The DeFi boom seems to be slowly cooling off and the crypto community is not surprised. In fact, just a few days back, Chainlink founder Sergey Nazarov himself had said that there is nothing unusual about the DeFi boom slowing down of late. But, what has taken the crypto community by shock is Justin Sun’s (founder of TRON blockchain) recent launch of Chainlink replica on TRON- just at a time when the DeFi wave seems to have reached a conclusion.
Named “JustLink”, Sun’s Chainlink replica is a decentralized oracle system based on the TRON network. Decentralized oracles are the lifeblood of DeFi applications. The DeFi applications operating on smart contracts need real-life verifiable data which smart contracts can’t access on their own. Decentralized oracles come to the rescue here by offering verifiable external world data to smart contracts so that DeFi applications can operate at their best.
Now, the crypto space is ruled by the concept of hype. As long as a concept would be trending, it would be calling for new developments. For example, Bitcoin is the undoubted numero uno name in the list of crypto tokens. But as altcoins started to gain traction, investors were seen rallying up to them in large numbers.
Similarly, when the DeFi boom was at its peak last summer, the digital asset world saw new developments coming up every now and then. But, now that the DeFi wave is slowing down, it’s little surprising that Sun would launch something pertinent to the concept of Decentralized Finance.
However, on a second thought, there is nothing much surprising about Sun’s unwavering interest in the DeFi ecosystem or the recent launch of JustLink for that matter. The dynamic TRON founder has always been transparent about his active interest in the concept of Decentralized Finance. In fact, TRON has previously released many replicas of DeFi applications operating on Ethereum. For example, the JustSwap exchange on TRON is the clone of the Uniswap DeFi exchange on Ethereum.
The introduction of Bridge Oracle on the TRON network is another factor that has further leveraged TRON’s participation in the DeFi ecosystem in recent times. Bridge oracle is TRON’s first ever dedicated public oracle and has been introduced on TRON to cater to smart contracts operating on the blockchain network.
As it’s a decentralized oracle, the Bridge oracle is able to access real-world data from multiple sources. These include URL, Complex URL, WolframAlpha and many more. It enables the oracle system to verify the data collected- something that’s not viable with centralized oracles. It’s to note here, Bridge oracle allows users to fetch both time-independent and time-dependent data, as per their specific needs. Moreover, the oracle system allows to add varied kinds of proof to establish the authenticity of data to be injected into smart contracts. In that light, Bridge oracle can always guarantee credible and tamper-proof data for best functioning of the DeFi applications operating on smart contracts.
Then, Bridge oracle supports three types of API contracts – public API, decentralized API and Enterprise API. The Enterprise API is especially for business organizations that need dedicated oracle data carriers to sell dedicated raw data.
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