Creating Project-specific Oracles in Minutes
In our last article we introduced ORAO’s very own flight insurance dApp on the Solana devnet as a proof of concept. The purpose of the demonstration was to show how ORAO’s general data focus allows for decentralized use cases that will shake up DeFi and allow for new innovation in the field. For those who read the article closely though, there was more information to be gleaned.
The reason we settled on Solana for our first launch is twofold. The ecosystem is experiencing impressive growth, with solid projects either moving to Solana or building there from scratch. And secondly, it scales really well. For the flight insurance app, every time someone tried it out the app printed a new smart contract on the Solana devnet, just for that one insurance policy. If you took out two policies, it printed two contracts. Solana’s architectural tradeoffs makes it more expensive to set up a Solana node, with high hardware requirements, but it enables projects like ORAO to optimize for performance instead of having to excessively minimize gas fees. For the flight insurance app, one smart contract per policy made it incredibly easy and user friendly to set up a policy, with no understanding of smart contracts required on the part of the end user.
Ease of Use — for Buyers and Providers
And just as the flight insurance app was easy to use, ORAO is streamlining the creation of data feeds and smart contracts for other purposes. Once the mainnet launches, our focus will be on attracting users to the network. 20% of the total token supply is of course set aside for stakers and validators, but we also have to make it as easy as possible for data buyers and providers to get a running start using our platform. For this reason the ORAO data marketplace will offer extensive functionality for setting up your own smart contracts, with customized data requirements fulfilled by the market.
For commonly available APIs, like those provided by large cryptocurrency exchanges, data providers will be able to connect easily and automatically from the ORAO platform to get up and running immediately. Naturally we hope the marketplace will expand as data providers come up with more and more products on their own, and if they do our platform quite readily supports any number of private data feeds and sources, but we decided to make it as easy as possible for new providers to get started supplying the most commonly requested data. Similarly for data buyers, if your application requires data that is freely available from large institutions like tier 1–3 exchanges, traditional financial service providers, national weather data, etc, or is otherwise already offered, it will be easy to configure your smart contract to tap into data products already in the data marketplace. By making adoption of ORAO’s network as convenient and non-technical as possible, we intend to grow the user base from day 1. With the release of our new website, as well as a number of articles to guide and educate users, we are confident that the launch of the ORAO mainnet will go well.
Check out our newest article with the latest updates going on ORAO Network.