Dfistarter Tools: Oracle Integration
Dfistarter, the first project accelerator built on the Dfinity ecosystem, empowers projects to quickly and cheaply scale to raise capital and provides them with a tailored set of tools and technology services to ensure their long-term success.
One of the tools Dfistarter offers is an Oracle Integration, which provides projects with all the off-chain data they need to run their DeFi (decentralized finance), NFT, or gaming dApps.
What is an Oracle?
An Oracle is an integral component of the DeFi ecosystem. This is a third-party service that acts as a technological mediator between smart contracts and real-world data.
Smart contracts can only operate with the internal information that is recorded on a blockchain. An oracle would relay information from off-chain sources (data outside the blockchain) to trigger a smart contract that would need this external data to execute.
Let’s say we have a dApp offering insurance services secured by a smart contract on a blockchain. A farmer buys insurance on this platform to hedge his risk against weather conditions and other factors that could affect the crop output for the next season. If low rainfall/drought severely affects the crop output, thus impacting his earnings, he would be eligible for a payout through the insurance backed by an on-chain smart contract.
For the smart contract to function efficiently, it requires additional ‘external’ data to determine the authenticity of the claim. External data here would include weather conditions such as temperature, humidity factors, and rainfall expected in a given time frame. This data is provided to the smart contract through an Oracle.
It is imperative that the data sent on-chain is accurate for the authenticity of the smart contract. Hence, a decentralized Oracle would connect to multiple leading data providers in order to mitigate the threat of attack on any single source.
Dfistarter’s ability to offer cutting-edge, project-centric tools like Oracles through its Launchpad program sets it apart from other accelerators in the IDO ecosystem.
About DfiStarter
DfiStarter is a Dfinity-based launchpad for token pools and auctions. As the first project accelerator for the Dfinity ecosystem, DfiStarter provides premier projects built on this next-gen blockchain platform with crowdfunding, marketing, AMM, public relations, and tech support services.
By providing premier Dfinity projects with all the tools they need to have a successful launch and prosperous lifecycle, DfIStarter creates the perfect environment for lucrative and secure crowdfunding opportunities within the blockchain ecosystem.
DfiStarter also provides its users and projects additional tools like an AMM-based Decentralized Exchange, Money Market Services, Oracle Integrations and more.
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