Changing the Approach to Smart Contracts with SupraOracles
SupraOracles, a powerful decentralized cross-chain oracle, is poised to rise to the top within the oracle ecosystem — given their uniquely innovative consensus algorithm and novel blockchain structure. These two features make it easier for Supra to work closely with multiple projects, as their algorithm helps bridge real-world data to both public and private chains, enabling interoperable smart contracts to automate, simplify, and secure the future of financial markets.
The project’s innovative oracle solution is a game-changer in comparison to other pre-existing technologies that come with unresolved limitations.
Analyzing Cross-chain Oracles
With each passing day, blockchain and distributed ledger networks are drastically growing by the numbers, each with their own unique features and use cases. Therefore, it’s now a necessity to optimize the interconnectivity of these new chains, as more investors attempt to harness the power of these emerging technologies and their respective capabilities.
Among the trending crypto topics, cross-chain technology hasn’t been left behind, as it’s seen as the optimal solution for enhancing interoperability between blockchains. In the simplest terms, cross-chain oracles are emerging technologies that help in the transmission of information and value between different blockchains, bringing real-world information and data from the off-chain world to on-chain ecosystems and environments.
Existing blockchains have siloed ecosystems, implying that cross-chain bridges exist — but commonly work with wrapped token models; the current oracle sphere lacks an innovative multi-chain approach.
SupraOracles seeks to overcome this limitation by using an interoperable and extensible solution that lets customers utilize real-time open data with few restrictions. Users can leverage SupraOracles’ services to standardize pricing across digital assets and security marketplaces that keep up with their evolving commercial needs.
Enabling Interoperable Smart Contracts to Automate, Simplify, and Secure the Progress of Financial Markets
A top priority for the SupraOracles team is to provide their customers with a robust service that has longevity and applicability over the long term. To attain this, they’re building a SaaS platform in order to provide in-depth solutions by offering data visualization, enterprise reporting, scenario modeling, and mobile analytics — in the cloud or on-premises.
As oracles continue to emerge and evolve, they need to overcome the obstacle of maintaining positions of being true middleware networks. With SupraOracles’ multi-helix ledger, they can provide their clients with a model for their permissioned, private DLTs and decentralized, public chains to communicate with one another. This feature is a necessity for any upcoming oracle project, because only through it can a project provide trustless data services to their client’s business processes while standardizing their data across multiple off-chain and on-chain sources.
Any oracle visionary will assert that a top priority when selecting an oracle is the attack vectors. An oracle that’s vulnerable to attack vectors means that it lacks operational robustness. For example, Chainlink’s oracle network relies on 14 of 21 nodes to be queried during a data lookup request. This means that all nodes are known at any given time, and malicious actors can deduce who to target, and when. In addition to this issue, there’s an internal conflict of interest that might arise within the node (known as collusion).
SupraOracles leans towards a multi-helix distributed ledger technology (MHL) structure that has two or more intersection blockchain strands. These blocks have divergent network configurations of node membership and blockchain transaction data. Having database shards or arbitrary logical partitions helps to improve on the project’s scalability and security features without compromising any network downtime.
SupraOracles: Ridding the Ecosystem of the Old Oracle Paradigm
The project focuses on bridging the gap between traditional capital markets and the Web 3.0 space. The Supra team wants to empower the developer community with a unique oracle toolset that can help them conveniently create, deploy, and manage data applications with unmatched agility, robustness, and performance.
To achieve this, SupraOracles’ computer science breakthrough went through an extensive and rigorous R&D for over three years. One of the pioneer tech features that passed this test is how Supra combines EVM-compatible cross-chain interoperability with external off-chain triggers that have 3-5 second refresh rates with full finality.
Such flagship features are creating a paradigm shift in data security that are yet to be matched by any other oracle project — SupraOracles is leading the charge to the next forefront of innovation in the oracle space, full speed ahead.
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