ORAO Network growing as a potential blockchain network
ORAO acts as an oracle to the blockchain network. The network has noted that Bitcoin and its underlying technology has potentially helped to bring several financial and technological possibilities. In recent years, since Bitcoin has begun to grow as a bigger project, the world has witnessed that wealth can be indestructible, information can be uncensorable, and money can become infinitely more convenient to transport. Where the technology has such vast potential, the technology cannot connect with the outside world. Hence, ORAO entered as an oracle, that helps bring the information to blockchain.
Are oracles really significant?
Oracles are being used to transmit data from the real world to blockchain networks. For transmitting such data, these networks charge a small fee. Everything that exists on a blockchain has no connections with the outside world.
Smart contracts have no connections with the outside world, which makes it difficult for them to bring information like weather and price feeds. Moreover, these contracts are limited to connecting to other entities that exist on the network.
Following such a scenario, an oracle enters as a mediator. When a smart contract requires any data it can reach out to some oracle platform. The data provider takes information from the real-world, and makes available on the blockchain that it can be streamed publicly.
ORAO network opens the door for varied data products
Blockchain world can always require more data from the real world. The existing oracle defines the protocol that sets such parameters for what data is required. Notably, ORAO network tries to acknowledge market forces, while getting more variety in data formats.
ORAO’s predefined data protocols network can offer different versions of data products. The project explained that if a user asks for the BTC price information, they can easily provide that.Moreover, if someone asks something more than that they also can provide some enriched data.
Why is the oracle built for Polkadot?
Different sdata protocols have different demands in terms of transaction size and network fees. Following the demands, the ORAO network opted for the Polkadot network. On the blockchain, the oracle runs its own parathread. The integration will allow ORAO to offer the best possible support to run its platform on several different blockchains.
According to the team behind the project, through natural response to market forces, they aim to see larger data being provided to the chains.
Continuing to expand with partnerships
The ORAO network has been introduced by the end of Q1 2021. Since then the project has shown tremendous growth.
In April, the blockchain oracle partnered with Elrond, a network using Adaptive State Sharding. The unique architecture allowed Elorand to scale on demand meaning even rich, detailed data can be sent on-chain without fear of spiking transaction fees. The factor helped ORAO as data buyers and providers both can be secure in the long term viability of ORAO’s data market.
Later in April, PolkaFoudry integrated ORAO’s oracles into its one-stop production hub for decentralized applications building on Polkadot. The oracle network helped provide these dApps with high speed access to cross-chain and external data.
In May, the project partnered with TRON Network. The oracle helped a wide variety of general data.
Moreover, ORAO has also partnered with Polkalokr, which together aimed to improve and grow the wider crypto ecosystem.
Case Study of the oracle network
Following the tokenomics and promises of the ORAO network it seems the project is tremendous. Notably, the pace in which the project is expanding with collaborations with other networks and protocols, we can say that the project has the potential to boom soon in the near future.
Blockchain and cryptocurrencies are the future. Likewise it is also significant that the gap between the real world and the blockchain ecosystem should be filled. Hence ORAO as a potential project can help the entire ecosystem to grow
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