. What is Bridge Oracle (BRG)? Here is the Crypto Currency BRG Coin in All Details – In this article, What is Bridge Oracle (BRG)? We will answer the question and try to present the details of the project.
Bridge Oracle (BRG) Nedir?
Bridge Oracle, a Chainlink alternative and the first in the decentralized, high-performance and scalable Tron mainnet, is live after its launch on March 11.
Aiming to provide critical link turbo acceleration events on the Tron blockchain, the open source solution will for the first time provide external, vetted, reliable and leak-proof data to Tron-based dApps and smart contracts.
This idea is a milestone for Bridge Oracle, a year after it was first conceived in Q4 2019.
This will be possible as projects will extract data through various APIs and parsing aids such as XML, JSON, and HTML. Payment can be made in TRX or BRG – Bridge Oracle’s local currency.
For leak-proof data, the platform said it would also allow multiple proofs to verify the validity and authenticity of the data.
Types of Bridge Oracles
Specifically, there will be three categories of oracles in Bridge Oracle. The first would be a public oracle system that can be issued through a public API contract.
In this mode, the contract will “remove the requirements” from external data that the validity or proof of the data is not important to the end user.
The second is the Enterprise oracle system, which is customizable. This is possible through the respective Enterprise API agreement provided to organizations and private companies with detailed data that cannot be shared publicly. However, this data will be available to certain companies with access via the Bridge Oracle connection. All data requests will be injected exclusively by the source business.
Third, a decentralized oracle system available through a decentralized API contract is set up for platforms aiming to fully decentralize. Here, they would receive external data from a completely decentralized system provided by Bridge.
Generally, users trusting Bridge Oracle can pull different data forms. These include those from the Wolfram system, URLs, organizations and decentralized platforms.
DeFi Why A Decentralized Oracle: Lessons From Ethereum
Especially in DeFi, it is vital that a decentralized system has a robust, leak-proof and secure source of price resources to prevent exploits.
While DeFi currently sits over billions of dollars in Ethereum’s DeFi ecosystem, it may be sensible to have over $ 38 billion as of March 15.
This happens when individual projects cannot get price feeds from reliable, leak-proof external platforms.
Trusting a single DEX can be catastrophic, especially if the DEX is AMM-based and susceptible to hurdles and other advanced exploits performed via flash pools.
Therefore, the availability of powerful decentralized systems means that DeFi protocols operating in a low-cost environment in Tron can benefit from a reliable connection that ties to external trusted data fundamental to their operations.
The protocol has already said that it aims to integrate small businesses with their solutions through the Tron blockchain.
According to Bridge Oracle’s spokesperson, their goal is to reduce or even eliminate the cost of doing business, especially those related to product development. They added that joining the Tron network offers them a favorable environment for growth.
Bridge Oracle Roadmap
Bridge Oracle plans to launch enterprise oracle systems in 2021, receive data from various sources, and ensure compatibility with different social media platforms by mid-2021.
They will then provide various evidence for data accuracy in late 2021, before launching the decentralized oracle system in 2022.
Currently, the BRG token is ready to be traded in various Tron-based DEXs and DeFi protocols, including PoloniDEX, DigiFinex, Changelly, JustSwap, and more.
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