Kaiko, a supplier of institutional-grade cryptocurrency market data, today announced a collaboration with Algoracle, the very first native oracle service on the Algorand blockchain. Kaiko’s cryptocurrency market data will be integrated with Algoracle’s decentralized oracle network, available for usage in clever contracts.
Decentralized oracles play a significant function in the DeFi economy, and robust oracles are the key to the development of a blockchain such as Algorand. Oracles allow real-world data to be utilized in clever agreements on a blockchain, a requirement for performing monetary procedures that depend on external rate data.
Kaiko + Algoracle
Even though layered clever contracts can be powerful tools, they are still limited to the info provided on the blockchain from which they are built upon.
When Algoracle completes its decentralized oracle facilities, Algorand-based applications will be able to sign up for Kaiko’s rich suite of cryptocurrency data offerings for usage in smart contracts.
Algoracle is building a decentralized oracle network on the Algorand blockchain. Algoracle started as a winner in Encode’s Algorand fall hackathon, prior to going on to get the Algorand foundation’s Price Oracle Supa Grant to build out the service.
“We believe information suppliers must have the ability to provide their services directly to Algorand based applications, and we are excited to start checking the facilities to permit institutional-grade suppliers like Kaiko to connect with Algorand applications.”
– – Algoracle CEO, Abdul Osman
Algoracle hyper focuses on keeping accurate and current real-world data on a clever agreement with as little infrastructure as possible (enough to move information and protect the system). To make sure the information is completely decentralized, Algoracle keeps the collection and aggregation systems as decentralized as possible.
More info on Algoracle’s architecture can be found in its latest whitepaper.
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