- The introduction of Oracle in the platform of IOTA will increase its demand among the users
- The dApps would increase the efficiency and the credibility of the data that is being transferred
- A huge cluster of advantages over power all the other rivals of the IOTA Blockchain in the market
The prime role of Oracle sets in when the company has to integrate a set of data which is unavailable on the chain. It mainly bridges the gap between the two different ecosystems. It functions in providing the set of verifiable data to the decentralized oracle between these two ecosystems.
Within the space the IOTA blockchain is the largest and greatly used network. With the introduction of Oracle in its domain, it will pose as a great competition to the top blockchain projects that are presently existing in the blockchain market. The decentralized blockchains act as a very important ingredient in the entire project space of blockchains. Other applications like chainlink has gained prominence and reached the top points.
But with the new changes, IOTA oracles will be providing solutions to the linked organizations to send all their data to the Tangle which is a network protocol of IOTA. Chainlink will be facing huge rivalries from the IOTA Blockchain in the market.
Oracle’s present drawbacks
The main problem of the integrity of data comes from providing data to smart contracts via dApps. It is important for the users to know or be well versed with verifying the data that they receive. Irrespective of whether it is coming from a reliable source or not.
The users might get into some serious trouble if the data they are receiving are not from a reliable source. With the increasing possibility of manipulative data, the entire process becomes risky for the users. All these concerns led to the introduction of Oracle into the IOTA Blockchain.
Aim of the initiative
The basic and prime aim of the initiative is to provide the blockchain community with verified and real-world data. The offers given by Tangle of IOTA are very significant in terms of advantages. Some of these have never been witnessed by the blockchain by far. The most useful fact about IOTA is that the transactions are completely feeless. This implies that anyone can exchange their data without being charged and without any stakeholders.
Data gathering is very efficient with IOTA and security is high. Explosions were seen in DeFI. Many of the users will slowly start switching to a more reliable platform like IOTA because of such explosions.
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