.
The Bridge IEO: Backed by Industry Proponents
Bridge Oracle is led by CEO Hakan Estavi, an early investor in blockchain technology. Its key development team includes Keyvan Abedi, a pioneer of DAO, DApp, smart contract, and Solidity.
It has already received the backing of institutional investors and has successfully fundraised through a fully-subscribed private sale. It has attracted the interests of key blockchain advocates in the space, with the likes of Bitcoin.com CEO Mate Tokay, Media heavyweight Sydney Ifergan, TRON stalwart and beta tester extraordinaire Mike McCarthy backing the company as Advisors. This gives the project the very best technical guidance in terms of smart contract feasibility and blockchain advocacy.
To ensure wider access to the masses, Bridge Oracle has decided to open a limited IEO for the Bridge token (BRG) on September 15th, 2020 on the BW.com platform, with confirmed listings on BW.com, Digifinex, and Justswap. Additionally, BRG is listed on Klever, TronWallet, and TronLink wallets.
Save the date, September 15, to take part in the Bridge Oracle IEO and claim your share of the future of smart contracting in the real world.
Learn more about Bridge Oracle advanced DeFi protocol: https://bridge.link/
Read the technical whitepaper at: https://bridge.link/Bridge_White_Paper.pdf
Join the official Bridge Oracle Telegram channel: https://t.me/bridge_oracle
Follow on Twitter: https://twitter.com/bridge_oracle
Media Contact Info
Contact Name: Hakan Estavi
Contact Email: Estavi@bridge.link
***This press release was originally posted here.
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