ORAO, a data-agnostic oracle network that supports multiple blockchains, has partnered with TRON to launch general data products on the popular TRX blockchain protocol.
It is our pleasure to announce that we have partnered with TRON Network to provide general and cross-chain data to TRON. ?? Read more in our official announcement! https://t.co/vCkNenqFrw
— ORAO (@OraoNetwork) May 10, 2021
This collaboration is aimed at eliminating the limitations of smart contracts to interact directly with off-chain data. This is where the ORAO blockchain oracles come into play, creating their own gateways to connect to the chains they see demand for.
This strategic alliance is built on a common idea, Oracle’s current solutions are mostly centralized, which exposes smart contracts to the risk that a single malfunction or failure can lead to the shutdown of the entire system. This possible single point of failure jeopardizes the benefits promised by the decentralized nature of these protocols.
Taking advantage of the recent TRON boom, ORAO aims to fix the inefficiency of oracles in the market, which can detect problems and punish data providers only after their incorrect data has already been delivered and executed on blockchain. ORAO shared data oracles will provide external, verified, reliable, and tamper-proof data for dApps and Tron-based smart contracts.
ORAO also allows to use multiple proofs to verify the authenticity of the data to make sure that it is trustworthy, providing proactive evaluation and computational capabilities in an easy-to-use manner.
The partnership is also important for TRON, as it expands the scope of data that can be accessed for applications and smart contracts deployed in their ecosystem.
About this fruitful partnership, TRON CEO Justin Sun said:
“DeFi and cryptocurrency should not be limited to high net worth portfolios that can afford pricing in an overload environment. We are seeing a growing trend of many leading Ethereum projects switching to TRON. We are very pleased that ORAO has joined the TRON network and has gained the benefits of a fast, affordable and flexible network.”
Nikola Strahia, founder of ORAO, added:
“One of ORAO’s main strengths is our pre-defined data protocols, which significantly expand the range of data products that vendors can offer. However, while they provide fantastic flexibility, the fact remains that many of the information products they support will not be economically viable on a platform that is mired in congestion issues. TRON is rapidly becoming a powerhouse in the market, and we are excited to work with them to make our services available on a network that is accessible to everyone.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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