Monday, September 27, 2021
Home Crypto News Market Tron And Orao Network Team Up On Data Oracle Service

Tron And Orao Network Team Up On Data Oracle Service

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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.


 

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.”

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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