How would Bridge Oracle help to shift to Web 3.0October 20, 2020
Web 3.0 is the much-awaited upcoming shift in the web world which is projected to dawn in a new era of open-access decentralized internet. Also termed as the “3rd Wave”, it would ensure fair and free use of the internet for all. The crypto space has been abuzz with the possibility of Web 3.0 for quite some time now and one of the leading blockchain networks pioneering the move is TRON blockchain. Ever since its inception, TRON has been proactively involved in the ecosystem of emerging technology and TRON’s smart contract portal is acknowledged as a prominent name in the contemporary blockchain world. Bridge Oracle is the first ever dedicated public oracle on the TRON network and has been introduced to the blockchain to help smart contracts on TRON successfully contribute to the Web 3.0 shift.
Importance of web decentralization
Decentralization of the internet will bring in benefits for both users and developers.
For users, it would mean gaining control over their data right into their own hands. In regard to developers, it would imply freedom and flexibility to code up with any kind of high-level programming language for blockchain smart contracts designed for Dapps (Decentralized Applications) and DAOs (Decentralized Autonomous Organizations).
Current problem with smart contracts
Now, smart contracts are a vital aspect of the upcoming 3rd Wave or Web 3.0. They are engineered to take away contract fulfilment and decision making from the centralized entities as well as to permit an objective code system to automatically check conditions and perform instructions.
However, to function as per their true potential and design, smart contracts need authentic real-world data which can precisely represent off-chain data sets which specify the contract terms. Now, here comes the glitch- if the information isn’t authentic or can’t guarantee no case of manipulation or tampering, trustless smart contract agreements are not possible.
The problem is that the underlying protocols of blockchain don’t allow accession of off-chain or real-world data. Such a prohibitive condition seriously limits the capacity of smart contracts to operate as per their true potential and eventually participate in the Web 3.0
This is where Bridge oracle comes to the rescue.
How would Bridge oracle help here?
Oracles can be defined as the bridge between blockchain’s on-chain world and the off-chain external word data. They source real-world data and feed them into smart contracts to broaden their scope of real-world operational ability. Oracles can be centralized and decentralized. The centralized ones are governed by one single entity and hence does not provide much scope for data verification. The decentralized one sources data from multiple data sources and hence there is always a better scope to verify data for smart contracts.
Bridge oracle is a decentralized oracle. Aptly named, the oracle assures clean, accurate and authentic real-world data for smart contracts so that they can function as per their actual potential. This way, the oracle would help smart contracts to proactively take part in the Web 3.0 shift.
Bridge oracle allows accession to off-chain data through various types of API and parsing helpers. It even allows you to add different extra data sources. Most importantly, the Bridge oracle allows us to add various kinds of proof to prove accuracy of injected data.
One of the most talked about oracles this year, Bridge oracle had already garnered massive interest even before its IEO. In fact, when the Bridge oracle IEO was actually launched (on BW.com) on 15th September, the whole IEO got sold out in no more than 6 hours! BRG is the native token of Bridge oracle which can be used to avail the oracle’s services.