CardWallet and Charli 3 — Strategic Partnership
CardWallet announces our new partnership with Charli3, a decentralized oracle native to Cardano. With a common mission to support innovation and diversity in the Cardano ecosystem, Charli3 and CardWallet will work in collaboration to grow together and build a strong ecosystem of DeFi solutions for the Cardano community.
Let us take a look at what Charli3 is and how this partnership will benefit the community.
Before diving into the description of Charli3, here is a brief understanding of what Decentralized Oracles are.
What are decentralized oracles?
Decentralized oracles try to achieve trustlessness and deterministic results that rely on cause- and-effect rather than on individual relationships. They seek to achieve these results in the same way a blockchain network does: by distributing trust among many network participants.
In simple terms, an Oracle gets data from the external world and provides it to the blockchain. Using decentralized oracles is a secure way of getting off-chain data. For example: If you are building a sports based decentralized application, it is dependent on getting the result of a game from a trusted external source. The most secure way of getting this data to the chain is using a decentralized oracle service.
There are several interesting solutions where decentralized oracles can be used. Let us see what Charli3 is and how it’s interesting to us.
What is Charli3?
Charli3 is the first decentralized oracle network for the Cardano blockchain. By being native to Cardano, Charli3 aims to avoid the notable issues with flexibility, scaling, and growing transaction fees seen with Ethereum-based oracles while also building its foundation on a trusted network.
Charli3 is the only 100% native Cardano oracle project and they develop in Haskell too. How Charli3 works is by pulling data from APIs, hashing them on-chain and then making them available to protocols through data streams.
I am sure you must have heard of other popular Ethereum based Oracles that are currently being used by developers across chains. So, Why Charli3? What are the problems that Charli3 solves for both end users and developers in the ecosystem?
Let us answer the above questions by looking at the current challenges with the Ethereum based Oracles and how Cardano native oracles can fix them.
Current challenges with Ethereum based Oracles:
The current oracle landscape is dominated by Ethereum-based oracles, that is, oracles that operate on (or with) the Ethereum blockchain.
Oracles with Ethereum backbones are unfortunately limited by the inherent restrictions found in the minting process on the Ethereum blockchain. Newly minted blocks can only process ~15 transactions per second leading to congestion and long wait times during times of heavy chain traffic.
This congestion has led to users paying increased fees just to push transactions through. As more users adopt Ethereum-based solutions, we have seen a meteoric rise in transaction fees.
Why a Cardano based oracle?
- Flexible & robust scaling
- Reduced transaction fees
- Superior metadata and ID verification
- Reduced carbon impact via proof of stake protocols
As blockchain adoption grows, smart contracts will rely on reliable data streams from trusted sources. Building these data streams within the Cardano networks will provide an inexpensive and scalable solution that can grow with both public and institutional adoption.
In order to provide powerful, trusted data feeds and building on a peer-reviewed blockchain is crucial.
What to look forward to in this partnership?
This partnership would be a fruitful collaboration between two highly innovative and creative Cardano based projects. There would be key development efforts to strengthen the ecosystem, as a result of this partnership. For our community members, accessing a group of DeFi products provided by CardWallet would come with increased security and trust, knowing that off-chain data is being fetched by Charli3.
Tiago Serodio, the CEO and co-founder of CardWallet says:
“ Our partnership with Charli3 is going to be strong on an innovation and creativity front. Our combined development brains have the capability to bring revolutionary change to the Cardano ecosystem. Looking forward to working together and creating an impact for the community.”
CardWallet is a non-custodial wallet solution built for the Cardano blockchain and several other protocols, incubated by the Occam Association. With out-of-the-box support for Cardano native tokens and Visa, Mastercard, and ApplePay fiat on-ramps, CardWallet is expected to rapidly become a major wallet provider for the entire crypto ecosystem. CardWallet’s strategic and technical partners already include Scalable Solutions, Simplex, Occam.fi, Nodeseeds and Crypto Dorm Fund. Learn more at CardWallet’s website.
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