Nexo Oracle sits at the core of Nexo ecosystemNovember 9, 2020
A revolution in the contemporary cryptocurrency space, Nexo is designed to leverage the utility of crypto assets. Technically speaking, Nexo is an industry-leading fiscal institution especially for digital assets, backed by more than 12 years of experience in the fintech arena. A major USP of Nexo is its innovative Instant Crypto Credit Lines and this one aspect singlehandedly keeps the platform ahead in the game. And it’s the Nexo oracle lying at the core of the Nexo platform which leverages the platform to perform its operations to the fullest.
Nexo Instant Crypto Credit Lines
Until now, the only option for crypto investors to enhance their crypto wealth has been to sell off their coins when the assets show a solid rise in price. But Nexo has added in another utility avenue to enhance your ROI through crypto assets. This is where the Instant Crypto Credit Lines come in.
Put simply, Nexo’s Credit Lines enable investors to take fiat loans against a certain amount of cryptocurrencies that are supported by Nexo. Good thing is, Nexo is compatible with a big line of all major cryptocurrencies like Ethereum, Bitcoin, Stellar, Ripple, Litecoin and more- as well as its own coin NEXO token.
The Nexo Oracle sits at the crux of the Nexo ecosystem and empowers the platform to perform its designated functions.
In that light, the oracle helps to develop the loan contracts and automatically handles all the principal functions, including- disbursement of cash, maintenance of assets, timely provision of notifications as well as overall loan management.
Then, another major function of the Nexo oracle is aggregation of real-time data which is fed to the Nexo ecosystem for its reliable operation. The oracle sources information from various exchanges to ensure credible real-time valuation of assets- a major step while offering loans to crypto investors. It’s to note here, Nexo oracle is a decentralized oracle and hence assures real-time data aggregation from not one but as many as 6 independent sources that facilitates establishment of data authenticity for both the Nexo platform and its users.
Decentralized oracles seem to be the order of the day when there is an increasing demand for authentic real-time data among blockchain networks.
Another major decentralized oracle which has garnered kudos from all across the crypto community today is the Bridge oracle.
One of the latest developments in the world of decentralized oracles, Bridge Oracle has recently been introduced on TRON blockchain. It’s to stress here, Bridge oracle is TRON’s first ever dedicated public oracle and has been introduced on the network to cater to smart contracts operating on TRON.
As it’s a decentralized oracle, the Bridge oracle works to source external world data from various public data sources, such as, URL, Complex URL, WolframAlpha, BTFS and so on. Another major feature of the oracle is the permission to add varied kinds of proof to verify the credibility of data sourced. In other words, Bridge oracle guarantees credible tamper-proof and authentic real-time data only for the smart contracts and DeFi applications operating on them. Besides, Bridge oracle allows users to incorporate both time-dependent and time-independent data into their smart contracts, according to their specific needs.
It’s to note here, Bridge oracle supports multiple API contracts, including decentralized API, public API and also enterprise API contracts. The last one is especially meant for enterprises which need a dedicated oracle service for their confidential data.