IOTA Foundation announced a new strategic partnership with Horizen focusing on IOTA Oracles. The collaboration will bring IOTA oracle capabilities to Horizen sidechains. It will result in better interoperability between blockchains.
Zendoo, the scaling protocol on Horizen will benefit from the partnership, too. The oracle capabilities will help the protocol grow faster and become connected to other blockchains. It will be an excellent test for IOTA Oracles to show their capabilities in bringing interoperability to multiple blockchains.
New Competing Oracles in the Industry
Oracles are becoming vital components of the blockchain industry. They help blockchains send and receive data between each other. Besides, they’re crucial solutions for using off-chain data in blockchains. A blockchain that supports smart contracts can use off-chain data to trigger them. In other words, oracles are the bridges between traditional and innovative decentralized systems. IOTA Oracles were designed to help dApps and smart contracts on the IOTA blockchain. But the latest partnership brings their functionality to Zendoo, Horizen’s sidechain protocol.
Integration of IOTA Oracles in Zendoo will happen in two phases. The first phase is incorporating the feed from the IOTA Oracles to Zendoo’s sidechain POC. In the second phase, oracles will provide the feed directly to the Zendoo SDK. As a result, every blockchain or dApp built on Horizen can benefit from IOTA Oracles feeds.
Bringing off-chain data to blockchains and dApps helps them provide more real-world services. More dApps for regular users can be released that help them act on off-chain data in a decentralized system. It surely helps Horizen find more developers and end-users. Rob Viglione, the co-founder of Horizen, said about the latest partnership:
“Integrating off-chain data securely and accurately from the real world is vital to the functionality of decentralized applications that rely on external information. IOTA Oracles will act as a bridge between our two ecosystems by supplying verifiable data to decentralized applications built on Zendoo in a secure, fast, and affordable way. This partnership is another significant step towards our mission of building the most secure, inclusive, and interoperable ecosystem.”
The partnership between Horizen and IOTA is a significant milestone for both blockchains in their roadmap. IOTA is getting ready for the Chrysalis update with a set of entirely new services focusing on businesses. IOTA Oracles are just one part of that migration, and many new opportunities will become ready for enterprises on IOTA. Horizen has a serious plan to attract more industry-level customers, too. The partnership will help the blockchain offer better services for those potential users.
If you are interested in this project and want to be informed of everything that happens, visit our Iota News section