ZORACLES’- Transforming DeFi Oracle Data with Zero Knowledge Proofs

In the evolution of modern society and the current financial system, Cryptocurrency and Blockchain technology have played a pivotal role. Positioned at the apex of technology and finance, each cryptocurrency transaction is a unique exchange between two parties in a confidential manner. It offers an opportunity for businesses to engage in international deals without paying any extra tax and other additional charges. Cryptocurrency employs blockchain technology to record and distribute the digital information of the transaction.

In the past, privacy and confidentiality of the Cryptocurrency transactions have been compromised. Due to the deterministic nature of blockchains, Ethereum enabled Turing complete programs have witnessed various issues while working with real-world data. Known as the oracle problem, companies across the world have been working to design a secure solution to solve this problem. Apart from that, computation on Ethereum is quite expensive.

Successful Launch of Zoracles

Backed by innovative technology, Zoracles has taken the initiative to rectify the oracle problem by using zero knowledge proofs (ZKPs) and impart the highest level of confidentiality for smart contract transactions. Aiming to provide the most secure and economical solution, Zoracles is diligently working towards a better tomorrow.

Extensive dedication and hard work of the company have resulted in the development of zero-knowledge proofs for oracles. One of company’s core strengths, ZKPs, transmit confidential data from data operators to smart contracts. Smart contracts on blockchain streamline the complex process of transaction that involves multiple intermediaries. Trusted exchanges like Coinbase will be an integral part of the process as they will sign and verify the data.

Built by world-class developers

The visionary and proficient development team of Zoracles includes 2 full-time developers and a part-time team member. They have earlier collaborated with big tech companies working on cryptocurrency privacy technology. And now, these maestros have come together to create their vision into reality. They are committed to develop Zoracles as the most secure solution in the industry. The foremost priority of the company is to provide anonymity to oracle data by building ZKPs. ZKPs would ensure end-to-end privacy of smart contracts, especially for enterprises.

Zokrates – A new age toolbox

With an agnostic approach, the company’s mission is to build zero knowledge proof systems. ZKPs would make it possible to proof statements on private data while maintaining anonymity. To quickly deploy ZKPs, Zoracles has decided to use Zokrates software. ZoKrates is a toolbox that is designed to specify, integrate, and deploy off-chain computations on a blockchain. It consists of –

  1. A high-level domain-specific language which can then be translated into R1CS to enable developers to specify off-chain computations.
  2. A compiler consists of the parser and the flattener which translates DSL code into code.
  3. Generators like witness generator, contract generator help the developer with the verification of smart contacts.

The ZoKrates toolbox offers an intense level of programming abstractions and makes circuit integration possible.

Bringing the community closer – An Open Source Code

The code of the program is open-source code and is easily accessible on GitHub. This decentralization enables anyone to contribute to the project and becomes part of this ever-growing community. The far-sighted developers of the company want to make sure that the transition for future projects is simple. Therefore, they decided to build on the top of an Open oracle. In the future, the company intends to help the entire industry to leverage the benefits of this exemplary oracle solution and utilize the confidential data on top of Zoracles ZKP standard to ensure the security of the contracts. The next mission is to move towards distributed ledger technology, helping conglomerates across the world to have access to confidential data delivery.

The company has been developing ZKP solutions for Ethereum with Solidity contracts. These will be available for any project to use on a self-serve basis. To create a customized solution for big projects in the future, the company has planned to build an arithmetic circuit for the complicated requirements of the businesses. As the demand for this solution increases, the company would be creating arithmetic circuits on similar lines as built by Zcash.

Innovating the efficient token system – Zora

Native tokens for node operators are not able to ensure accuracy and reliable data. By launching an Open Oracle and ZKPs, Zoracles will be offering the real value to the enterprises. Zoracles has formulated a simple governance model run by Zora tokens. A total of 100 such Zoracles tokens have been created. Each token would have the power to vote on the board and play a significant role in making key decisions like development priorities, strategic partnerships, and general administrative services. A new fair and transparent process – ‘ZKPs as a service’ would ensure that each token is accounted for one vote. Whenever a decision is to be taken, the one that is supported by the majority of the votes would be taken forward.

Another key measure taken by the company is to make sure that each Zoracles price is signed by a data provider. These prices will be compared to a time-weighted average from Uniswap v2 Oracles. Uniswap is an on-chain liquidity protocol on the Ethereum blockchain that has launched its second iteration on the Ethereum Mainnet. This serves two purposes – it avoids a single point of failure and prevents sudden inflation or negative influence from a particular exchange.

Zoracle is constantly committed to address the challenges of scalability and privacy in blockchain systems. By launching Zero-Knowledge Proofs, the company promises to revolutionize the blockchain systems and continue to pursuit this endeavour in the future.

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