ORAO Partners with Elrond to provide Customizable Data Products

We are at a pivotal time in the crypto space. Ethereum is struggling with congestion and incredibly punishing transaction costs. Layer two solutions and sharding are in the works, but the market is overheating right now.

This has led to the spotlight finally landing on a number of competing baselayers for the DeFi space. Among these, we are excited to announce that we have partnered with Elrond, a very promising network that uses Adaptive State Sharding to solve the painful bottlenecks Ethereum is suffering from better than even Ethereum’s own planned sharding solution will.

Adaptive State Sharding meets Predefined Data Protocols

One of the key strengths of ORAO are our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues. Elrond’s unique architecture allows the network to scale on demand, meaning even rich, detailed data can be sent on-chain without fear of spiking transaction fees. This is perfect for ORAO, as data buyers and providers both can be secure in the long term viability of ORAO’s data market.

In addition, Elrond supports ‘Meta Transactions’, where a relayer can offer to pay gas costs for users. This means that if there is information a company wants to make easily accessible, they can allow users to secure data from third party oracles, with no cost to the users. This eliminates the need for trust in the relayer, since it’s the user themselves ordering the exact data they want from the oracle network. Furthermore, this setup works even when the user is not (knowingly) a crypto user.

The ORAO team is very excited about our partnership with Elrond, and see their ecosystem as a fantastic point of expansion for our network. In addition to opening the door to non-financial data products and more detailed data protocols, ORAO is blockchain agnostic, meaning our oracles will be able to provide data from other chains to Elrond users.