The Launch of Orakl Network: Revolutionizing the Decentralized Oracle Machine Network on Klaytn
On April 4, it was reported that the Korean blockchain platform Klaytn planned to launch the decentralized oracle machine network Orakl Network designed specifically for Klaytn, wh
On April 4, it was reported that the Korean blockchain platform Klaytn planned to launch the decentralized oracle machine network Orakl Network designed specifically for Klaytn, which would give priority to providing new data feeds according to the needs of DApp in the Klaytn ecosystem, and only collect fees in the form of KLAY. Every time Orakl Network provides data to DApp on Klaytn, some of the fees collected will be burned.
Klaytn will launch a decentralized oracle machine network Orakl Network
On April 4, 2021, the Korean blockchain platform, Klaytn made a ground-breaking announcement. It planned to introduce the decentralized oracle machine network Orakl Network, which would transform the provision of new data feeds to decentralized applications (DApps) on the Klaytn network. Additionally, Orakl Network would only charge fees using KLAY, the native cryptocurrency of Klaytn, and some of these fees would be burned when providing data to DApps.
What is Orakl Network and Why is it so Important for the Klaytn Ecosystem?
Orakl Network is a decentralized oracle machine network built explicitly for the Klaytn ecosystem. It acts as a bridge between DApps on the Klaytn network and external data sources. In other words, Orakl Network provides the necessary off-chain data to DApps running on Klaytn. This information could be anything from token prices, sports scores, weather updates, to more complex data like financial indicators.
The significance of Orakl Network lies in the fact that it is incredibly versatile compared to conventional oracle networks. It is entirely customizable, allowing developers to choose which data providers to use and what type of information they want to retrieve. Additionally, it gives priority to providing new data feeds required by DApps in the Klaytn network, which means that it is entirely adaptable to the changing needs of the ecosystem.
Furthermore, Orakl Network charges fees in the form of KLAY only. This feature aligns with Klaytn’s goal of creating an ecosystem that is fueled by KLAY, incentivizing users to hold and use the cryptocurrency.
How Does Orakl Network Work?
Orakl Network consists of two key components – Orakl Node and Orakl Core. The Orakl Node is responsible for collecting external data and relaying it to the Orakl Core. The Orakl Core then confirms the authenticity of the data provided and sends it back to the DApps that require it.
The data providers who provide data to the Orakl Node are known as Orakl Providers. These providers could be individuals, companies, or even other decentralized applications within the Klaytn network. Orakl Network allows for unlimited Orakl Providers, providing developers with endless opportunities for customization.
The fees charged by the Orakl Network are relatively transparent. Developers must lock up a certain amount of KLAY in a smart contract to use Orakl Network’s services. This locked-up KLAY acts as collateral to ensure that the developer pays for the amount of Orakl data they consume. When the Orakl Node provides data, it burns a certain percentage of the fees, further incentivizing developers to use the network.
The Benefits of Orakl Network
Orakl Network offers several advantages to the Klaytn ecosystem.
Increased Security and Trust
Orakl Network provides a more secure and trustworthy way of providing external information to DApps. By using a decentralized oracle network, developers can avoid trusting centralized data providers, ensuring that their DApps remain secure.
Customizable and Adaptable
Orakl Network’s customization capabilities allow developers to retrieve precisely the data that they need. Additionally, the network’s adaptability ensures that developers can access the latest information needed by DApps.
Burnt Fees
The burning of fees collected by Orakl Network creates deflationary pressure on KLAY, which could increase its value in the long run.
Conclusion
The launch of Orakl Network signals a new era for decentralized oracle machine networks. Its features align with Klaytn’s commitment to creating a secure and valuable ecosystem for DApps using blockchain technology. With Orakl Network’s launch, we can expect to see more innovative DApps running on the Klaytn network.
FAQs
#1. What benefits does Orakl Network provide over traditional oracle networks?
Orakl Network is highly customizable and adaptable, allowing developers to retrieve precisely the data they need. Additionally, the use of decentralized oracle networks makes information more secure and trustworthy.
#2. How are fees charged in Orakl Network?
Orakl Network charges fees in the form of KLAY only. Developers must lock up a certain amount of KLAY in a smart contract to use the network’s services. Additionally, when the Orakl Node provides data, it burns a certain percentage of the fees collected.
#3. How will the fees burnt by Orakl Network affect the value of KLAY?
The burning of fees collected by Orakl Network creates deflationary pressure on KLAY, which could increase its value in the long run.
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