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- 1 Oracle, is a complex computerized system that interlinks data from the outside world with the blockchain world.
- 2 The main purpose of Oracle in the crypto landscape is to connect real-world information with the contracts over the blockchain.
The need of rectifying the off-chain data issues over the blockchain gave birth to the concept of Oracle in the crypto environment. The concept offers blockchain with real-world data required to perform complex activities. The commercial relational database program was released by Oracle Company in 1979 and expanded its roots in the crypto landscape in early 2017. With time, the idea developed its strong roots in the blockchain platform and played a vital role in protecting the database, accessing legal systems, and advanced computations.
Let’s take a deep dive into the top 3 Oracle Crypto projects of August 2023.
Chainlink (LINK)
Chainlink is one of the consistent Oracle crypto projects that developed a solid position as a reliable investment choice. The project was introduced by Sergey Nazarov and Steve Ellis in 2017 to bridge the gap between the off-chain and blockchain environment. Chainlink is a decentralized data oracle project which connects smart contracts with off-chain information. This is one of the most secure, reliable, and effective platforms ensuring the node operations, as it must pay in LINK. The crypto project partnership with 200+ companies and holds a market cap of around $6 Billion. The project is blockchain atheist and has the potential to integrate into numerous blockchains including Ethereum, Polygon, Arbitrum, Avalanche, etc.
Band Protocol (BAND)
Another popular name in the list of top Oracle crypto projects is Band Protocol, the closest competitor of Chainlink and the second most valuable decentralized Oracle crypto project. The platform was launched on 17 September 2019 and is considered a cross-chain data oracle project. Secure and reliable feeds with temper resistance and no single failure make the platform a strong player in the list of Oracle crypto projects. The protocol is mainly used by the DApss to fetch real-world data outside the blockchain and the BAND is used to make transactions, for governance and rewards validators. The live BAND price is $1.01, a hike of 1.03% in the past 24 hours with a market cap of $134 Million and volume of $.5.4 Million.
Aeternity (AE)
Aeternity is another most recognized decentralized data oracle project running over the layer 2 applications of blockchains. It is a smart contract blockchain project with the native blending of oracles introduced to the crypto landscape on 27 November 2018. High-level scalability and sharding-enabled blockchain make the platform more effective and popular in Oracle crypto projects. Additional features include turning-complete smart contracts, consensus, and executing smart contracts off-chain. Focusing on the live performance, AE price on 18th August is $0.02419 with a market cap of $8.9 Million. The total volume of AE in the past 24 hours is approximately $304,509.
For individuals looking for secure, reliable, and effective platforms, these three are the best Oracle Cryptocurrency projects to discover in August 2023.
Conclusion
With time and continuous evolution, the demand for secure, reliable, and effective crypto projects boomed. Chainlink, Aeternity, and Band Protocol are some of the best-performing Oracle crypto projects to consider linking real-world data with blockchain.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
