Home CryptoCurrency News IOTA Foundation Introduced IOTA Oracles

IOTA Foundation Introduced IOTA Oracles

IOTA announced the launch of IOTA oracles, the essential services for connecting on-chain and off-chain worlds. It has decided to develop and implement a proprietary oracle solution and not drawing to integrate famous oracle services. As a result, IOTA will have its own oracle service that connects the data from both worlds. It helps the applications access real-time data and trigger actions based on that.

Connecting the Old World to the New One

Oracles are vital services in the blockchain world. They help blockchains connect to each other and also the off-chain networks. Using an oracle solution, a blockchain can receive data from a traditional data source and trigger actions based on that. Blockchain networks that aim to connect to old-school networks definitely need oracle services to provide a practical solution. IOTA is one of them that focuses on providing a comprehensive solution for various technological use-cases. The recent announcement about IOTA oracles is focused on this plan.

IOTA believes that many oracle services suffer from manipulating challenges. The announcement talks about manipulating or censoring the data that comes to the oracle as a hurting challenge. The inaccurate data that may enter the oracle can affect the blockchain service’s final result of an action. IOTA says receiving data from numerous data sources will not fully solve the problem, either.

The solution that IOTA oracles for ensuring data consistency are focused on the input source. IOTA team believes that if the data comes directly from the generation point. It can be trusted easier. As a result of this assumption, IOTA oracles are somehow different from the known solutions. IOTA says about them:

“Here we introduce the first and most simple IOTA Oracle, the First Party Oracle. IOTA First Party Oracles do not use external data sources, nor data that was processed and made available on a DLT by a third party, but instead rely on data that has been submitted to the IOTA Tangle by the data issuer itself. In the context of IoT networks, “data issuers” would refer to the sensors themselves, without being manipulated or reformatted by anyone or anything.”

First Party Oracles are critical components in the IOTA oracles solution-base. They feed data to smart contracts directly and remove the intermediaries from the process. IOTA Foundation claims not to interact with the data that is going through these channels. IOTA published a demo in the announcement that shows one of these oracles getting data from the Kaiko app. IOTA believes the IOTA oracles will provide a comprehensive solution for organizations that want to connect data to Tangle and run a decentralized application.

If you are interested in this project and want to be informed of everything that happens, visit our Iota News section

Mehdi Zare
Mehdi Zare
I am a young father who always loves to learn. Security and privacy topics are my main interests, and so, blockchain as one of the most strong security and privacy solutions of the modern industry excites me too.
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