The connection between off-chain and on-chain events, or simply between Blockchain and the real world, is made by an oracle. You can get information from data sources, including price or related weather information. Oracle coins simply provide data streams. ChainLink and NEST Protocol are some of the best tokens in this category. Crypto expert Will Izuchukwu introduces some Oracle coins with potential under $6 million market cap.
Idena (IDNA) ranks first in the Oracle Coins list
Idena is the first Proof-of-Person (PoP) Blockchain built on democratic ideals. Each Idena validator is associated with a crypto identity, which is a single entity with an equal number of votes. It’s possible for anyone to get a crypto ID, regardless of who they are or where they live. To become an Idena validator you need to demonstrate your uniqueness as a human being. It does not require the disclosure of any private information. So, no KYC. To verify your identity, you must be online and pass a series of flip-tests (CAPTCHA).
First, Bitcoin introduced peer-to-peer cryptocurrency payments. Ethereum then created a virtual machine to run decentralized applications. Cryptoidentity was developed by Idena, which enables users to create democratic online governance. The development of decentralized systems on the Internet has progressed with the help of Idena.
Razor Network (RAZOR) ranks second
RAZOR provides a fast, reliable and secure connection between smart contracts and off-chain real-world data. It makes this possible through the Decentralized Oracle Network. The main building block of Razor Network is a collection of smart contracts that can run on any Ethereum compatible Blockchain. Smart contracts get data through Razor
Razor Network focuses on decentralization, economic security, protecting stakeholders from various attack vectors and customers from malicious stakeholders. It also provides developers with ease of use and resilience against corruption, censorship and bribery. RAZOR native utility token. It is possible to use the token for staking, voting and paying fees. As a user, processing data requests and sending information to the network is part of staking with RAZOR.
Oraichain (ORAI), third on the Oracle Coins list
Oraichain supports the creation of next-generation smart contracts and dApps. It is the first AI-powered oracle with an entire AI ecosystem and creates hubs connected to data and AI through platforms such as AI Layer 1. Data Hub or AI Marketplace. In this way, it provides decentralized ecosystems for Data Economy and AI-based businesses.
According to the website, Oraichain’s robust ecosystem includes:
- AI Oracles: Price Feed provides all-on-chain VRF, Royalty Protocol and Authenticity Check
- DEX and DeFi: OraiDEX, yAI.Finance, Trava.
- Web 3.0 with Oraichain Data Hub and Oraichain AI Marketplace.
- NFT: aiRight
- GameFi featuring Kawaii Islands and Wen Lambo.
- Wallet: Oraichain Wallet for storing and staking ORAI.
The fourth of the projects with potential is Modefi (MOD)
Modefi’s primary goal is to create Oracle Blockchain solutions that enable on-chain full data decentralization for smart contract integration. Oracle solutions in the project’s suite will provide greater transparency, data accuracy and a trusted ecosystem.
Oracle manipulation has been the culprit of contracts and DeFi attacks. Because when protocols rely on centralized or single data point oracles within their ecosystem, their users are exposed. Modefi has an installation that takes less than ten minutes. Also, it doesn’t require API. In this context, it provides secure access to unlimited amounts of data on any Blockchain.
The last of the Oracle Coins list is Kylin (KYL)
Kylin Network uses Polkadot and Polkadot Substrate 2.0 Off-Chain Workers such as Kylin Data Oracle, Kylin Data Analytics, and Kylin Data Marketplace. Through these, it provides a decentralized data infrastructure solution for Web 3.0 called DeData. There is a collection of analytical tools for data warehouses called Kylin Data Analytics. It takes relevant data and extracts patterns, interpretations and low-cost commercialization features for the general public.
Kylin Data Oracle has a state-of-the-art decentralized data feed mechanism powered by Polkadot. In this way, it provides a variety of affordable real-time data sources. Kylin Data Marketplace, open marketplace for data exchange and pricing. Polkadot-based dApps quickly and effectively collect off-chain and on-chain data for a reasonable fee. For the latest and most accurate news in the cryptocurrency market cryptocoin.comDon’t forget to follow
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