The iExec Oracle Factory Goes Cross-Chain on Ethereum and Polygon!
With the iExec Oracle Factory, developers are able to create the exact oracles they need for their Dapp, in minutes with just a few clicks, from any kind of off-chain data source. Previously running on the iExec Sidechain, we are delighted to announce that the Oracle Factory is now also connected to Ethereum and Polygon! These new connections allow developers to easily create custom oracles for their Dapp and deploy them on these major protocols. This will accelerate Dapp development and creation, saving developers time and energy. More connections will follow later!
Developers have two options when integrating an oracle into their decentralized applications to send real-world data to the blockchain. First, they can use a preexisting oracle provided by an oracle provider. However, this means the data they want to collect needs to be popular enough to have its oracle already available in the oracle provider’s catalog. But as more and more innovative Dapps are created, so does the need for specific data. And the corresponding oracle doesn’t always exist. The second option for these developers is to code their oracle from scratch. The problem here is the time and energy it takes to begin a new oracle, as well as the hope that there aren’t any bugs throughout the process.
That’s why iExec introduced a game changer in the existing oracle solutions: the Oracle Factory, the sole interface that allows developers to build custom oracles from any source of off-chain data in minutes. The Oracle Factory empowers them to create the custom oracle they need using only the API URL and key. This enables a whole range of new use cases: temperatures, sports results, IoT data…, and even random numbers for a lottery!
🔎 What is an oracle? Why is it important?
Oracles are like the intermediaries between the real world and the blockchain. When we speak about real-world data, we mean data from the Internet or what’s traditionally known as ‘Web2’. Smart contracts behind Dapps use this real-world data to perform predefined actions. The problem: blockchains and smart contracts are completely siloed from the Internet. This is why oracles are so important; they connect blockchain to the valuable data that exists off-chain. Without oracles, the potential of Dapps would be very limited.
Oracle Factory interoperability accelerates Dapp development
Until now, developers could integrate their created oracles on their Dapp deployed on the iExec network. Interoperability of the Oracle Factory has been our main focus for the last months. Today, we are delighted to announce that when you create an oracle using the iExec Oracle Factory, you can deploy it on two major protocols: Ethereum or Polygon! These were the main chains requested by our developer community and we are happy to offer this capability to further expand the possibilities of the Oracle Factory. New connections will follow later!
Interoperability with Ethereum and Polygon accelerates Dapp development on these protocols. Now developers building on these chains who couldn’t find the right oracles or who haven’t had time to create oracles from scratch can easily connect data from any off-chain sources to their Dapp. Gone is the need to spend hours coding custom oracles, as they can be created in a few minutes! Developers from the Ethereum and Polygon communities now can spend more time focusing on building the other elements of their Dapp. Last week for instance, iExec was a sponsor of the Web3 Hackathon organized by Starton where participating teams were the first to get their hands on and benefit from this new cross-chain functionality for their Dapps.
Also, we anticipate more developers using the Oracle Factory due to the popularity of these protocols. Furthermore, as developers add their oracles to the Oracle Factory Gallery, other developers will be able to use them. This will benefit the entire community of Oracle Factory users.
👉 Create your oracle on the iExec Oracle Factory and try the cross-chain functionality: https://oracle-factory.iex.ec/
Oracle Factory — What’s Next?
By creating oracles without requiring any code, the iExec Oracle Factory aligns with a growing trend: the low-code / no-code approach. In the blockchain industry, this approach allows Web2 developers to enter Web3 more easily. As more and more companies develop solutions that don’t need coding or blockchain expertise, we aim to collaborate with these actors to increase product adoption. We are currently in touch with projects that facilitate the use of the blockchain and help Web2 developers benefit from Web3.
Besides, as the Oracle Factory continues to evolve, we are working to build connections with other chains to make the product available for more developers, based on opportunities and feedback from the community. Make your voice heard: share your thoughts on the iExec Oracle Factory Discord channel!
We are also preparing another key functionality for the Oracle Factory: the automatic update of values! We anticipate this being released in the coming months. Be sure to stay tuned for more information.
As always, thanks for reading!
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