Crypto Academy Season 3 | Intermediate course | week 7: Blockchain Oracle| Homework post for Professor @allbert

in SteemitCryptoAcademy3 years ago


Screenshot_20210811-090204.jpg

Pinterest, edited in Postermywall"

Develop in a detailed and extensive way a post explaining some other Blockchain Oracle. (Chainlink will not be allowed)
What are the topics you should cover as a minimum?
Question 1. History and Description. Does it have any token or cryptocurrency associated? Explain.

I must say the definition of Oracle by the professor brought out some nostalgic feelings in me as I could relate to the idea of Oracle as we know it to be. Thank you professor for this unique style in definition.

Blockchain Oracle.

Serving as an intermediary between the blockchains and the outside world, blockchain Oracles provides "smart contracts*
with external/Off-chain data.
It's impossible for Blockchains and Smart contracts to access off-chain data. So Blockchain Oracles are a link between on-chain and off-chain Data.
Examples of Blockchain Oracles are;

  1. Chainlinks
  2. Band protocol
  3. AP13 and
  4. WINKlink
    For the purpose of these homework post. We will be using WINKLink oracle as our example.

What is WINKLink.

It can be defined as a decentralized oracle Blockchain that is aim at integrating the real world with the blockchain technology. WINKlink oracle permits developers and smart contracts to connect to any real world data and data feed.

WINKLink is the first TRON Ecosystem oracle. WINKLink project team include B Wong, Alex ye, S Tang, N. Yang amongst others. WINKLink works to by pass the drawbacks of other Oracles by providing a more user friendly interface. Formerly know as Tronbet, WINKLink offers a decentralized gaming application to it's users.

The cryptocurrency associated with WINKLink is the native token is WIN. The WIN token is currently available as a dual that is TRC20 and BEP2. As of the time of this post, the price of WINKLink(WIN) is about $0.00051397 with a trading volume of $79,530,443 and ranks number 151 according to CoinGecko official website. WIN mostly TRC20 is listed in popular exchanges like Binance, HitBTC, KuCoin, WazirX, Bithumb, Poloniex just to name a few.


Screenshot_20210810-232932_1.png



** Question 2. Functionalities and real-life applications.**

As I earlier explain, oracle is a system or technology that seeks to link blockchain smart contracts with the real world. Blockchain is build in a fashion that it permits discussion (sharing of information)within blocks. This system does not permit communication with the real world. This is where Oracles like WINKLink come in.

Functionalities of WINKLink.

  1. On-chain process. First of all, smart contracts request data and are denoted USER-SC. This request for contract is in itself a smart contracts denoted as WINKLink-SC.
    Through WINKLink online module called aggregator contract, user have the ability to choose the nodes and service from a front end page. The aggregator then calculates the result for final request for contract.
  2. Oracle selection. The next part is the oracle selection. Service purchaser will select appropriate nodes and service requested. For now there is limitations in the manual selection in some situations.
  3. Data aggregation. Furthermore, an aggregator contract collects calculated results from required nodes and sends to USER-SC.
  4. Off-chain. The WINKLink oracle which is the Off-chain node then collects data separately and calculates the result
  5. External adapter. WINKlink then processes the data gotten and sends it to the core.
  6. WINKLink cores then reports the data to the WINKLink-SC which as we remember was the contract request for data.
  7. WINKlink then aggregates the data gotten from the different nodes and sends it back to the USER-SC as a single response.

Uses of the WINKLink oracle.

  • Uses WINKLink to provide reliable and trusted information/data for Decentralized Financial platform. With it's built-in price prediction system, WINKLink uses token swap and loan collateralization to provide/predict prices.
  • Trusted Off-chain data for more applications. The WINKLink permits developers to use real world data related to sports, weather, betting to connect to smart contracts.
  • Accelerate TRON Ecosystem system building. With it's ability to link Off-chain data with on-chain data, WINKLink helps in accelerating the building of Tron ecosystem by providing reliable and trusted data to users.


** Question 3. Pros and Cons.**

Pros of WINKLink.

  1. Reliable and trusted information.
    The Oracle is able to provide reliable and trusted data since it uses data from different Off-chain source.

  2. Build in price prediction. The build in price prediction component of the Oracle provides users with accurate price prediction.

  3. Accelerating Tron ecosystem.
    The WINKLink oracle also helps in accelerating the Tron ecosystem through it's provision of reliable information to users.



Question 4. Future developments and new projects

Partnership Announcement between

WINKLink and APNFT.

On the official Twitter account of WINKLink, on July 26, it was announced that WINKLink will be joining force with APNFT to enter GameFi and NFTfi together. The CEO of Tron foundations Justin sun took to his Twitter handle and express his believe of GameFi and NFTfi being the future of Blockchain technology. They are the emerging trends since 2020.

"GameFi refers to “gamified finance,“ a brand new branch of business in the gaming industry while NFTfi is blockchain projects with NFT elements" according to an article on Investment.com


Screenshot_20210811-075243_1.png

Screenshot_20210811-075313_1.png



Conclusion

WINKLink as can be seen is a very prospecting Oracle. I believe it is the blockchain Oracle of the future. As can be noticed in my post, I could hardly see a disadvantage of the WINKLink oracle. I read over 5 articles and was still unable to see a negative review.
WINKLink is changing the game in Blockchain oracle by providing reliable unpredictable and verified data .
The partnership between WINKLink and APNFT to go all in in the GameFi and NFTfi is a great future project and might see WINKLink become the most Oracle of the future.

I want go thank you professor for your clear explanations. Your lecture made it easy to understand the lesson clearly.

CC. Professor @allbert

Sort:  
Loading...

Coin Marketplace

STEEM 0.18
TRX 0.15
JST 0.028
BTC 62943.85
ETH 2464.43
USDT 1.00
SBD 2.55