WTF is SupraOracles?
SupraOracles is the flagship project by the team over at the Entropy Foundation. And they’re a team that has come together with a mission. The mission is to create the highest-performing blockchain infrastructure.
An infrastructure that can power the world’s exchanges of value.
This Swiss-based company helps developers worldwide by bringing them cutting-edge DeFi applications. They bring together a team of PhDs, experienced cryptographers, and DeFi specialists. They also bring together decades of coding and product development experience.
By intersecting various fields of academia, they hope to solve the Oracle dilemma. Supra Labs Inc is their most notable product arm. It is led and advised by some of enterprise blockchain’s most notable developers.
But what makes SupraOracles unique?
What’s the true utility behind this Entropy Foundation project?
Is their team really led by some of the industry’s latest and greatest?
Let’s find out.
What’s the utility of SupraOracles?
To understand the utility behind SupraOracles, we must first understand the Oracle Dilemma.
What’s the “Oracle Dilemma?”
Data stored in the blockchain can only be added to, not altered.
As this data is added, it forms a chain of blocks linked together through cryptography.
This is where the name “blockchain” comes from, and this is where the initial problem arises.
The problem is that it’s difficult to connect blockchain to real-world data. This makes the capacity of blockchain technology limited.
Oracles are 3rd party services that connect real-world data to the blockchain. This way, they make the possibilities of blockchain technology endless.
To people outside of the blockchain industry, this problem is not obvious. Some developers don’t realize it, as well.
Where’s the problem?
Bringing external data into the blockchain is difficult. Why? Because it’s a closed-loop system.
This creates challenges for developers trying to create decentralized apps or smart contracts.
If you’re a blockchain developer, you know that bringing external data to the blockchain isn’t as simple as creating an API.
How does SupraOracles solve the problem?
Through the power of cross-chain blockchain Oracles.
Oracles are systems of protocols and nodes that link external data to the blockchain. Some oracles even create interoperability between two or more closed-loop systems. But not all Oracles are created equal.
The current architecture and design of oracles have led to DeFi exploits. Exploits that have resulted in the theft of nearly a billion dollars last year.
Current Oracle solutions are trying to balance the tradeoff between:
Blockchain developers (such as the devs at SupraOracles) know this very well. That’s why they have come together in hopes of giving the blockchain world a better Oracle solution. And Supra might be on the way to solving the quadrilemma.
Until then, Oracle solutions are going to continue facing their current limitations:
- No Responsibility: To guarantee security, oracles should be responsible for their actions.
- No Transparency: There’s no entity that guarantees the precision of price reported by various Oracles. This leads to misbehavior that is almost undetectable.
- Price Mismatches and Delays: Deviations in price might occur when transporting data or assets from off-chain to on-chain. In a dynamic market, Oracles have to guarantee correct pricing and fast speed.
What makes SupraOracles unique?
SupraOracles proposes an innovation that could radically improve oracles, and thus, smart contracts.
We all know blockchain technology is here to stay.
More and more companies & organizations around the world are embracing decentralization.
On the way to widespread adoption, there is a growing need for secure, fast, reliable oracles.
From DeFi projects to the metaverse, every project will need to be connected to external data.
The SupraOracles solution provides:
- 3-5 second finality
- Quality cryptography
- Cross-chain interoperability
All this in hopes of creating the next generation of oracles.
Here’s what makes the SupraOracles solution different - in their own words.
It’s truly decentralized: Nodes pull data from many sources to provide fully decentralized governance.
It’s scalable: Singular nodes can exist in parallel in multiple Distributed Key Generation configurations. This way, they can become organized in randomized network topologies.
It’s fast and safe: Because of its novel architecture, it allows for parallel processing through quality cryptography.
It provides quick finality: SupraOracles provides 3-5 second on-chain refresh rates with full finality.
It provides cross-chain interoperability: It’s compatible with all mainstream smart contract platforms from Ethereum to Tezos.
As the blockchain ecosystem grows, it’s going to need more and more high-quality oracles. They are going to fuel the next generation of apps and smart contracts.
Oracles are going to need to get off-chain and cross-chain data that’s secure, fast, and scalable.
That’s what SupraOracles is here to help us do.
Who’s the team behind SupraOracles?
- Joshua D. Tobkin – CEO: Architect of the Supra BFT Consensus Algorithm. Blockchain Designer & Developer.
- Larron Armstead – CTO: Blockchain app developer, smart contract composer, and protocol designer. Former Senior Engineer at Sony.
- Jon Jones – CBO: Tech Entrepreneur focused on Digital Ledger Technology and Web 3.0. Co-founded Blockchain Incubator and Research Lab.
- Ed Rainer – CPO: Twelve years of running real-time information services and operations at the London Stock Exchange Group.
- Joerg Joergensen – CFO: Sixteen years as a finance executive. Four years as the CFO of Vic.ai. Over 200m+ live accounting documents. Four years CFO/advisory at Escalon Services.
- Shinny Lee – CDO: Design firm owner. Fifteen years experience as a designer and the field of UI/UX.
- Heslin Kim – CSO: Industry key opinion leader with more than 30 conference speeches throughout the world. Digital securities expert with years of experience in the industry.
- Alan Kong – CMO: Led the Growth Team at Binance. Creator of two marketing companies. Former Head of D2C eCommerce.
Who are the advisors?
SupraOracles has attracted the support of many partners throughout the blockchain world.
From DeFi and GameFi companies to NFT marketplaces to staking platforms, all the way to data providers, payment platforms & insurance enterprises
SupraOracles has created a long and ever-growing list of supporters.
SupraOracles brings together cutting-edge cryptography, sophisticated architecture, and cross-chain interoperability.
SupraOracles is a company on a mission.
The mission to create the highest-performing blockchain infrastructure. With the need for high-quality oracles only growing with time, it’s safe to say SupraOracles is here to stay.
(1) a developer in need of quality oracle solutions
(2) a blockchain enthusiast interested in the latest developments in blockchain technology
SupraOracles is one company you should keep an eye on.
The SupraOracles team is honored to announce that we have been selected to be a part of #Mastercard Start Path #Blockchain program! Congrats to the other startups @GK8_Security @mintable_app @taurus_hq @uphold STACS & Domain Money.— SupraOracles (@SupraOracles) July 28, 2021
Join the community: https://t.co/e1EUPPOrl6 pic.twitter.com/jNh8mkRaof
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