IOTA develops its own oracles for real-time data in smart contracts

The IOTA Foundation is preparing to launch so-called Oracles to feed real-time data into smart contracts on the Tangle network.

The IOTA Foundation plans to introduce so-called Oracles to Profit Secret feed real-time data into smart contracts on the Tangle network, according to an official blog post on 8 February.

Tangle offers advantages

Unlike many blockchain oracles, the Tangle offers a number of advantages with IOTA Oracles, such as free transactions and near real-time settlement, it said. The data used by IOTA Oracles does not come from external data sources or intermediary parties for transmission, but is written directly to the IOTA Tangle by its issuers.

The IOTA Foundation demonstrates how the IOTA Oracles work in a short video. In it, an example is used to show a so-called First Party Oracle, which receives a price feed for digital assets from Kaiko and streams it to the IOTA Tangle.

„Once transmitted, applications can use Kaiko’s enterprise-grade crypto-asset market data and incorporate it into any decentralised application such as an Automated Market Maker (AMM), a lending platform or a synthetic asset exchange on the IOTA Tangle,“ IOTA explains.

IOTA leaves behind multi-year downtrend

The news on IOTA Oracle’s and other advances also seems to be boosting the price of its own cryptocurrency MIOTA, which has been able to break out to the upside after bottoming out for more than two years. On 5 February, the price was still only 0.4367 US dollars, but in the past few days it has risen to 1.31 US dollars.
Coordicide moves closer

As IOTA announced on 5 February, there is now a status page for the interim version IOTA 1.5 Chrysalis. On this page, one can follow the progress up to the planned Coordicide release IOTA 2.0 in detail by means of status updates. In January, a new version of the so-called Pollen testnet for the upcoming version IOTA 2.0 was published. Pollen is the first of a total of three phases leading up to the planned Coordicide with IOTA 2.0, which will be supplemented by the two phases nectar and honey in the style of bee colonies.

Categories: Crypto

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