The Bridge Oracle IEO, which sold out in six hours on September 15th on BW.com, kicks off the introduction of TRON network’s first Oracle System and has already led off excited chatter over the cryptosphere. What exactly led to Bridge being able to raise $8 million in a few hours?
To understand why exactly smart contract and blockchain proponents are getting so enthused about Bridge, this article explores the incredible potential for smart contracts in decentralizing trust, and the final piece of the puzzle that Bridge Oracle proposes.
Decentralizing the Web
Since migrating to its native architecture in 2018, in two short years, the TRON protocol has been making headway into the emerging technology ecosystem, with its smart contract platform now recognized as one of blockchain’s leading lights. Its mission was a simple one: ushering in the age of the Third Web or Web 3.0, where the new web will enable people to use the Internet the way it was meant to be: an open-access network decentralized to enable free and fair use for all.
For users, this meant putting control over their own data back into their hands. For developers, this meant the flexibility and freedom to code with any high-level language for smart contracts for decentralized applications (Dapps) and decentralized autonomous organizations (DAOs).
While Ethereum is still at the head of the pack in terms of smart contract platforms, in three short years, TRON has built up an impressive base of users, developers, and applications that continues to grow at a rate that is set to outpace Ethereum and dislodge it as the top Dapp network of choice.
Currently, at just over 327,000 active accounts on the network, TRON is on the brink of surpassing Ethereum’s number of active accounts (currently at 455,000). While Ethereum has been struggling to prevent user attrition, down from its all-time high, TRON has been making steady gains, in no small part thanks to better scalability in terms of transactional capacity and cost — something Ethereum users are painfully reminded of each time they’re interacting with their blockchain.
Oracles: the Missing Link
Smart contracts themselves are a major part of this Web 3.0 future — taking away decision-making and contract fulfillment from centralized entities and allowing objective code to automatically verify conditions and execute instructions.
But to do this, smart contracts require authentic, true data that accurately represents the real-world data sets that eventually specify the terms of contracts. Therein lies the failure of current smart contract implementations: if the data is not true, or is not certain to be free from tampering and manipulation, how can the agreements bound by the contract be absolutely trustless?
This is the precise solution promised by Bridge Oracle: a bridge that ensures actual, clean, and accurate data from the real world, is safely injected into smart contracts in the way they can be properly used.
The industries that sorely need this solution are many. Insurance policies that can finally use verified data on accidents, damage to precisely calculate disbursements to policyholders. Shipping companies that can reliably track deliveries from source to destination, with payments executed as soon as the recipient signs. Outsourced talent companies that can use trusted data on fraud-free deliverables, with payments settled with service providers automatically based on precise pay-per-action,
Bridge Oracle: the Final Piece of the Web 3.0 Puzzle
The premise of Bridge Oracle as the smart contract enabler is already attracting much interest, with major industry publications doing steady coverage of the rapid uptake of its limited IEO on BW.com.
With blockchain luminaries Hakan Estavi (CEO) and Keyvan Abedi (DAO and Dapp pioneer) counting on an advisory panel headed by Bitcoin.com CEO Mate Tokay, The Currency Analytics CEO Sydney Ifergan and TRON influencer Mike McCarthy, it is of little surprise that keen interest has been gathering around Bridge Oracle.
As more explorations of use cases firm up towards the planned launch of a mainnet in the coming months (Q4 2020), there is a definite urgency for blockchain investors to get in on the ground floor of a rare and unique opportunity to be part of a watershed moment for smart contract adoption.
Already oversubscribed on its private sale and its public IEO, BRG tokens will be available for purchase on Digifinex, with the listing going live in a few days.
With oracles completing the smart contract premise for real-world application, there is every chance that the era of real-world applications of smart contracts will soon be upon us.
Learn more about Bridge Oracle advanced DeFi protocol: https://bridge.link/