2020-10-31 10:58 |
The TRON network just got its first blockchain oracle, JustLink. The project — a decentralized oracle developed by JUST Foundation — recently went live, and it will allow exploration of potential blockchain applications deeper into the off-chain data.
TRON’s first oracle sees its launchThe DeFi sector has skyrocketed in 2020, not only when it comes to the number of projects, but also interest from investors, and even prices of the emerging tokens.
This new trend has taken the crypto world by storm. Thanks to oracle networks, such as the newly-launched JustLink, smart contracts will no longer be limited by its inability to access data from outside systems.
To put it quite simply, oracles are a one-way digital proxy, that can request and verify data from the real world. This data can then be introduced to smart contracts in its encrypted form.
Why did TRON need a decentralized oracle?One issue with oracles is that the large majority of them are centralized, and using them would expose smart contracts to a single point of failure. All the benefits that come from decentralized smart contracts would therefore be compromised and possibly nullified.
This is why the JUST Foundation decided to create JustLink — a decentralized oracle built on the TRON network. Since it is decentralized, JustLink removes the risk that comes from the use of centralized oracles, while keeping all the benefits.
Basically, JustLink is TRON’s version of Chainlink. The project also arrives just in time, as the demand for external data within TRON smart contracts is growing. Furthermore, JustLink is also a safer, more convenient option for developers. They will be able to deploy a greater variety of dApps.
Lastly, the TRON ecosystem will benefit from this, as well. It will be able to expand exponentially thanks to this new contact to the world outside of its own ecosystem, and further fuel the growth of its own projects.
The post TRON goes to off-chain data thanks to new JustLink oracle appeared first on Invezz.
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