Web 3.0 is pioneering decentralized and independent architecture. However, at present, we still live in a world where most information is aggregated and comes from more centralized sources still firmly in the real world or Web 2.0. This information is essential to achieving the full potential of Web 3.0, as many smart contracts rely on this information to execute. So, crypto markets and decentralized finance projects require flawless oracles to transfer this data to Web 3.0. Simultaneously, information needs to be bridged between various chains; this is equally important to creating a new and robust ecosystem.
Right now, cross-chain data is transferred via wrapped token technology. While this has opened up new uses, it is not the best solution. Wrapped tokens are not always safely transferred, a concerning issue that needs to be addressed.
SupraOracles is helping to develop these solutions. Supra is a cross-chain and decentralized oracle solution which provides off-chain data to on-chain smart contracts across Web 3.0. This oracle solution provides reliable, real-time data transport from the real world onto blockchain smart contracts, with instant access to this data on all major blockchain ecosystems.
DeFi Projects Reach a New Level with Cross-Chain Oracles
SupraOracles is a DeFi oracle providing real-world data for the cryptosphere’s needs. This technology is commonly used in DeFi, but SupraOracles provides a more robust service that aims to expand on the capabilities of an oracle platform compared to the currently available options.
Existing oracles often provide inaccurate information, leading to miscommunication and incorrect prices. Currently, it takes a couple of minutes for an oracle to process data before it is transferred to on-chain smart contracts. SupraOracles is able to process the same data in a fraction of the time — 3-5 seconds — without any degradation in security or service. The flaws of existing oracles, along with other miscommunication and security issues, allegedly cost this “super industry” billions of dollars, rendering this an important upgrade.
A use case showing how fast SupraOracles is found in the live betting industry. In live betting, seconds are essential, determining whether you win or lose tremendous amounts. Centralized betting platforms have no issues because they use direct information exchange between the users and the system. This is more complicated when done on a decentralized blockchain.
Betting on a decentralized platform relies on a smart contract, which is relatively fast with existing technology. The complicated part is providing the live results from, say, a sports game, as most oracles are too slow. Fast oracles allow results and scoring to be potentially front-run, which is the cause of some of the multi-billion dollar losses in DeFi.
Live betting, therefore, is nearly impossible on decentralized platforms, as seconds can be the deciding factor in making the right bet and winning. Since oracles often need minutes to pass the information on, gamblers will know the results of a game before the oracles place that information on the chain. That makes live betting useless, or easy to rig on decentralized platforms.
With SupraOracles, though, live betting can occur with the same accuracy as on centralized platforms. With near real-time updates needed for data to be relayed from the real world to the chain, betting with your crypto assets is possible.
Safe Data Transport, Ever More Important
Oracles in their present state remain a weak link in crypto markets. Oracle manipulation is a common hacking method, used to alter information to the hacker’s benefit. Safe data transport is of utmost importance, but currently, this is still easily intercepted by experienced hackers.
Oracle hacks and data altering have cost DeFi exchange platforms and other protocols over $1.4 billion in the past year alone. As the industry grows and more transactions are processed, oracles will be the target of even more attacks. It is essential that oracles keep pace with the rest of the industry to make DeFi protocols, and their users, fully secured. SupraOracles is at the forefront of this push, already designed to be nearly impossible to hack. Information processed through these oracles is thousands of times safer than the current industry standard.
SupraOracles uses the new “UnityChain” — a Multi-Helix distributed ledger relying on parallel processing technology, threshold cryptography, and random sampling — making this oracle much harder to breach. Real-world data is accurately and securely transferred to all major chains in seconds with SupraOracles, which is exactly what the industry — and users — need.
Seamless Cross-Chain Asset Movement
SupraOracles has already partnered with major companies in the blockchain and finance industries at large. Names such as IBM, Ethereum, Tezos, Polygon, HyperSphere, Mastercard, Advantech, and many others are exploring new ways to bring Web 3.0 technologies to the masses. These partnerships have enabled SupraOracles to develop seamless asset movement across various blockchains, platforms, and DeFi protocols by working directly with some of the greatest minds in the industry.
To make digital asset exchange truly seamless, safe, and smooth, SupraOracles uses an algorithmic stablecoin. This algo-stable coin will allow zero-slippage during cross-chain swaps, provide lower fees — especially compared to other oracle solutions, — and enhance efficiency, making the process easy even for those who are not crypto experts.
Oracles are an essential part of Web 3.0. But, many current solutions leave much to be desired — not only in functionality but also in security. SupraOracles has stepped up to the plate, seeking to address these issues and develop a decentralized, cross-chain solution for seamless and secure data transfer.