TRON Unlimited Oracle – Delivering Diverse Data Feeds to TRON
Users and developers of the TRON network have been dealing with limited data feeds on their chain for quite some time. But all that is about to change now, as RedStone Finance (RedStone) is introducing the TRON Unlimited Oracle that delivers diverse data feeds to the TRON network and its ecosystem of developers and decentralised applications (dApps).
Let’s dive in and have a closer look!
TRON Unlimited Oracle
Tron Unlimited Oracle was created by two members of the core team at RedStone finance: Matt Gurbiel – Growth Lead at RedStone Oracle – and Alex Suvorov – Lead dev at RedStone Oracles and creator of codenplay.io. TRON Unlimited Oracle was submitted to the TRON Grand Hackathon – Season 3 as their entry.
As explained in their hackathon entry video by Matt Gurbiel, the current problem with the TRON ecosystem is that it lacks diversified and customisable data feeds. As a result, the ongoing situation stifles TRON’s Web3 expansion.
The solution to this problem is creating an oracle with a new approach that keeps data off-chain and optimises the process of data delivery to the dApps in the TRON ecosystem. As a result, that opens up a new world of possibilities for the network.
Some example use cases of the TRON Unlimited Oracle are:
- Lending Protocols
- Synthetic Assets
- Options Protocols
- Parametric Insurance
- Anti-Sybil
- Automatic KYC
But how does it work?
The way in which RedStone oracles provide data to smart contracts is different from other oracles. Information needed by dApps and developers is brought on-chain only when it is needed by the end users, instead of constantly persisting on TRON Virtual Machine (TVM) storage (by data providers).
Before being requested, the data simply resides in a decentralised cache layer, powered by RedStone light cache gateways and Streamr data broadcasting protocol. The needed data is transferred to the TVM by the end users via signed data packages attached to their transactions. The accuracy and integrity of the information provided is verified on-chain via signature and timestamp checking.
What this means for the TRON ecosystem
The TRON Unlimited Oracle will allow developers and their dApps to request secure, accurate, and verified price data feeds for over 1,100 assets, including (but not limited to) fiat currencies, NFT floors, commodities, cryptocurrencies, and stocks. The data is delivered hastily and is always up-to-date with RedStone’s oracle feeds boasting a 10-second refresh time.
What’s more, RedStone’s oracle data feeds are fully customisable, allowing dApps to request only the data they need, and not be overloaded by massive data dumps they do not require. Check out some of the custom data feeds already created on RedStone’s website here.
Try RedStone’s TRON Unlimited Oracle out yourself:
About TRON
TRON is the protocol dedicated to accelerating the decentralization of the Internet via blockchain technology and decentralized applications (dApps). Since its inception in 2017, the TRON network has focused on two ideals: empowering developers and putting the power in the hands of the people. TRON network completed full decentralization in Dec 2021 and is now a purely community-governed DAO focused on creating an internet for all.
Source: https://trondao.org
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