🥁Ta-da! The long-waited report on #Oracle from IOSG is here! Fresh-baked still searing! Let's unveil it together!
🧶Enjoy your threads
#IOSGResearch
@BigFoxKo
📍pdf.iosg.vc/IOSG_Research_…
/1 What is oracle❓
Oracle is the bridge and window of on-chain and off-chain data and the aggregator of real world elements like data, info, asset, credit. In short, oracle is a middleware providing real-world data services for blockchain projects.
/2 Why significant❓
Oracle can be essentially referred to as the “trust-maintenance machine”. More trust is needed to be fed in from the oracle and the vast majority of blockchain projects cannot survive without oracles because it will directly make them blind.
/3 Types of Oracle ❓
In terms of format, oracles can be classified as software oracle, hardware oracle, centralized oracle and decentralized oracle:
a) Software Oracle
b) Hardware Oracle
c) Centralized Oracle
d) Decentralized Oracle
/4 What's the difference between Centralized & Decentralized Oracle ❓
/5 How to categorize the oracle solutions❓
a) Function-wise: credit oracles, privacy oracles, optimistic oracles, NFT oracles, etc.
b) Source-wise: first-party oracle, third-party oracle, etc.
c) Process-wise: game theory-based oracles, reputation-based oracles, etc.
/6 Case Study❗
We picked four reputable oracle solutions to have a deep dive, which are: @chainlink , @PythNetwork , @API3DAO and @BandProtocol. And here's the comparison table:
/7 Application Scenarios❓
To better demonstrate the immense potential of oracle in future web3 world, we briefly illustrate here with a few examples:
/8 DeFi❗
Though nowadays native cryptocurrency and stable coins are the mainstream in DeFi, predictably a novel market based tokenized real-world assets will be more and more appealing. Also, another emerging usecase of oracle in DeFi is the fair sequencing.
/9 NFT & GameFi❗
The NFT issuing mechanism and gamefi user experiences can also be enhanced significantly by the adoption of oracle. A typical usecase is the generation of verifiable random numbers based on the off-chain external data.
/10 SocialFi & DAO❗
Oracle can also act as a DID tool in application scenarios of socialfi and DAO. For example, by integrating off-chain information via oracle, DAO admins can issue the corresponding POAP and certify the competence qualifications of members.
/11 L0❗
The layer 0 endpoints services of Chainlink called Cross-Chain Interoperability Protocol (CCIP) , which is poised to be a messaging router to provide a universal, open standard for developers to build secure services and applications.
/12
There is a certainty that we need data from off-chain more than we need data from the on-chain world. We believe oracle will play a crucial role in the whole Web3 narrative as long as the off-chain data is still valuable to us.
#NFT #SocialFi #DAO #DID #POAP #CCIP #layer0
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