Blockchain data service provider and liquidity bridge DotOracle has announced a date for its upcoming token crowd sale on SushiSwap’s MISO launchpad. The token sale will take place on October 26, 2021, at 1:00 pm UTC. Leading investors such as LD.Capital, Illuvium, Bitcoin.com Exchange, Shima Capital, Thorchain, JRR, Kryptos Research, GenBlock Capital and Dreamboat Capital have extended their strategic support to the project.
According to DotOracle, the fundraise is expected to generate close to $3 million in private sale funding rounds to expand the platform and boost its activities.
DotOracle will offer a decentralized oracle service and cross-chain liquidity bridge to Polkadot
Blockchains like Polkadot can't access off-chain data, that is, data outside the network. As a result, they need third-party services to obtain relevant information from the outside that they can act upon and disseminate. For this reason, DotOracles was established.
DotOracle’s objective is to offer a decentralized network that facilitates the transfer of information from the real world to Polkadot in real-time. It aims to bridge the gap between blockchain and the outside world. The platform will provide a decentralized oracle service that connects the real world to Polkadot space, thereby maximizing real-time data.
It means that the oracle will send data from the outside world, such as temperature, exchange rate, sports, etc., to the Polkadot ecosystem. Polkadot smart contracts will utilize the data and act on it appropriately by disseminating it. The project is also striving towards reducing gas costs significantly to drive increased adoption.
The project will also act as a decentralized liquidity bridge network across the Ethereum and Polkadot ecosystem to support the quick transfer of digital assets, addressing the liquidity crisis issue. With lesser fees and greater access to liquidity, Dotoracle will be a gamechanger for both ecosystems.
DotOracle aims to solve the issues prevalent with oracles
Oracles are important in that they supply external data to smart contracts on which the blockchain runs. However, the data supplied can be inaccurate, which becomes a problem for the blockchain. Additionally, they are susceptible to hacks, and someone can take advantage of this to sway the data in the favor of the owner — the entity that runs the oracle.
Smart contracts do what they are programmed to do, leaving them with no option other than to make use of the data supplied by these oracles. DotOracle has developed a decentralized network of oracles that are hack-free and tamper-proof. This makes the solution provider unique.
DotOracle is visionary and intends to help Polkadot broaden its scope on how they operate and provide reliable information. Since DotOracle is decentralized, there are no counterparty risks and is not controlled by a single entity and sole provider of information. This makes DotOracle dependable and trustworthy.
As part of its plans to become one-of-a-kind in the industry, DotOracle plans to create a liquidity network layer that facilitates the transfer of digital assets between Polkadot and other blockchains such as Ethereum.
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