The Currency Analytics
By Sydney TheCMO
The quotient of immutability
Oracles come into play
Bridge offering tough competition
Blockchains are no longer limited to cryptocurrencies and are fast making headway into the mainstream world of late.
The news has been confirmed by leading international news organization Associated Press. The historical organization has been shouldering the responsibility of counting votes as…
To receive the trust and approval of something as esteemed as election results is certainly a milestone victory for a new technology like blockchain.
It’s to note here, blockchain smart contracts are unable to access real-world data given a set of restrictions posed by the underlying protocols of blockchain technology.
Oracles can be defined as a middleware which works to connect on-chain (blockchain) platforms with the off-chain (external world) data.
In light of the above discussion, the blockchain where the election results would be published won’t be able to source the information independently.
Running on the Ethereum network, Chainlink is a decentralized oracle which means it sources data from multiple sources.
Although Chainlink enjoys the numero uno position as the oracle service provider today yet a bunch of emerging oracles are posing a tough competition here.
One of the major factors that provide an upper edge to Bridge over Chainlink is its advanced network infrastructure.
Bridge has started gaining interest ever since the announcement of its launch. The oracle had a highly successful IEO in September where the entire IEO got sold out in just 6…