NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem

NewsBTC
NewsBTC
4 years ago
4 mins read
dotoracle

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

With a jump of more than 350% in its price this year, Ethereum has outperformed major cryptocurrencies, bolstered by the rise of decentralized finance (DeFi) protocols, like liquidity aggregators and decentralized exchanges. These projects brought in viable use cases that could extend to everything from insurance to decentralized trading and loans to yield farming. However, the increasingly DeFi protocols relying on Ethereum contracts made the network a lot busier, which led to higher gas fees for making transactions. Though ETH 1.0 transition to ETH 2.0 is in progress, the network is far from improving issues like scalability, speed, and gas fees.

Rise of Ethereum Killer – Polkadot

The slow pace of development within the Ethereum ecosystem has allowed its competitors to take over the altcoin space. A prime example is Polkadot, popularly termed as the ‘blockchain of blockchains’ and founded by Ethereum’s co-founder Gavin Wood. The network solves the scalability issue via sharding. It is a process of breaking the blockchain into shards (chunks) to process the data quickly. While it’s difficult to explain Polkadot and its features and functionalities within a few lines, the network’s efficient scalability capabilities are being taken seriously as its native token DOT jumps to 8th position on CoinMarketCap.

Considering Ethereum’s skyrocketing gas fees and low transaction per second (TPS) rate, Polkadot is an ideal solution for building new DeFi protocols. What about the projects deployed on other blockchains? Isn’t it nearly impossible to take all the existing codebase and write it in a different technology stack? Well, Polkadot has a solution – parachains.

Moonbeam Parachain – Removing the Friction

Moonbeam is an Ethereum-compatible parachain that allows developers to tap into Polkadot and all other bridges and parachains connecting to Polkadot, with minimal input/changes. The platform is a Web3-compatible service provider and supports EVM-based smart contracts. Therefore, developers can frictionlessly port their frontends and don’t have to worry about developing custom chains or working with complex integrations. As the parachain is a part of the Polkadot network, any project deployed on Moonbeam can enjoy the security of Relay Chain – the central chain connecting all parachains of Polkadot.

However, to build or use decentralized applications on Moonbeam, developers require external data resources without leaving the Polkadot ecosystem. This is where oracles come – to bring trusted sources of data into the Moonbeam-driven decentralized applications.

DotOracle – Feeding External Data to Moonbeam Parachain

dApps largely depend on oracles to get information on their conduct. The applications cannot build their own oracles because it would question their decentralization. Therefore they depend on external real-world data, which creates an opportunity to build efficient oracle solutions that are secure and also decentralized in nature.

DotOracle is the connective tissue between a real-world data source to Moonbeam and DeFi protocols’ smart contracts based on blockchains – especially Ethereum. The aim is to blur the boundary between the off-chain data sources and the information within blockchains by integrating a decentralized oracle with Moonbeam parachain. It also allows the platform to provide smart contracts with an uninterrupted and trusted data source.

Features of DotOracle Oracle Network

  1. Fast, Secure, and Decentralized: Automated fetching of real-time data makes DotOracle extremely fast without compromising security. Besides, an end-to-end decentralized oracle network makes it truly decentralized.
  2. Efficient Consensus Protocol: The platform uses Practical Byzantine Fault Tolerance distributed consensus protocol and implements strict penalties for misbehavior, thus securing the network.
  3. Elliptic Curve Cryptography: DotOracle incorporates the Elliptic Curve (EC) Multisignature scheme to reduce latency and increase encryption and decryption speed of the oracle.
  4. Transparency: Due to its integration with the Polkadot-powered Moonbeam parachain, DotOracle is highly transparent.

DotOracle – Also A Blockchain Bridge Between Ethereum and Polkadot

In addition to providing Moonbeam’s dApps with real-time information, DotOracle also acts as a decentralized, non-custodial liquidity bridge network that allows users to exchange cryptocurrencies between Ethereum and Polkadot blockchains instantly. The goal is to balance the liquidity between both ecosystems, allowing users with only a handful of digital assets to access liquidity without paying pocket-burning gas fees.

Decentralized money markets and liquidity protocols can tap DotOracle to bridge between network assets, thereby creating a much more all-encompassing decentralized market. Some more features of the DotOracle liquidity bridge network includes:

  1. Seamless Interoperability: Deployed on the Moonbeam parachain, the DotOracle network will allow decentralized applications to interoperate between Polkadot’s and Ethereum’s ecosystem seamlessly.
  2. Quick Transfers: Since DotOracle uses PBFT to reach consensus, transactions do not require multiple confirmations once approved. It not only improves decision-making but also increases asset transfer confirmation time.
  3. Non-Custodian: DotOracle uses EC Multisignature scheme to secure the network. Moreover, the network does not store the private keys, meaning users are always in complete control of their digital funds.

Moving Forward

The future is in interoperable blockchains, and Polkadot is at the forefront of the revolution brought on in the blockchain industry. Building and deploying parachains is the first step towards cross-chain solutions. However, like all blockchains, parachains cannot feed themselves with external data to make correct decisions.

DotOracle intends to connect Polkadot’s ecosystem with the off-DOT world and provide Moonbeam-based dApps with real-time data. Additionally, the network aims to solve the scalability and gas fee issues of Ethereum, while addressing liquidity concerns of Polkadot.

However, DotOracle is still in its infancy, and only time will tell if its dream to become a real-time decentralized oracle and cross-chain liquidity network for the Polkadot Ecosystem becomes a reality.

Tweet123Share196ShareSend
NewsBTC
NewsBTC

NewsBTC

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

25 Million Funtokens Burned! – How Does The Community React?

In a decisive move that underscores its commitment to long-term deflationary economics, the FUNToken team announced the burn of 25...

NewsBTC 2 days ago

Crypto Wealth Platform Nexo Breaks Ground with DP World Tour Golf Sponsorship

Nexo announces strategic partnership with major professional golf tournament, DP World Tour.  The partnership marks the first time a digital...

News BTC 3 days ago

STurning the Tide: How APT Miners Provide XRP and DOGE Investors with Continuous Tokens

After enduring the wild ups and downs of XRP and DOGE, many crypto investors are done with the stress of...

News BTC 3 days ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

What FunToken movement towards a 500% spike says about the scarcity market psychology

News BTC 4 hours ago

With no more minting, $FUN can skyrocket 500% on fixed supply announcement

News BTC 1 day ago

Smart Contract Lock and CertiK Audit: The Driving Factors Behind $FUN’s Breakout

News BTC 2 days ago

Premium Sponsors

Press Releases

  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    4 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    4 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    10 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    10 hours ago
  • 仮想通プレセール注目:リップルが米銀行ライセンスを申請、機関投資家の関心が急上昇中

    ...

    1 day ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.