GateChain Launches GateOracle – A New Decentralized Oracle Feature

GateChain, the next-gen public blockchain founded by crypto exchange Gate.io, launched a new oracle feature with Chainlink. This “GateOracle” feature will be integrated into GateChain’s system operations for advanced data interoperability, GateOracle. The GateOracle provides real-world data to smart contracts running on the GateChain.

What Is an Oracle?

Blockchain oracles are smart contracts that provide blockchain-based entities with real-world data. Applications deployed on the blockchain exist in a silo, which could be problematic for DeFi or betting applications that need instant access to real-time data feeds. An oracle acts as a bridge between the blockchains and the external worlds to provide this crucial data.

Since oracles are a vital component of the modern DeFi ecosystem, they must be robust and free from manipulation. Truly overcoming the oracle’s vulnerabilities necessitates decentralized oracles to prevent data manipulation, inaccuracy, and downtime.

Chainlink’s decentralized oracle network (DON) combines multiple independent oracle node operators and multiple reliable data sources to establish end-to-end decentralization. With its superior product offering, Chainlink has become the premier blockchain oracle service globally.

What Is GateOracle?

Deployed by GateChain via Chainlink, the GateOracle allows users to use GateOracle Data Feeds to connect smart contracts to asset pricing data such as the ETH / USD feed. Every price feed has its peculiar function and an on-chain address. Contracts can read pricing data from each address, allowing these data feeds to use the aggregated data from various independent GateOracle node operators.

About GateChain

GateChain is a next-generation public Blockchain that builds an enterprise-class efficient & safe decentralized digital asset storage, trading ecosystem, & distribution. However, the major features of the GateChain are given below: –

  • GateToken (GT): GateToken is used for staking and funding transaction fees within the network. Users can send & receive GT as a payment token.
  • PoS: GateChain uses the proof-of-stake consensus mechanism to maintain network health.
  • Asset Issuance: Users can use the platform to issue their tokens.
  • Multi-Sig: An account is sharable to several individuals. This is suitable for family & enterprise use both.
  • Asset Safe Storage: The vault account system & clearing mechanism ensure 100% security from asset theft, private key loss, & abnormal transactions.
  • EVM Compatibility: GateChain is compatible with EVM (Ethereum Virtual Machine). Developers can easily port their Ethereum dApps to the platform. Additionally, users have account support for both GateChain & Ethereum assets.
  • GateBridge: A decentralized swap function with the liquidity pool concept, anyone can create a cross-chain liquidity pool with GateBridge. It has already integrated with blockchains like Ethereum, GateChain, Polygon, BSC, Heco, OKExChain, and Klaytn.

About Gate.io

Gate.io, a leading crypto exchange, offers users the major cryptocurrencies; it has 10 Million users globally. Gate.io boasts an ecosystem of services & products. However, it offers trading on futures, spot markets, contracts, & margins with local regulations.

Gate.io offers the opportunity to invest in NFTs from the company’s dedicated NFT Magic Box platform. Its ecosystem also includes the GateChain ecosystem & access to DeFi products by Hipo DeFi, investments through Gate Labs & Gate Ventures, and custodial services through Wallet.io.

Disclaimer: Gate.io is not able to serve full-scale service in certain jurisdictions & markets. It may prohibit the use of services from restricted areas like Canada, the US, Cuba, Iran, & more. Please check the link for the proper list of the prohibited areas: https://www.gate.io/docs/agreement.pdf.

Source

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...