Press release
PRICE RELEASE Algorand’s current dApps are becoming more complex. The infrastructure to support them, especially oracles is needed in order for better features. The Algorand ecosystem Algoracle’sDiscussing off-chain computing is therefore worth it.
It is what exactly does it mean?
Since Smart contracts can’t access any external data by themselvesWeb 3.0 technology was built upon the essential blockchain middleware oracles. Decentralized oracle networks are attempting to link real-world data from other blockchains with the current generation. Oracles will need to evolve and grow in order accommodate the growing complexity of modern dApps.
Off-chain computation is the next big frontier in oracle design. It allows oracles significantly to perform more complex programming logic and data aggregation request on behalf smart contracts in an unrestricted manner before publishing data on-chain. It is possible to streamline and enhance the functionality of Oracle off-chain computation. Not only does it improve smart contract execution efficiency and cost efficiency, but also allows for decentralized applications to enjoy a high quality of life.
What is the point of all this?
As teams build more complex dApps it is easy to see that the types of data processing and sourcing will increase. A lot of applications will need to draw data from multiple sources and apply certain filters. This can lead to a lot of complexity when you combine data from different APIs or select statistical methodologies. This makes it crucial that there are more efficient and effective ways to do off-chain process and apply logic to diverse circumstances and use case.
Moreover, many EVM oracles provide rudimentary options for requesting specific APIs. Users can choose to use the URL or JSON as the source of their data. They do not yet support data aggregation logic. These aggregation data streams can be created or disabled on a case by case basis. This results in data centralization, as well as inflexibility in logic application.
From the developer’s perspective, an even better oracle design would allow off-chain data accumulation for general computation. Oracles must function in a similar fashion to Layer-2 smart contract, which allows any programming language to be used to perform trustless reasoning. A uniform interface should be available to builders that has been preprogrammed for this purpose.
So what’s the issue and how can Algorand help?
Unfortunately, because of outdated code, and the need to maintain backward compatibility with current clients, it is extremely challenging to implement the above-mentioned quality-of life changes and additions in V1.0. The idea of trying to introduce improvements to off-chain computation in current state oracles is similar to adding parts to an aircraft. This is why most of the oracle V2.0 updates would leave developers with a multitude of interfaces for both data feeds as well as Layer-2 operations.
Algoracleis currently working to create a unified interface that allows for off-chain processing. This was possible thanks to the clever implementation of Algorand’s consensus. The significance of Algorand’s Pure Proof of Stake (PPoS) consensus is that its advantages can be simply duplicated for oracle data. The PPoS strategy, based on the Byzantine consensus, avoids standard Proof-of-Stake (PoS) security issues by fortifying the network with an emphasis on a transparent majority without bias based on each validator’s entire stake.
PPoS is a non-monopolistic system that eliminates the need for token locks and increases the chance of large stakeholders gaining monopolistic control of the network. It will introduce an egalitarian process where validators are randomly selected from all validator bodies. This removes entry barriers as well as any minimal stake requirements.
Algorand’s random selection mechanism (also known as the Verifiable Ran Function (VRF), has allowed it to attain incredible performance and scale since its conception. Silvio MicaliAlgorand’s creator, Claude Algorand was the fundamental architect of VRFs. They are now one the most essential building blocks for cryptography and cybersecurity applications.
The significance of VRFs
A VRF can be described as a secure random number generator. This resource can be extremely useful for smart contracts that deal with lottery, auctions or assignment of roles or other activities that require trustlessly verified unpredictable results.
Algoracle can deliver a superior ‘VRF-as-a-service’ offering while also creatively deploying VRFs at the node network consensus level to reach peak oracle efficiency by piggybacking on Algorand’s PPoS consensus and bottom-up creation of a unified interface.
Algoracle’s ability to integrate VRFs at lower levels allows for greater reliability, and increased effectiveness. Algoracle’s implementation of VRF in PPoS consensus, which ensures assured random sampling of validators, permits not just next generation off-chain computing, but also many essential functionalities taken for granted in the Web 2.0 world that currently evade the offers of oracle providers today.
Algoracle
Algoracle is the original dynamic and decentralized oracle system built on the Algorand blockchain, was developed in the autumn of 2021 and won first place in the Encode’s Algorand Hackathon.
Algoracle’s goal is to make it easy for dApps that are built on Algorand to access off-chain data quickly, accurately, and conveniently. Algoracle is committed to being the best real-world data source. It provides decentralized participation that can be used by all users and independent operators who wish to participate in the economic stimulus network.
Algorcale is convinced that real-time information can be extremely useful. It should therefore be sent in an easy, precise, timely way. It therefore aspires to be one of the blockchain sector’s major open-source oracle networks in the decentralized data processing ecosystem.
Brave New Coin and Amberdata are also partners. Kaiko, Nomics, and Kaiko are all examples of current clients. Prismatic is also a client of Bankrolled, Glitter Finance and Equito Finance. The seed round closed successfully, while a partnership was established with Amberdata. Launch of the mainnet and the launch GORAThe next twelve months will be focused on token and VRF, as well as computation capabilities.
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