About DotOracle Chain
Blockchains and smart contracts cannot access data from outside of their network. In order to know what to do, a smart contract often needs access to information from the outside world that is relevant to the contractual agreement, in the form of electronic data, also referred to as oracles. These oracles are services that send and verify real world occurrences and submit this information to smart contracts, triggering state changes on the blockchain.
Oracles feed the smart contract with external information that can trigger predefined actions of the smart contract. This external data stems either from software (big-data applications) or hardware (Internet-of-Things). Such a condition could be any data, like weather temperature, successful payment, or price fluctuations. However, it is important to note that a smart contract does not wait for the data from an outside source to flow into the system. The contract has to be invoked, which means that one has to spend network resources for calling data from the outside world.
Oracle network provides trusted, tamper-proof external information to smart contracts, allowing those smart contracts to access external (off-chain) data to execute blockchain applications. The most popular oracle is currently cryptocurrency price feed, that provides price data of cryptocurrencies to DeFi applications.
Even though a few decentralized oracles have been implemented and running, there are still a few problems:
- Usability: It is still challenging for developers to create an oracle job to provide specific off-chain data to smart contracts. Most DeFi developers are familiar with the EVM-compatible programming model such as the programming model of Solidity.
- Speed & cost: Some oracles require every validator to make transactions to submit external information to smart contracts. This process is cumbersome, slow, and costly, and it also depends on the speed of the blockchain where the smart contracts live.
DotOracle Blockchain provides:
- An EVM-compatible blockchain that offers programmable contracts using any EVM-compatible smart contract.
- An oracle programming model that works exactly as the way EVM smart contracts work.
- An environment where any developer can use EVM-compatible smart contract programming languages such as Solidity to program the way smart contracts read off-chain data from any data source on the Internet.
- A decentralized network that provides fast, reliable, and tamper-proof external information to any blockchain network.
DotOracle Blockchain aims to become the blockchain where most decentralized oracles will be running on and be programmable by any developer who is familiar with Solidity and EVM-compatible smart contracts in general.