Singapore, Singapore--(Newsfile Corp. - November 29, 2021) - Ergo and Waves Enterprise have reached a cooperation since the beginning of November to bring an updated Oracle Pools framework to market. Waves Enterprise brings together enterprises, service providers, and decentralized applications in a trustless environment, utilizing the benefits of a public permissioned blockchain across a wide range of business use cases. Sidechains are used to build private- and hybrid- infrastructures to store metadata on the mainnet.
Ergo and Waves Enterprise Reach A Partnership to Build the Future of Oracle Pools
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The Ergo platform aims to provide an efficient, secure, and easy way to implement financial contracts that will be useful and survivable in the long term. This joint development opens the door to the possibility of Ergo's oracle data being usable across smart contracts and Dapps in both private and public blockchains.
Additionally, the Oracle Pool model allows for secure data aggregation in a decentralized environment and Ergo's research focuses on balancing the economic incentives for both actors and end-users, and efforts to refine the economic model to balance these incentives is currently in a testing phase.
Ergo is also working to optimize the bridge framework and timing of oracle data delivery in different environments, which will allow for flexible delivery which can be specified as needed, depending on the required use case. Waves Enterprise bridges this oracle data into the enterprise environment.
The future of business will be empowered by fault-tolerant smart contracts and distributed Infrastructure and Ergo's highly anticipated Oracle Pools offers a unique level of security, which is a mission-critical issue that must be resolved if DeFi is to see wider adoption.
The blockchain offers high-level security assurances and Oracles are currently the Achilles Heel in Defi, with single-source oracles creating a chokepoint that has shown vulnerability in multiple attacks, costing users hundreds of millions of dollars.
The engineering challenge facing developers is multi-chain broadcasting and both Ergo and Waves Enterprise are working together to build enterprise-grade Oracle Data that uses bridges between blockchains to broadcast into multiple ecosystems. The goal is to securely aggregate on-chain data and connect this data with on-chain contracts in a way that prevents manipulation: While Oracle Pool V1 was a new paradigm for decentralizing oracle data, V2 is optimizing that initial framework and plugging in a mechanism to broadcast data securely.
Waves Enterprise can bring this new framework to market and by doing so plug real-world businesses into a new, optimized model. The ultimate goal is to connect enterprise blockchains with hardened oracle data that provides high assurance data such as prices, quotations, and events for assets, both on and off-chain.
Decentralized finance and cryptocurrency markets have seen explosive growth over the last two years and, if this overall trend continues, the value that is potentially at risk increases as well. The nature of trust in distributed systems is built upon auditable, objective truth; and Oracle data, by nature, introduces the new security variable of subjective truth into these systems.
Since oracles are critical infrastructure controlling smart contacts, it makes little sense to build an enterprise-grade system with airtight internal security while external inputs are subjective and can be manipulated.
Oracle pools bring a new level of security to oracle data that is critical to the long-term sustainability of the rapidly growing DeFi sector, as well as the adoption of blockchain technology into corporate environments. It is therefore eminently sensible that large, flagship applications such as stablecoins, decentralized exchanges, and lending protocols would pay for key oracle pools for reliable on-chain data.
As Ergo expands its bridge infrastructure, on-chain data will be built into smart contracts in new Ecosystems, which will increase the accessibility of Ergo native data sources. Oracle pool research and development is happening in parallel to bridge infrastructure research and development. The new model is being designed to have sufficient flexibility to create customized oracle APIs for private enterprises and generate oracle data for public applications with security assumptions that will solve what is currently the biggest problem in DeFi.
With 2021 coming to its conclusion and 2022 just ahead on the horizon, Ergo's focus will be on the development of multiple bridges to other ecosystems, and the development of sidechains, thereby enabling the broadcasting of oracle information from the source chain (Ergo) across multiple ecosystems, rather than just from off-chain data point APIs. This will ultimately create a source of truth for oracle data.
The joint partnership between Ergo and Waves Enterprise is focused on bringing a product to market that has balanced incentives: The framework itself is solid, and additional testing is currently ongoing aiming at optimizing economical use cases for Oracle Pools inside Waves Enterprise's stack.
Both Ergo and Waves Enterprise see hardening oracle data as an area worth addressing as it is critical to the long-term viability of enterprise blockchains, DeFi, and many other sectors.
Media Contact
Ergo Platform
angie@ergoplatform.org
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