Top Blockchain Oracle Projects as of November 2020November 4, 2020
Oracles are the key to mainstream adoption of blockchains and smart contracts operating on them. Smart contracts need real-world data to contribute to their practical use-cases but are unable to access off-chain data given underlying protocol restrictions of blockchain. Such a situation severely limits the scope of functionality for smart contracts. Oracles serve as the middleware solutions here, sourcing and supplying real-world data to blockchain smart contracts so that they can operate for real-world use-cases.
Here is a brief on the chief and most promising blockchain oracles of 2020.
Launched in 2017, Chainlink is surely one of the pioneers of blockchain oracles today, especially decentralized oracles. The project was founded by SmartContract and the oracle system is renowned for offering verifiable, tamper-proof and authentic real-world data to blockchain smart contracts. LINK is the native token of Chainlink and hence the payment mode for availing Chainlink’s services. It’s to note here, Chainlink also commands a vital presence in the fast evolving DeFi boom today and currently holds partnerships with over 200 leading firms and teams working in the DeFi world. In fact, Chainlink oracles have been largely integrated with almost all of the DeFi projects operating on Ethereum.
Before delving into further discussions, it must be stated here the Band Protocol is backed by esteemed crypto exchange Binance and leading VC company Sequoia Capital. Such an elite backup surely testifies to the promising infrastructure and scope of the oracle system.
Akin to Chainlink, Band Protocol too is a decentralized oracle and assures verifiable, genuine and reliable real-world data for blockchain smart contracts. It’s to note here, Band Protocol oracle is cross-chain compatible which implies it can support all kinds of blockchain networks. BAND is the native token of Band Protocol and should be used to avail the services of the oracle network
One of the latest entrants in the oracle market, Bridge Oracle was launched in the second half of 2020. It has been introduced on TRON blockchain as the leading blockchain’s first ever dedicated public oracle. Being a public oracle, Bridge oracle will allow mass participation of small businesses into TRON blockchain that are otherwise unable to afford pricey dedicated oracles used by large corporations. Besides, Bridge oracle sources data from a large number of public sources such as URL, Complex URL, WolframAlpha, Random and so on. Another major aspect of Bridge oracle is that it allows to add varied kinds of proof to prove the authenticity of injected data into smart contracts. Thus, the oracle ensures tamper-proof, verifiable and authentic real-world data only. BRG is the native token of Bridge oracle and the payment mode to avail the oracle’s services. However, Bridge oracle also accepts payment in TRX (TRON token) token.
Founded by JUST Foundation, JustLink is the newest name in the blockchain oracle world. The decentralized oracle went live on TRON on October 30, 2020 and has been dubbed as “TRON’s answer to none other than Chainlink”. However, the oracle and TRON have triggered criticism for TRON’s claims about JustLink as their first official oracle. Rewind to couple of months and you will see Bridge oracle was launched before JustLink and, in reality, the Bridge oracle is TRON’s first ever official dedicated public oracle.
“We had been in discussion with TRON since last year about an oracle project and it was for Bridge oracle- not for JustLink. JustLink was launched weeks after Bridge oracle was introduced on TRON. In that light, how could TRON dub JustLink as their first decentralized oracle over Bridge oracle?”, noted Bridge CTO Hassan Golmohammadi.
It can be safely said, JustLink is largely inspired by Bridge oracle and is a 1:1 replica of the previous one.