AMA with ADAMoracle, the new decentralized oracle service provider
At 19:00 on Mar 26th, 7 O’Clock Community welcomed its 60th guest, Adam, the developer of ADAM community
7 O’Clock Community is one of the largest DeFi Communities in the world. It is initiated originally by 7 O’Clock Capital founding members, blockchain industry experts and enthusiasts to share knowledge of DeFi, and accelerate the implementation of blockchain technology in the real world. The community now enjoys 1,000+ subgroups, and covers 20k + active members, with the spread and report of 150 blockchain industry media.
Q1: Oracle is known as one of the most significant inventions in recent years, what exactly is it?
Oracle can be interpreted as a person (or book) that can provide valuable information. In the blockchain field, oracle is actually a kind of one-way digital agent that can find and verify real-world data and submit the information to smart contracts in an encrypted way. The oracle is the bridge between the blockchain and the real world for data interaction, which is equivalent to a third-party data agent in the blockchain field.
Q2: The oracle is known as an essential infrastructure for blockchain applications, what problems can it solve exactly?
The biggest difference between Blockchain 2.0 and 1.0 is the addition of smart contracts.
Smart contracts, which can also be called executable scripts, are a kind of program that can reach a triggered state when the corresponding conditions are met. However, smart contracts receive data passively, and when the trigger condition of a smart contract depends on information outside the blockchain (such as weather data, flight data, securities market data, etc.), it is necessary to write that information into the blockchain record first.
The oracle is the perfect solution to the problem of “difficult to transfer data from off-chain to on-chain”. Owing to the emergence of the oracle, the real world data off the chain can be transferred to the chain on a large scale, which undoubtedly promotes the large-scale application of blockchain technology.
Q3: Blockchain technology is in a wide range of applications, is there a categorization of oracles? If so, into which categories can they be divided?
Of course. The oracles in the market can be roughly divided into the following types.
✔ Software oracle
This type of oracle obtains data from third-party service providers or websites through APIs, and uses it as input data for smart contracts. The most common ones are weather data, flight data, stock market data, etc.
This type of oracle is usually illustrated as a data collector in the Internet of Things, which can digitize the results of events in the physical world and send them to smart contracts, and can be used to track the transportation of goods in the supply chain.
✔ Consensus-based oracle
This type of oracle distinguishes itself from the centralized nature of the previous two types of oracles and is often also referred to as a decentralized oracle. This type of prophecy machine votes through distributed participants and then gives the final data or informational results based on consensus.
Overall, regardless of the type of oracle, the core of oracle is to ensure the reliability of the information it delivers.
Q4: What type of oracle does ADAMoracle belong to and what is its positioning?
ADAMoracle belongs to the decentralized oracle web service facility, and is also the middleware that connects real-world data with blockchain systems, provides standardized solutions for many application scenarios, and enables seamless interaction with services outside the blockchain.
The birth of ADAMoracle will provide comprehensive tools and data for smart contract developers on the chain, and provide a more secure and extremely convenient solution for smart contract developers on the oracle.
Q5: What application scenarios is ADAMoracle applicable to?
ADAMoracle will realize scenario applications in many fields in the future, including finance, insurance, gaming, Internet of Things and other trillion-dollar scale markets.
Q6: The core of the oracle is to ensure the reliability of the transmitted information, how does ADAMoracle achieve this?
To understand this question, you must first understand how ADAMoracle works.
The working principle of ADAMoracle mainly includes economic model, collateral assets, verification system, reputation system, authentication system, trusted hardware and other various ways to guarantee the security of the data, and after the aggregation and processing of the oracle, it makes the data available and meaningful for use by the blockchain.
Multiple external data sources ensure the decentralized nature of data access, while guaranteeing the integrity and authenticity of the data source under the premise that most nodes will work properly for their own benefit. By doing so, the ADAMoracle embraces a better degree of decentralization, more authentic data, greater stability, and a higher cost of attack.
Q7: There are many kinds of oracles in the current market, and Chainlink accounts for almost half of the market, in this case, why do we still choose ADAMoracle?
1. The oracle belongs to the immediate market demand and has a broad application scenario.
2. During the industry dividend period, the overall average rise of the cryptocurrency market in a year is more than 10 times.
3. The main oracle products in the market are most opaque, inconsistent, inaccurate and difficult to scale, etc.
4. Recently, ADAMoracle, the first decentralized oracle on OKExChain, has officially received a strategic investment of USD 1 million from top investment institutions such as CollinStar Capital, Consensus Lab, BTX Capital, 7 O’Clock Capital, MCS Capital, YottaFund, Red Chain Capital, etc.
5. ADAMoracle has its own unique advantages.
Q8: What’s the future plan of ADAMoracle?
Roadmap of 2021:
Late March, official launch on ADAMorad
April, voting system goes on line
May, the node selection to be opened
June, community governance function to be opened
July, cross-chain function goes on line
August, globalized data source ecosystem building
Q9: Will ADAMoracle issue tokens?
Total volume: 100 million
50%, mining output
14%, community governance
16%, early fundraising
10%, team operation
5%, community operation
How to contact ADAMoracle?
Risk Warning: all articles of 7 O’Clock are not to be adopted as investment advice or reference. Investment has risks. So please be cautious.