SupraOracles has identified some of the most pressing pain points when it comes to oracles. The company has put all its focus on, as it claims, “Supercharging Oracles for a Better, Decentralized Future.” The team has spent years researching and perfecting SupraOracles, focusing on solving the oracle dilemma once and for all.
SupraOracles consists of a team of seasoned professionals who bring significant experience in several fields such as investment banking, digital securities, traditional stock exchanges, big data, and more.
A Little About SupraOracles
SupraOracles is a powerful cross-chain oracle that bridges off-chain, real-world data to public and private blockchains, enabling the use of interoperable smart contracts. SupraOracles offers developers a unique oracle toolset to create, deploy, and manage their applications while also offering superior performance and robustness. SupraOracles offers some key features that help it stand out from its peers.
- Ease of Use - SupraOracles offers unmatched simplicity and accessibility to developers, enabling them to have a seamless experience.
- True Middleware Network - SupraOracle’s multi-helix LEDGER enables it to provide a model that allows public chains and private DLTs to communicate seamlessly.
Current Issues WIth Oracles
The current batch of oracles faces several problems that range from lack of speed, accuracy, and security when it comes to the data that they provide. Blockchain developers are unanimous in their belief that current oracle solutions are unreliable and slow to effectively address the problems they were created to tackle. Current oracles are also in a dilemma because smart contracts require third-party data to function. The oracles are also vulnerable to security issues such as hacking and manipulation.
Addressing The Oracle Dilemma
So what is this oracle dilemma that SupraOracles has solved? Blockchains are quite limited — because while they are game-changing, they can also have severe limitations. By their inherent nature, blockchains are unable to connect with off-chain data, or data from the real-world. To connect with off-chain or real-time data from the real-world, blockchains require oracles that help them connect to and bring off-chain data to the blockchain.
Here is where the problem arises. Since the blockchain is what you would define as a closed-loop system, it is difficult to bring any external data into it. While this is a plus for users looking to secure their data, it is a hindrance when it comes to creating decentralized applications and smart contracts. SupraOracles believes that cross-chain oracles are the solution that can allow developers to connect to external data, create communication channels and interoperability between blockchains.
However, current oracles have their limitations and risks. Current oracle solutions are prone to exploits and have lost over $1.4 billion over the past year due to these vulnerabilities. Oracles also lack transparency, suffer from price delays and price deviations, and lack accountability. Existing solutions also have a tough time finding the perfect balance between stability, security, decentralization, and finality.
The Best Performing Blockchain Infrastructure
SupraOracles provides cutting-edge cryptography, instant finality, and unmatched cross-chain interoperability, allowing DeFi to unleash its full potential. This is because, with SupraOracles, developers no longer have to compromise between scalability, security, finality, and decentralization.
Unmatched Decentralization
SupraOracles utilizes multiple decentralized nodes and resources to arrive at a consensus, rendering single source APIs redundant. SupraOracles offers completely decentralized governance and significant incentives to encourage good behavior.
Scalability
Supra offers unprecedented scalability, with its solution offering high throughput capable of processing thousands of transactions every second, all this at extremely low transaction fees.
SupraOracles has successfully eliminated price deviations and slippages by utilizing a novel nested architecture that consists of Tribes and Clans. This allows for parallel data processing through powerful cryptographic primitives such as threshold cryptography.
Finality
Competitors to SupraOracles, such as Chainlink, require around 120 seconds to achieve finality. SupraOracles offers near-instant finality, requiring only 3-5 seconds.
Interoperability
SupraOracles offers seamless interoperability, featuring near-zero slippage cross-chain swaps enabled by a multi-currency treasury. It is also blockchain agnostic, compatible with multiple blockchains such as Solana, Ethereum, Polygon, Tezos, Hashgraph, Cardano, BINANCE Smart Chain, Avalanche, and several others.
Closing Thoughts
SupraOracles has already announced several partnerships across the blockchain space and DeFi space, hoping to address the needs of a growing industry while also offering significantly superior performance than any existing oracle solution. The oracle solution is having a significant and positive impact on blockchains, allowing them to access real-world data seamlessly, securely, and reliably.
The SupraOracles token sale is coming soon. You’re invited to join the whitelist now to receive access 48 hours earlier than the general public.
