What is SupraOracles?
SupraOracles enables faster, more accurate, and secure off-chain data. SupraOracles’ innovative Tribes and Clans concept, along with parallel processing, ensures true decentralisation and provides 3-5 seconds of full finality. Dapps can apply for the Supra Network Activate Programme (SNAP), which aims to enhance top Web3 projects with free Oracle services, VRF/RNG, and technical support.
History of SupraOracles
In 2018, the Entropy Foundation was established with the ambitious goal of enhancing the capabilities of smart contracts and oracles. The foundation is steadfastly committed to extensive research and a rigorous academic process because it has an academic mindset.
From initial brainstorming sessions to actual implementation, the foundation has assembled a team of top-notch minds to bring its vision to life. After conducting surveys with over 190 teams to gather their insights on the ideal Oracle, the Entropy Foundation learned invaluable lessons.
SupraOracles was developed with these insights in mind, focusing on the essential features and design elements needed to surpass the competition. The result is a world-class product that sets a new standard for cross-chain oracles, exceeding typical expectations and delivering exceptional performance.
Features of SupraOracles
1. Security/Decentralisation
SupraOracles distributes nodes across regions and uses solid consensus processes for security and decentralisation. This assures that its oracles offer accurate, tamper-proof, and attack-resistant data.
2. Auditability and Data Provenance
SupraOracles prioritises transparency. Data provenance and auditability are highlighted on the platform, providing a clear history of data. Users can verify its oracles’ legitimacy and integrity.
3. Cost-effective and predictable budgeting
Cost efficiency is important to SupraOracles. It offers low, predictable pricing for high-quality oracle services by optimising its infrastructure and using innovative technology.
4. High-performance and scalable
SupraOracles’ 1-second block time and 3–5-second finality make it fast and scalable. It processes 526,000 transactions per second (TPS) and finishes in 2.5 seconds, making it perfect for DeFi, gaming, and IoT applications that need real-time data streams.
5. Support Multiple Blockchains
A multi-blockchain oracle network, SupraOracles supports Ethereum, Solana, and Cardano. It supports APIs, IoT devices, and traditional financial markets, making it suitable for dApps and DeFi projects.
Competitors to SupraOracles
SupraOracles competes with other Oracle network providers. Here are some notable competitors:
Band Protocol
Band Protocol connects smart contracts to real-world data and APIs via cross-chain data oracle. It promotes decentralisation and safe data feeds for blockchain applications.
ChainLink
ChainLink is a famous Oracle network. Connects smart contracts to real-world data, events, and payments. ChainLink’s decentralised oracle network secures, verifies, and prevents data modification. It’s popular in DeFi and supports several use cases.
Witnet
A decentralised oracle network, Witnet connects smart contracts to real-world data. Its decentralised system assures data integrity and provides dependable blockchain data feeds. Witnet intends to give smart contracts accurate, tamper-proof data.
What problem is it trying to solve?
Decentralized apps (dApps) are built on smart contracts, which provide task automation for a variety of jobs. However, a major obstacle that hinders their potential is that they cannot access real-world data. Because smart contracts are deterministic and can only carry out predetermined instructions without external input, they face a constraint known as the Oracle Dilemma. Fortunately, SupraOracles is addressing this significant issue.
To elaborate, a complex network of nodes and protocols called SupraOracles was created to close the communication gap between blockchains and outside data sources. Consequently, this is how it addresses the issue of smart contract data access:
Decentralised Oracle Networks:
To collect data from many sources, SupraOracles uses a decentralised Oracle network. This decentralised approach ensures the reliability and impenetrability of the data, which is essential for smart contracts’ integrity.
Verifiable Random Number Generators (VRFs):
SupraOracles generates provably fair random numbers via VRFs. For applications where faith in the unpredictability and fairness of outcomes is essential, such as decentralised lotteries and fair launches, this is vital.
State Machine Replication (SMR):
The SupraOracles DORA protocol makes use of SMR to deliver extremely dependable and effective data feeds. This is especially crucial for apps that need accurate and frequent data updates to function properly.
Conclusion
A next-generation oracle called SupraOracles solves the main issues with conventional oracles, including speed, dependability, decentralization, and security. Moreover, it can support different blockchains and data sources. Additionally, it offers a flexible and scalable oracle network for a variety of applications, such as DeFi, gaming, and IoT.
Furthermore, SupraOracles, with its special characteristics and powers, is going to be a major player in the growth of the Web3 ecosystem. Consequently, it is in a good position to provide dApps with the dependable and secure data flows they require to operate at peak efficiency.
