OIG Partners with DotOracle:
Polkadot’s Realtime Decentralized Oracle and Cross-Chain Liquidity Network!
OIG is proud to announce our new partnership with DotOracle, the decentralized network that connects the real world with the Polkadot ecosystem. Polkadot revolutionized the blockchain by enabling interoperability between a large variety of blockchains and the transfer of any type of digital asset, not just tokens. Now they are launching DotOracle, an oracle service that we’re excited to unveil and experience! Today, we want to highlight DotOracle’s technology and then touch briefly on their security measures to give you a little taste of what’s to come!
DotOracle Technology:
DotOracle is a DeFI network connecting the real world to the Polkadot ecosystem through their oracle service which transfers real world information to Polkadot in real time. DotOracle’s goal is to create and develop a liquidity network that will enable the transfer of digital assets between Polkadot and other smart contract platforms such as Etherium. DotOracle plans on implementing the following techniques to achieve their goal:
- Practical Byzantine Fault Tolerance (PBFT) distributed consensus protocol
- Optimization with the Elliptic Curve (EC) Multi-signature scheme
- Transparency, MoonBeam Polkadot integration
DotOracle is also the first DeFi, non-custodial liquidity bridge, (non-custodial due to their use of Elliptic Curve (EC) Multi-signature scheme). Their objective is the quick, secure and decentralized transfer of digital assets to and from MoonBeam Polkadot and Etherium. The additional benefit to DotOracle’s creation, is that traders with smaller digital assets will have more liquidity with lower fees, (SOMETHING WE CAN ALL APPRECIATE)! Now, let’s take a look at DotOracle’s security.
Dot Oracle’s Security:
The second element of DotOracle that we want to highlight is their commitment to security. DotOracle ensures utmost security with their bonding system. DotOracle will issue a DTO token which each validator will use to lock/collateralize through DotOracle’s smart contracts on Moonbeam and Etherium. Implementation of a slashing system ensures that all validators follow network protocol. Validators who do not follow protocol will be slashed, resulting in the burning of all their bonded collateral. That said, validators who follow protocol will be rewarded in DTO for providing their service to the DotOracle network.
Learn More About DotOracle:
DotOracle plans to fuse the real world with the blockchain while offering more security and liquidity than ever. We are proud to be partnered with these blockchain pioneers and cannot wait to experience their tech ourselves! Dot Oracle has included a very insightful example of how a user request is processed here:
https://drive.google.com/file/d/17j_uvEbNupxTHbn9r2Mkpa35ZCfQCFX2/view
We highly encourage you take a moment to read through the example and follow their socials for all of their upcoming announcements on this amazing release:
Website: https://dotoracle.network/
Twitter: https://twitter.com/DoTOracle
Telegram: https://t.me/dotoracle
As always, connect with OIG on our socials for more news on DotOracle and other amazing projects:
