What is SupraOracles?

Project Overview and Airdrop Introduction

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Droppables XYZ
June 11, 2023

What is SupraOracles?

Project Overview and Airdrop Introduction

Highlights

  • 700m $SUPRA tokens will be airdropped to projects, node operators, and individuals.

  • Flagship project from Entropy Foundation.

  • Cross chain platform that allows for seamless integration between Web2 and Web3 applications with morereliable, more secure data.

  • Project has raised $20m USD from Coinbase Ventures, Hashed, and more.

  • Hundreds of major project partnerships.

  • Currently live on 30+ chains.

This article contains some affiliate links which may earn us a commission at no additional cost to you.

What is SupraOracles?

SupraOracles is a decentralised oracle network that provides secure, reliable, and tamper-proof data feeds to smart contracts on any blockchain.

What is an Oracle?

An oracle is a third-party service that connects smart contracts with the outside world. Smart contracts are pieces of code that run on the blockchain and can be used to automate transactions and agreements. Oracles provide smart contracts with access to real-world data, such as the price of oil, the weather forecast, or the outcome of a sporting event. This data can then be used to trigger smart contracts to execute.

For example, an oracle could be used to create a smart contract that automatically buys or sells Bitcoin when the price reaches a certain level. Or, an oracle could be used to create a smart contract that pays out insurance claims when a natural disaster occurs.

Oracles are an important part of the blockchain ecosystem because they allow smart contracts to access real-world data and become more useful and versatile.

Here are some of the benefits of using oracles:

  • Increased security: Oracles can help to improve the security of smart contracts by providing them with access to trusted data sources. This can help to prevent fraud and other malicious activities.

  • Increased efficiency: Oracles can help to improve the efficiency of smart contracts by automating the process of accessing and processing data. This can save time and money.

  • Increased flexibility: Oracles can help to increase the flexibility of smart contracts by allowing them to access a wider range of data sources. This can make smart contracts more useful for a wider range of applications.

However, there are also some challenges associated with using oracles known as the Oracle Dilemma:

  • Security: Oracles are a single point of failure, which means that if an oracle is compromised, it could potentially lead to the compromise of smart contracts that rely on it.

  • Cost: Oracles can be expensive, which can make them prohibitive for some use cases.

  • Accuracy: Oracles are only as good as the data sources they rely on. If the data sources are inaccurate, it could lead to inaccurate results in smart contracts.

Despite these challenges, oracles are a valuable tool that can be used to improve the security, efficiency, and flexibility of smart contracts. As the blockchain ecosystem continues to grow, oracles are likely to play an increasingly important role in the development of decentralised applications

What problem is it trying to solve?

Smart contracts are powerful tools that can be used to automate a wide variety of tasks. They are the foundation of decentralised applications (dApps). However, smart contracts are limited by their inability to access data from the real world. This is because smart contracts are deterministic, meaning that they can only be programmed to execute a specific set of instructions. This challenge is known as The Oracle Dilemma. This is where SupraOracles comes in. SupraOracles is a system of nodes and protocols that enable the connection of external data to the blockchain and create communication channels between multiple closed-loop systems.

SupraOracles solves the problem of data access for smart contracts by using a variety of techniques, including:

  • Decentralised oracle networks: SupraOracles uses a decentralised oracle network to aggregate data from a variety of sources. This ensures that the data is reliable and tamper-proof.

  • Verifiable random number generators (VRFs): SupraOracles uses VRFs to generate random numbers that are provably fair. This is essential for applications such as decentralised lotteries and fair launches.

  • State machine replication (SMR): SupraOracles DORA protocol uses SMR to ensure that the data feeds are highly resilient and efficient. This is essential for applications that require high-frequency data updates.

What the future could look like?

The SupraOracles VRF Service and DORA protocol have the potential to revolutionise the way that data is accessed and used in decentralised applications. As the DeFi, NFT, and gaming industries continue to grow, the demand for secure and reliable data feeds will only increase. SupraOracles is well-positioned to meet this demand and become a leading provider of oracle services for the decentralised economy.

By solving the problem of data access, SupraOracles is helping to make dApps more useful and valuable for a wider range of applications. This data can be used for a variety of purposes, such as:

  • Decentralised finance (DeFi): Smart contracts can use the SupraOracles VRF Service to generate random numbers for use in DeFi applications, such as fair launches and decentralised lotteries or securely access data from off-chain sources such as price feeds and market data.

  • Gaming: Smart contracts can use the SupraOracles VRF Service to generate random numbers for use in gaming applications, such as provably fair games and gambling.

  • Supply chain management: Smart contracts can use the SupraOracles VRF Service to generate random numbers for use in supply chain management applications, such as tracking the authenticity of products and ensuring that they are not counterfeit.

TLDR;

The SupraOracles VRF Service and DORA protocol are just two of the many ways that SupraOracles is helping to build the decentralised future. With its focus on security, reliability, and scalability, SupraOracles is well-positioned to become a leading provider of oracle services for the decentralised economy. As the adoption of blockchain technology continues to grow, we can expect to see SupraOracles' solutions play an increasingly important role in the development of decentralised applications. We can expect to see the SupraOracles network become a key infrastructure layer for the blockchain ecosystem.

Please note that investing in crypto carries a high level of risk and is speculative in nature. The content of this article should not be considered as a recommendation from Droppables or the author to invest in crypto. Droppables does not provide any guarantees regarding the accuracy or timeliness of the information presented in this article. It is important to consult with a qualified professional who can assess your specific circumstances before making any financial decisions.