Značka: Oracles

This oracle data provider platform has surpassed 4 million nodes since inception

Can a fully-functional oracle network ecosystem that anonymously collects and validates geospatial (location-specific) data exist? One blockchain firm seems to have gotten the gist of the idea. Founded in 2012, XY Labs and its namesake protocol XYO, which is built on the Ethereum blockchain, seek to reward participants for the genesis, interpretation, analysis, and storage of data to be called upon for specific problems. There are currently over 4 million nodes worldwide on the XYO network. In a recent ask-me-anything (AMA) session with Cointelegraph Markets Pro, Arie Trouw, founder of XY Labs, explained that fundamental to the XYO system is a special type of payload called BoundWitnesses. It contains a list of user-input data points that are signed by one or more nodes in the XYO network. They can be modified to include time, date, and location, and be signed by nodes as to reflect the certainty of the embedded data.”The job of an oracle is to provide an answer with as much certainty as possible. We use blockchain to memorialize these answers and provide transparency into the process of creating the solutions by linking to supporting data using immutable hashes.”To ensure security, BoundWitnesses only share the hashes of payloads while keeping the payloads themself private. Each node has its own blockchain, and with BoundWitnesses, those blockchains are linked together and, as a whole, provide one reflection of the imperfect data of reality. Since inception, over 77.4 million BoundWitnesses and 244.7 million payloads have been submitted to the XYO Main Net.Together with the firm’s COIN mobile application that rewards users for data collection and production and the XYO token as a payment channel, a fully-functional marketplace is born where users can exchange data for incentives. There are approximately 12 billion XYO tokens with no fixed supply. Factors such as token inflation and burn mechanisms will affect its supply-side tokenomics.Join Cointelegraph’s markets intelligence platform Markets Pro for an exclusive AMA with leading figures in the blockchain industry every week. 

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Chainlink Verifiable Random Function v2 goes live on mainnet

On Wednesday, blockchain oracle solution Chainlink (LINK) announced the release of Chainlink Verifiable Random Function, or VRF, v2. As told by its developers, the new, improved version of the random number generator can reduce transaction fees by 60% compared to v1. Randomness is a core component of making nonfungible tokens, or NFTs, and gaming applications fair and secure. On their own, blockchains and smart contracts cannot guarantee randomness, but rather require an oracle network to deliver such solutions on-chain.Since its launch, Chainlink VRF (v1) has become the most widely adopted random number generator solution in the blockchain industry, fulfilling more than 3 million request transactions and currently providing verifiable randomness to more than 2,200 unique smart contracts across multiple blockchain networks. Popular projects like Bored Ape Yacht Club, Axie Infinity, Ethercards, and more rely on Chainlink VRF for randomness. “It is only with verifiable, tamper-proof randomness that it becomes possible to securely mint NFTs and their attributes or ensure fair outcomes in blockchain-based games,” said Sergey Nazarov, co-founder of Chainlink.Chainlink VRF generates a random number and cryptographic proof of how that number was determined using a combination of unpredictable block data and an oracle’s private key with every new request. The cryptographic proof is then published and verified on the blockchain to prevent vulnerability and exploitation.In addition to being live on the Ethereum Mainnet, Chainlink Network plans for deployment onto additional blockchains such as Polygon and BNB. Major upgrades in v2 include enhanced subscription management, the ability to adjust gas limits, expanded block confirmations, and being able to request multiple random numbers in a single on-chain transaction.Aleksander Leonard Larsen, chief operating officer of Axie Infinity, commented:”Verifiable randomness solutions like Chainlink VRF v2 are essential for developers introducing entropy into on-chain gaming and NFT experiences, empowering them to create fair and tamper-proof play-to-earn games.”The Chainlink Network comprises independent oracle nodes and data providers such as Deutsche Telekom’s T-Systems, Swisscom, the Associated Press, and others. According to its developers, the network secured more than $75 billion worth of value across hundreds of applications and a dozen different blockchains at the end of 2021.

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