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A new Cardano-based project takes a different approach than Chainlink for data oracles

August 29, 2020

Cardano (ADA) enters the world of data oracles in preparation for the Goguen era that will expand the functionality of smart contracts. a different approach than Chainlink. The first oracles are developed in collaboration with EMURGO, one of the companies in the Cardano ecosystem and Ergo (ERG). The first two oracles are implemented in Ergo and provide price information for the two trading pairs: ADA / USD and ERG / SD.

The new model features Oracle Pools (groups of oracles) that are able to promote good behavior and prevent bad behavior. The main developer of Ergo, Alexander Chepurnoy, he told Cointelegraph that the idea implies that key players in the DeFi ecosystem donate money to oracle groups they deem useful. The data providers are then compensated with group funds.

The model also allows data providers to stack funds as collateral. If a data provider feeds in poor quality data, it may be because of their involvement “fined”. not how Chain link, that introduced LINK token as a payment mechanism similar to gas, The new model is independent of cryptocurrencies.

A new Cardano-based project takes a different approach than Chainlink for data oraclesA new Cardano-based project takes a different approach than Chainlink for data oracles

Speculation started when Cardano founder Charles Hoskinson tweeted about a conversation with Chainalink co-founder Sergey Nazarov. Some hoped that an announcement about Cardano’s integration into the Chainlink oracle would be made soon. So far, however, these rumors have not materialized. Cardano is probably not in a hurry since oracles are of little use prior to the Goguen era. At the same time, you have time to test the oracle infrastructure that was developed in-house.

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