Oracles Bridging Real World Assets (RWA) to Blockchain: List of Oracles supporting XDC Network.
In Web 3.0, where cutting-edge technologies like blockchain are reshaping how we interact online, Oracles play a crucial role as the bridge between the digital and real worlds. Oracles act as the middlemen or APIs for Web3, connecting the decentralized blockchain ecosystem to traditional systems, data sources, and complex computations. Imagine them as trustworthy messengers, linking external information to smart contracts on the blockchain.
Oracles play a pivotal role in connecting blockchain networks like the XDC Network with real-world data (RWA — Real World Assets), enabling smart contracts to execute based on information and events that occur outside the blockchain.
Without Oracles, smart contracts would be confined within the blockchain, unable to tap into valuable off-chain data. But with Oracles in place, smart contracts gain superpowers, accessing real-world information to enhance their functionality and utility. Once processed, this information becomes a powerful tool, enriching the capabilities of smart contracts and unlocking endless possibilities for decentralized applications.
Now, let’s take a closer look at some of the prominent Oracles that support the XDC Network:
Ankr
Ankr, a prominent figure in blockchain infrastructure solutions, Ankr seamlessly integrates the XDC Network into its Remote Procedure Call (RPC) service, streamlining accessibility for developers to harness the full potential of the XDC Network. This integration holds significant promise for developers focusing on decentralized applications (dApps), particularly in domains like trade finance and real-world asset tokenization. Ankr’s XDC RPCs serve as indispensable conduits, facilitating the seamless transmission of on-chain data between XDC nodes, dApps, and end-users.
Developers looking to get started with Ankr and refer to the doc here.
Plugin
Plugin a Decentralized Oracle Network built atop the XDC Network, Plugin simplifies the process of connecting smart contracts to the external world. This Oracle platform guarantees tamper-proof data, empowering smart contracts to execute high-complexity computations with utmost reliability. Developers looking to get started with the Plugin can refer to the doc here.
Chainlist
ChainList, a comprehensive catalog of Ethereum Virtual Machine (EVM) networks, includes the XDC Network. Users leverage this information to connect their wallets and Web3 middleware providers to the appropriate Chain ID and Network ID, facilitating seamless interaction with the respective chain. Developers looking to get started with the Chainlist can click here.
Umbrella Network
Umbrella Network deploying decentralized and customizable Oracle solutions, Umbrella Network extends critical data feeds to the XDC Network and its ecosystem of applications and protocols. By providing developers access to a diverse array of reliable data sources and tailored solutions, Umbrella Network ensures that decentralized applications on the network can efficiently utilize vital information to serve their community. Developers looking to get started with the Umbrella Network can refer to the doc here.
Razor Network
Razor Network, a decentralized and permissionless Oracle network, Razor Network has been seamlessly integrated into the XDC Network. Designed to cater to the diverse needs of decentralized finance, Razor Network’s blockchain-agnostic Oracle platform comprises a set of smart contracts capable of running on any EVM-compatible blockchain. Developers looking to get started with the Razor Network can refer to the doc here.
Understanding Blockchain Oracles for RWA
For Real World Assets (RWA), oracles are like the trusted middlemen making sure the digital representation of things like property or art on the blockchain is kept up-to-date with the real-world status and value of those assets. They play a crucial role in making sure that the digital tokens representing these assets are accurate and trustworthy.
Oracles guarantee that data fed into the blockchain is reliable and trustworthy by mitigating risks associated with incorrect, late, or manipulated information. This is especially crucial in financial applications where time-sensitive information such as real-time asset prices, interest rates or credit scores may determine the terms of smart contracts affecting lending/borrowing/trading in decentralized finance (DeFi) platforms.
Recently, BlackRock has made a significant move into the tokenization of real-world assets (RWA) by launching a digital fund in partnership with Securitize, an asset tokenization firm known for its expertise in this area. The involvement of Securitize in this initiative is particularly noteworthy as XDC Network is one of the very few partners of Securitize for tokenizing Real world assets. Oracles play a critical role in ensuring that the digital tokens representing real-world assets are accurately updated and verifiable.
XDC Cryptocurrency Market
While writing the article XDC Network price is $0.04507 with a 24-hour trading volume of $8,979,703 USD. XDC Network. The live market cap of XDC network is $626,764,400 USD. It is traded across exchanges such as Kucoin, Bitfinex, Uphold, Gate.io, HTX, CEX.io, Bitget, HitBTC,Huobi ,Indodax,Bitrue,CoinDCX Coins.ph,Bitmart, FMFW, Lbank, MEXC, BLOX, Mercatox, CoinEX, StealthEx, Whitebit, Bybit, CoinW, DigiFinex, BuyUcoin, Liquid, Bequant, ProBit, Changelly, Pro Proton, DEX Kinesis. XDC is also tradable on Xswap DEX Globiance DEX Changelly SwapZone SimpleSwap and much more.
The evolution of blockchain technology largely depends upon the role Oracles have played so far. This opens up immense potentials for different sectors in real world industries allowing them to exploit benefits from smart contracts. The role of Oracles will continue to grow as Web3 developers innovate.
