An oracle system has launched on Binance Smart Chain — enhancing DApps by allowing smart contracts to access real-world data.
An oracle system has launched on Binance Smart Chain — enabling developers to create DApps and decentralized autonomous organizations that are fueled by real-world data.
Bridge Oracle, which first made its debut on Tron, says the expansion of its easy-to-use infrastructure is a significant milestone. Now, a diverse range of data sources can be integrated into smart contracts — boosting their utility immeasurably.
Data can be fetched using HTTP and HTTPS requests, or through the computational knowledge of WolframAlpha. Oracles can be used to generate random numbers, and this infrastructure also paves the way for enterprises to integrate blockchain technology into their company’s operations.
Solving a major problem
Smart contracts have been touted as an effective way of transforming the way that businesses around the world operate. Meanwhile, DAOs are set to ensure that a series of jobs can be automated, allowing companies to operate in a truly decentralized fashion. However, a big stumbling block lies in how smart contracts cannot access external data without the use of an oracle.
Upon launch, Bridge was described as “the first-ever dedicated public oracle system” on the Tron network. The rollout to Binance Smart Chain is set to introduce this infrastructure to a whole new cross-section of developers. BSC has become a popular blockchain owing to how it offers much lower transaction fees than the likes of Ethereum.
Developers who use Bridge Oracle’s infrastructure on BSC will be able to make payments using BNB tokens — and a fun animated video announcing the news on Twitter has caused a splash, generating 1,800 retweets and 9,700 likes.
In a recent AMA on Telegram, Bridge Oracle’s CEO Sina Estavi revealed that his team had initially been motivated to build on Tron because of the high gas fees seen on Ethereum. After developing a DApp on this blockchain, they subsequently realized that there was a lack of a public oracle system that could infuse data from external resources.
He went on to provide a powerful example of how smart contracts can be useful. If a business wants to promote a video, they can establish a smart contract with an influencer — and make a payment based on the number of views that the clip receives. The exact number can be hard-wired into the contract, and Bridge’s oracle system can be used to verify whether the terms of the agreement were met.
Estavi also confirmed that Bridge Oracle is working to ensure that every piece of data that is injected into smart contracts is authentic and not tampered with. Experienced developers are currently working on potential solutions.
Looking ahead, he revealed that his platform will also serve as a bridge that ensures Tron network tokens can be transferred to Binance Smart Chain — and a number of other new features are also in the works at present.
“Bridge Oracle aims to connect real-world data with the blockchain, and a blockchain with other blockchains. Connectivity is the best word to describe this project,” he added.