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Is 2020 the Year TRON Smart Contracts Come of Age?

Smart Contract Oracle Solutions: the New Herald of Crypto Fundraising

With smart contracts and DeFi gaining traction in droves, and the numbers of new entrants into the ecosystem growing, the smart contract revolution appears to be kicking into gear this year. 

 

Recent fundraising successes which bucked the trend of failing token sales in recent years suggest that investors are now looking to projects that seek the remaining piece of the puzzle in functional smart contracts.

 

This week’s 6-hour sellout of the $8,000,000 Bridge Oracle IEO, TRON’s first oracle solution, serves as an example, having tackled directly the problem of injecting reliable, objective and accurate data that most smart contract implementations lack. Not to mention, the project is a TRON first, meaning the network is now empowered to take on the DeFi revolution head-first.

 

TRON is one of the largest blockchain networks that has been specifically coded for speed, reliability, and scalability. The characteristics make it an ideal blockchain for creating and executing smart contracts. With the total value of locked money in DeFi now crossing the USD 8 billion mark, the use of smart contracts is on the rise at unprecedented rates, putting emphasis on how important these digital pacts have become.

 

For TRON, this means a boom. However, like all smart contract platforms, the lack of a public oracle database made it difficult to fulfill the promise of full trustlessness, at least, before Bridge Oracle.

 

Making Data Reliable

Smart contracts are paperless agreements between different parties that are digitally locked and the coding ensures that the terms are honored. The first party that commissions the work and has to pay out, locks up the agreed amount in the smart contract. The value locked in the contract is then out of the hands of both parties, giving assurance to the receiving one that the first party now cannot back out. 

 

As per the agreement, the locked amount can be released in batches upon agreed goals completion to the second party, or completely in one move when the contract agreements have been fulfilled. The first party is also confident that unless the agreed objectives are complete, the receiving party cannot take away the funds. This makes smart contracts trustless and non-custodial in nature, giving both sides a peace of mind.

 

However, there is one shortcoming. For the locked value to be released, the smart contract needs certain inputs. The data can be entered from both parties, with one claiming an objective or target achieved and the other verifying it. What if there is a dispute or the data itself is not accurate? Pandora’s box still wasn’t quite shut.

 

Bridge: Future Solution, Now

Oracles are now hot in development, especially in 2020, with scripts feeding into transparent yet intact publicly available and reliable data to ensure that information fed into the agreements is accurate and without any tampering, giving smart contracts reliability never before seen. From their recent $8,000,000 IEO, to their incredible development plan, Bridge Oracle looks to revolutionise the execution of smart contracts across the board. Some of the features of the nascent project include:

  • Data Transparency: Oracle data that is public, ensuring that it is accurate and not manipulated.
  • Multi Sourced: Different data sets are available, giving smart contract parties the option to select a source that is most relevant to their agreements.
  • Oracle Marketplace: Organizations and firms can upload their data on the oracle and monetize it. In Bridge’s case, exchanging it for in-house BRG tokens

 

Bridge Advisor Mate Tokay is one who has publicly acknowledged the efforts to solve this long-standing smart contract problem. The Bitcoin.com co-founder said one issue was to make such a solution accessible to all businesses, removing the additional hurdle of prohibitive cost:

 

“Accessing external data for smart contracts will be made easy using the Bridge Oracle. It will help with making smart contracts used by more and more businesses.”

 

Others like TRON influencer Mike McCarthy and The Currency Analytics CEO Sydney Ifergan have also lent their advisory clout to Bridge, demonstrating that such solutions are attracting interest from a wider segment of industry players.

 

The business coverage in mainstream media like Forbes and Capital Bay News has been equally enthusiastic, with commentators agreeing that the much-needed bridge from the real world to smart contract blockchain platforms may finally be ready. And the players from multiple sectors and industries across finance, banking, insurance, health and logistics will surely be lining up to cross that bridge and use smart contracts for cost efficiency and transparency.

 

Of course, much work needs to be done still to perfect the solution for a fully trustless oracle system for smart contract use, and all eyes will be on the likes of Bridge Oracle, whose mainnet is due in the next quarter of the year. For now, volume on its native BRG token is already picking up on the open market where it is listed on bw.com and Digifinex, suggesting that retail investors as well are betting on the future of oracle-enabled smart contracts.

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Bridge.link Brings TRON’s First Oracle System, with BW IEO Launching on 15th September

Bitcoin Press Release: The Bridge Oracle IEO launches in just eleven days on September 15th on BW.com, kicking off the introduction of TRON network’s first Oracle System as blockchain smart contracts gear up for mainstream adoption.

 

8th September 2020, Kuala Lumpur, Malaysia – The TRON protocol is ready to launch its first Oracle System, courtesy of Bridge Oracle, taking it one step closer to its ultimate goal of decentralizing the Web.

 

Solving the Authentic Data Problem

In the early years following Bitcoin’s rise as a cryptographically secure and decentralized form of money, developers and economists turned their attention to the programmability aspect of digital currency.

The idea of using ‘smart contracts’ to do this, most notably by Ethereum, sought to use code to regulate the social interactions that individuals and organizations —  employer and employee, and issuer and receiver, for example — conducted among themselves in the same decentralized manner that blockchain ideals promoted. Trust shifted from people, authorities and organizations, to code, with participants coordinating among themselves.

However, if information sent to smart contracts must be provided by the network itself, the challenge is to apply this to real world scenarios. This is because the information governing smart contracts are controlled by entities who conduct this flow of information from real-world sources to the smart contracts. These are traditionally singular or centralized authorities, whose data can still be easily tampered with. The solution? Oracles that can reconcile this data source with the decentralized and trustless proposition of a smart contract platform like TRON.

 

Bridge Oracle’s Role in A Shift to Decentralization

For Bridge Oracle, smart contract networks need to be fed objective and accurate data, serving up opportunities for enterprises and even governments to offer Oracle verification services and hyper secure and decentralized oracle networks to regulate information. 

The end result? Trustless smart contracts that establish, govern and execute agreements based on “perfect” data conditions.

 

Ready for the Real World

Bridge’s Oracle is built for the real world. It is the first ever dedicated public oracle technology on TRON network which is developed to provide the ability of accessing external data for ordinary users’ smart contracts.

There are many real-world demands that are ready to use these smart contract solutions but are not, simply because there is no Oracle solution. Smart contracts would be able to replace, among many other examples:

  1. Payment upon service delivery. For example, if paying a promoter to show content to a fixed number of viewers, the contract can determine accurate data that proves the content has received the required number of legitimate views, then pay out the agreed sum to the promoter. This solves disputes in where marketers have to trust that service buyers will pay out, and service buyers have to trust marketers to deliver legitimate views.
  2. Insurance claims. Using oracles to access IoT data feeds, for example, from a fire tracking system in a building, accurate data on fire and damage can be injected into a smart contract to precisely calculate and pay out compensation to the policy holder.
  3. Shipping and tracking. In the age of online shopping, consumer use of shipping and tracking services has become increasingly demanding. Traditional services suffer from shortcoming such as delayed data, wrong data and missed payments. A smart contract that is fed Oracle-verified data can accurately keep track of delivery, releasing payments to merchants and deliverers.

 

The Bridge IEO: Backed by Industry Proponents

Bridge Oracle is led by CEO Hakan Estavi, an early investor in blockchain technology. Its key development team includes Keyvan Abedi, a pioneer of DAO, dApp, smart contract and Solidity.

It has already received the backing of institutional investors, and has successfully fundraised through a fully-subscribed private sale. It has attracted the interests of key blockchain advocates in the space, with the likes of Bitcoin.com CEO Mate Tokay, Media heavyweight Sydney Ifergan, TRON stalwart and beta tester extraordinaire Mike McCarthy backing the company as Advisors. This gives the project the very best technical guidance in terms of smart contract feasibility and blockchain advocacy.

To ensure wider access to the masses, Bridge Oracle has decided to open a limited IEO for the Bridge token (BRG) on September 15th, 2020 on the BW.com platform, with confirmed listings on BW.com, Digifinex and Justswap. Additionally, BRG is listed on Klever, TronWallet, and TronLink wallets.

 

Save the date, 15th September, to take part in the Bridge Oracle IEO and claim your share of the future of smart contracting in the real world.

 

Learn more about Bridge Oracle advanced DeFi protocol: https://bridge.link/ 

Read the technical whitepaper at: https://bridge.link/Bridge_White_Paper.pdf

Join the official Bridge Oracle Telegram channel: https://t.me/bridge_oracle 

Follow on Twitter – https://twitter.com/bridge_oracle 

 

Media Contact Info

Contact Name: Hakan Estavi

Contact Email: Estavi@bridge.link

 

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Bridge Oracle is the sole source of this information. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

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